To me I don’t think it’s too late to buy bitcoin, simply because bitcoin is not yet at it ath yet. So someone can still buy an affordable bitcoin as it is.
ATH meaning all time high is a characteristics of the highest price points Bitcoin has achieved which is around $109k and it has nothing to do with your purchasing power since you can buy a fraction of it and not a whole Bitcoin making it much affordable especially with the idea and concept of DCA strategy that's is being talked about either weekly or monthly within your discretionary income. That is to say Bitcoin is still affordable to buy even at any given ATH because you are not buying the a whole Bitcoin, Bitcoin has already made several ATH But yet people are still buying.If we are new to bitcoin and we are planning to invest into bitcoin rather than trying to trade it, then it can take us a decently long time to build up our bitcoin position, which also depends on the newbies financial situation and his personal factors.
An overwhelming majority of normies are not necessarily in a position to lump sum into their bitcoin position or to front load it, and surely there can be some benefits in regards to front loading and/or lump summing into bitcoin, yet even those strategies are probably not as good as someone who is also able to supplement his building of his BTC position with ongoing buying, through 4-10 years or more, depending on his finances.
We may be inclined to think about other coins, but in the end, BTC would be the main coin to hodl and watch for.
Simply due to the value and acknowledgment BTC gains now because of the ideas it upholds.
If you are considered other than Bitcoin, you can get a profit from that coin after a certain time after investing. But if you are holding a bitcoin, then you will benefit from that Bitcoin in the future. According to Bitcoin's popularity and acknowledgement, its value is gradually increasing in the future, which is reduced instead of increasing in other coins.Simply due to the value and acknowledgment BTC gains now because of the ideas it upholds.
Sure there is some comfort to having our bitcoin holdings in "profits," yet bitcoin is such a great investment that there has tended to be a lot of advantage to both holding bitcoin and continuing to buy bitcoin, through a whole cycle or more, then perhaps after a cycle and a half or more, the compounding effects of bitcoin's value may become even more noticeable. sure there are no guarantees that bitcoin will continue to be profitable, even though currently it appears that bitcoin is amongst the best of places for many people to put value, if not the best place... especially if they are able to invest and they have some discretionary income to be able to invest 4-10 years or longer.
It seems a bit unrealistic to proclaim that you need 100x in the next 20 years or else, your life is not going to be good enough.
The fact of the matter is that we have to do what we can, and within our own limits there likely are ONLY so many things that we can do. We have our starting points, and we have whatever might be our current situation in which we can work in terms of our earning potential in the event that we need to keep generating income to continue to buy bitcoin.
I am pretty sure that we have had some of these kinds of similar conversations in the past, slaman29, and I recall that previously you told me that you had made some mistakes, yet surely I cannot remember what they were.. to the extent that they matter, yet I would think that you still have advantages over brand new people to bitcoin, since you have already been in bitcoin for quite a while and so maybe you have not accumulated enough BTC, but if you continue to accumulate, you are advantaged by whatever BTC that you have already accumulated, and you are also advantaged by knowing that bitcoin is a good place to prioritize your value.
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It was only for me and my personal situation The fact of the matter is that we have to do what we can, and within our own limits there likely are ONLY so many things that we can do. We have our starting points, and we have whatever might be our current situation in which we can work in terms of our earning potential in the event that we need to keep generating income to continue to buy bitcoin.
I am pretty sure that we have had some of these kinds of similar conversations in the past, slaman29, and I recall that previously you told me that you had made some mistakes, yet surely I cannot remember what they were.. to the extent that they matter, yet I would think that you still have advantages over brand new people to bitcoin, since you have already been in bitcoin for quite a while and so maybe you have not accumulated enough BTC, but if you continue to accumulate, you are advantaged by whatever BTC that you have already accumulated, and you are also advantaged by knowing that bitcoin is a good place to prioritize your value.
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I am actually very surprised you remembered our past conversations, almost feel honored that way. But I think I need to clarify a little more what I mean by what I said about 100x in 20 years. Just because of two main things:1. I have a big financial debt from an old failed business (I loaned a lot of money before my days of BTC and the debt repayment is very very long). It is something dark that sits on me for a long time, I am not even allowed to travel because of it.
2. The amount of BTC I have is not much, because on certain periods I sell and use it to help reduce the debt I owe.
Of course debt can eat away at your finances and your psychology, so I would not want to denigrate the situation that you find yourself in, and sure there can be a lot of extra challenges to reducing debts, and to invest into something like bitcoin at the same time.
If you figure out and find bitcoin to be amongst the best places, if not the best place to put value, then you likely should want to continue to build your bitcoin position, even if you are simultaneously trying to service your debt. Of course, I cannot tell you how to do this, and you have to figure out your own balances, even though I also have mentioned that I consider it a bad idea to sell any of your bitcoin while you are still building it in order to attempt to get it to a size that might put you at your own personal fuck you level down the road within some timeline that you might be able to use it to also finalize the paying off of your debt.. so yeah, there can be some tough decisions and/or trade-offs when we are burdened by what we consider to be oppressive and ongoing debt.
I did not mean to sound negative at all. I actually have so much to thank Bitcoin for.
