i am aware we all have different strategies and goals for our investments but i am sure that a lot of us are planning to hold bitcoin for the long term and it got me thinking what ways could we do to prevent us from being tempted to sell our bitcoins and spend it on unnecessary things
one way is writing off your bitcoins as not yours. that money is not yours to spend. just forget about it. the more you look at it, the more you will just want to sell it especially when you see the value of bitcoin.
do you also do this and does it really work for you?
Everything is all about planning. Before you make that decision to hodl bitcoin long term, you must have planned ahead of it. The planning should cover how you would raise capital to invest and a steady source of income if you are going to DCA.
The planning should also tell you what price target you are looking at or what duration of time you are looking at before you sell your bitcoins. If you have this all mapped out, I don't think you would easily bow to the pressure of selling your bitcoins when it's not yet time.
In addition, you would need a job, business or other investment that would sustain you why you hodl. Reason many investors don't have a defined sense of direction is because they are already seeing bitcoin which they just started investing in a while ago as their gateway out of poverty.