For those who are discouraged, remember history keeps repeating itself
Take yourself through the bitcoin memory lane
- Bitcoin went from being worthless ($0) to $4000+ in less than 10 years
- Bitcoin has a trading volume of $4-$5 billion per day
- It handles 200k-300k transactions per day
- It facilitates the transfer of $1 billion worth of transactions per day globally
- It is being accepted by thousands of merchants around the globe
- It introduced one of the biggest technologies that is being used by banks, governments, and a lot of financial institutions
It has changed the way we carry out transactions and believe me you it has come to stay!
Don't be fooled by the naysayers and those who are adverse to change which we all know is the only permanent thing
NB: Always remember this, you have not made a loss until you sell
After a price dump comes a price pump
Never allow your emotions to do the thinking for you
Always go with your gut feeling
History does repeat itself in terms of market cycles. We are currently in a bear market, which we actually saw the exact same time 4 years ago.
I'm actually surprised at the amount of people that are panicking in this situation. It was clear at the start of the year that the unsustainable growth in the market was coming to an end, as the bullish sentiment had cooled off quite a bit. So why wouldn't you expect prices to stay sluggish for at least a year given the previous cycles?
I guess that it's because they aren't focusing on the longer term picture, in terms of increased adoption, increased institutional interest, etc. I could well see bitcoin becoming at the very least, a widely adopted global form of payment and store of value for the unbanked, if not much more than that. And for that reason, I have no problems with riding out all the waves in the market, and accumulating at low points within the cycles in order to gain the long term profits.