That’s it - I am done buying Bitcoin (for now)

I first heard about Bitcoin in 2019. Thanks to the COVID lockdown, I had more free time and began learning more about it through sources like 'The Bitcoin Standard' and keynote speeches by Andreas Antonopoulos. I became fascinated and started DCA-ing into Bitcoin at the end of 2020.

After a few months, Tesla announced that they were buying Bitcoin and accepting it as payment. This triggered my FOMO, and I felt like a genius due to the surge in demand. This led me to stop investing in my retirement accounts and allocate everything I have into Bitcoin.

Fast forward to when the Federal Reserve began rapidly increasing interest rates, and we witnessed the collapse of FTX, the bankruptcies of major crypto exchanges, and the exposure of bad actors in the crypto space. This caused my investments to start collapsing, and fear overwhelmed me as I saw the value plummet.

Nevertheless, I continued to watch Andreas's speeches and read more of his books, which led me to double down on my commitment to Bitcoin. I now own 2.03 Bitcoin but I have decided to stop buying more, not because I no longer believe in it, but because 80% of my net worth is now tied up in Bitcoin. I’m turning 30 next year and I want to focus on building wealth with safer assets that can provide me with peace of mind. While I still believe Bitcoin will still be an amazing asset to hold in the coming decades, the possibility of losing it all due to a minor mistake keeps me up at night.

This is my first experience with a bear market, and I consider myself fortunate to still have my job and the ability to purchase Bitcoin every week and month. I can’t wait where the next bull run will take us.

Thanks for reading.

Submitted September 28, 2023 at 05:38PM by BitcoinMessiah https://ift.tt/IQCitpH