Quote from: Poker Player on Today at 09:36:29 AM

If you have to sell because of an emergency, you're doing it wrong. An essential principle of personal finance is to have an emergency fund of between 3 and 6 months' worth of cash. That if you live in the USA or a similar industrialized country could very well be the $20k you are talking about. In addition you may have other types of assets that you could borrow on at low interest rates if you don't want to sell the Bitcoin.

For example, at your bank you have $20k in an emergency savings account, $150k in pension plans, and another $50k in stocks or mutual funds, your bank will be happy to give you a loan if a supposed emergency exceeds $20k, but I for example in the last 15 years haven't had an emergency that exceeded 10% of that

So, if you manage your personal finances well you will not be forced to sell, and you can hold the Bitcoin for a couple of cycles at least, to then consider whether to make partial sales.

You even need more than 6 months, especially if you're investing a lot of money and don't earn a lot from your job.

This is the problem many investors face and why poor people have a hard time making money.

If the fear of losing your investment is too big - you have too much invested. Decrease the investment, but stay in.
If you can't forget about the investment for at least a year, again, decrease your investment, you're too involved.
If you keep checking the price, constantly thinking of selling, you're too greedy, or too fearful.

Keep in mind that you really have to try to lose money on the bitcoin market, but most people continue to do it.