If not for me making the DCA work in Bitcoin for past few years, the debt would have been even bigger and even longer. I managed to reduce almost 5 years of the debt repayment already (and take a chunk of interest out), as I made more payments with BTC. For me actually the main problem is, should I hodl longer to pay bigger? Or sell to reduce interest and term. I chose to do 2nd option every time around ATH. So that was in 2017 and 2021 and last year (I missed the actual ATH but very close!!) Just because I never know what can happen and its always nice to see a few months shaved off my end date repayment everytime I do this
If not for me making the DCA work in Bitcoin for past few years, the debt would have been even bigger and even longer. I managed to reduce almost 5 years of the debt repayment already (and take a chunk of interest out), as I made more payments with BTC. For me actually the main problem is, should I hodl longer to pay bigger? Or sell to reduce interest and term. I chose to do 2nd option every time around ATH. So that was in 2017 and 2021 and last year (I missed the actual ATH but very close!!) Just because I never know what can happen and its always nice to see a few months shaved off my end date repayment everytime I do this
For sure, it is not easy to time bitcoin tops.. and many times guys end up selling too much too soon.. and if you come to the conclusion that you are better off to shave off some of your BTC, then surely you are in a better position to figure out those balances, and you might never really be able to come up with a perfect strategy since you might already be engaging in various efforts to increase your income and to reduce your expenses, so that you can make sure that you are making big dents into your debt payments and perhaps building your bitcoin investment too..... .. but yeah, as I already mentioned, it seems that it can be quite challenging to both sell bitcoin and to buy bitcoin at the same time, yet if you figure out some way of balancing that, then you might still be able to make progress in meeting your various goals and perhaps to get your debt down to levels that are more bearable.
By the way, there are some kinds of debt that are more oppressive than others, and if your interest rate on your debt it less than 8% per year, then it may well be better to prioritize investing into bitcoin rather than reducing the debt - yet sure the debt could have some other costs (perhaps?).. and so if the debt is higher levels then there may well be some value in prioritizing the reduction of the debt over buying bitcoin, yet it still seems problematic to me to be trying to play BTC price waves, even though you seem to have some ideas about how you are trying to play bitcoin's price waves that you perceive to be helping you, but you probably will have had noticed that your sales of your BTC might not have had been as good as just letting your BTC ride (rather than sell it) even if you had encountered some success in playing the 2017 price wave and even the 2021 price wave.. and your mentioning of being able to catch the ATH from last year seems a bit strange since the ATH from last year was not very much different from 2021, and surely anyone who sold some BTC last year should be regretting such sales since the price is more than 50% higher this year.
So yes, my old mistakes make me pay, but like you said, Bitcoin gave me the advantage in a big way that I continue to DCA. And I always urge people to do the same when it comes to BTC. It just doesn't make sense to save money and see the interest of the debt still bigger than the interest of savings.
Of course, putting money into bitcoin is going to have higher returns than putting it into fiat, but your own dilemma seems to relate moreso to the interest rate for you to service your debt as compared to the value of putting the value into bitcoin.. .. and since your debt is already existent, you specifically know its terms, surely there is value to pay higher interest debts off faster than lower interest debts, but the mere fact that the debt is BIG might not be enough of a reason to prioritize the paying off of the debt over the investing into bitcoin. For example, I had entered into a contract about 3 and a half years ago, and it involved some debt, and my original intention was that I was going to pay off the debt in a fairly quick way, but then after all of the paperwork and various kinds of ironing out of the processes, I changed my mind, since the debt was ONLY 3% per year, so I decided to just let the debt ride and to pay the minimum amounts on the debt to stay in good standing. I had done the same with some debts that were 6% or higher, and sure sometimes the servicing of various debts might become a bit much, so we might want to reduce the principle, but it is not always justifiable to reduce fixed rate debts when they are not particularly high, so for example less than 8% per year. I am not saying that the answer is absolutely clear, because there is discretion involved which means that people are going to weigh the trade-offs differently and make their choices based on their personal preferences, even though the amount of the interest rate can surely help to figure out how to balance and how to prioritize.
So in summary DCA Bitcoin wins hands down, it is never too late, but the biggest wins feel for me past already (a small sad note but not a negative one for sure!!).
Of course, if you are measuring bitcoin in terms of trading in and out of it to extract dollars, then there likely was greater bitcoin price moves in the past as compared with the future, yet bitcoin still seems to be amongst the best, if not the best, place to put value. I am not sure where you would consider better places to put value. So in that sense, the strength of bitcoin's investment thesis seems to be getting stronger with the passage of time, rather than weaker, even if there might not be as much upside potential in its price as compared with earlier, but if we still adjust for risk, bitcoin's investment thesis does not seem to be getting any weaker...so I am not sure what purpose comes from looking at how great past returns were. .since we cannot go back to the past anyhow.. We can ONLY go from the present and look at what options we have from here on into the future, and bitcoin seems to be the best game in town, especially if adjusting for risk. Yet, sure, we do not need to agree, and each of us is entitled to our own opinion in regards to whether to allocate and if so how much to allocate into bitcoin as compared with other places that we could allocate value (and in your case, one of your competing allocation locations is the servicing of debt).