JJG I read what you wrote above that's why I decided to ask this question directly, those who bought bitcoin when bitcoin was $1k as at then, and they hold onto it for years and bitcoin prices increased along the line less say to $30k and they profited massively from their bitcoin holding, so now my question is, where they lucky to buy bitcoin when bitcoin price was $1k and hold onto it for years or they just make the right decision buy buying bitcoin with believe that it we increase in price one day since bitcoin is decentralized?
It is wrong to think that those who are smart have been successful in holding Bitcoin because the price of Bitcoin was low in the past, and that many investors are not daring to hold Bitcoin because the price is high at the present time. You should note and think that those who invested in the past were brave and had the ability to take risks.
Those who are ready to take risks even today can be successful by buying these more expensive Bitcoins, you can keep storing Bitcoin for a long time in the DCA method according to your needs and based on your income. You can keep buying Bitcoin for a long time in the DCA method weekly with small amounts of money, it is possible to be successful only if you can hold Bitcoin strategically and correctly.
When Bitcoin was worth $10k some people said it was overvalued and yet you still say it is overvalued. It's your wrong concept that Bitcoin is overpriced as you think. Bitcoin is still within our reach and we can accumulate from our minimum dollar. The worth of Bitcoin is still within a range of supply and demand and you are getting the opportunity to buy a minimal fraction. Given the current state of Bitcoin, I think it would be best to continue to accumulation.
I don't think we should take any risk in accumulation Bitcoin and it's not a risky. We can build a huge holding by continuously accumulation Bitcoin from our discretionary income and regardless of the price. When you are getting the opportunity to save Bitcoin from as little as $5 of your income, you may not consider it overvalued. The opportunity to continue to buy according to your needs and the ease of getting a Bitcoin stash make investing very easier.
In conclusion, DCA method of accumulating bitcoin solves this problem people think of over pricing and I will not have to tag those who bought bitcoin early as been lucky because they took risk and their risk paid off and that shouldn’t be classified as luck.
There might be several reasons why people miss out of bitcoin regardless of the market price and just as it is difficult for an average person to raise $85k to buy one bitcoin, so it was back then even when bitcoin was $1k and even below and that alone makes not not to judge anyone but rather encourage people to buy and hold for much more longer time.
Those who bought Bitcoin in the past and held on to it until later were smart and justified their money as they had gone beyond the stage of imagining or not that such high profits were possible. They may have been holding Bitcoin for their future or had a sense of expansion to accumulation from their discretionary income and get themselves to a decent level.
I cannot accept the risk taken by those investors. They did not need to take the risk because if they had considered the risk they would have been tempted to sell. Yes, some may be continuing to hold Bitcoin as you think but I think if an investor considers Bitcoin savings to be a risk they will not be able to hold Bitcoin and will easily sell and give themselves an unwanted relief.
There are many of those foolish investors among us who have a business mindset to get more profit from Bitcoin but for them the whole thing brings a result of recklessness. For them, accumulation Bitcoin in the DCA method and doing it long-term, they decide to reduce UP and manage events accordingly and continue saving continuously.