Again that is exactly what place the older folks at an advantage over the newer folks. Its not because we/they are smarter, but because they have already lived through many experiences especially in the early stage. Either selling too soon or timing the market when we should have actually buy. So yeah, it's not by looking at charts, pressing the calculator on how much we wish to buy. But its about staying focused long enough to keep DCAeing even after our portfolio has made 6x or 7x as the case may be. No matter the cause, let's at least keep buying high/low and holding long enough to make more ATH.
I agree that the early holders have advantage, say for example someone who invested into the market when the bitcoin was around $50k will be expecting a 3x at $150k but an early investor who bought at $20k will be expecting more than 7x at that price so yes they are at an advantage but are they not supposed to be regarded as been smart?. I will say they shouldn’t only be regarded as smart alone but also should be called brave too because throughout those years they were also other investors who sold immediately they got 3x at $60k plus but they were smart enough to know that the market will pump as the adoption continued to grow and were bold enough to actually still hold even though they were some fud in the market.
Sometimes we simply call early adopters lucky but the right word to use is bravery because it was this bravery and smartness that made them invest into an asset that even the government was trying to pull down then