Bitcoin: Get Rich Or REKT Wiser

“Fear is a powerful thing, it has a lot of firepower. If you can figure out a way to wrestle that fear to push you from behind, rather than to stand in front of you, that’s very powerful” - Jimmy Iovine(All in a Day's work)

Turkish taxi driver: “I heard you guys talking about Bitcoin even though I don’t speak English. I invested $3000 in Bitcoin and now my portfolio is down to $1300. What should I do? Should I sell now?”.

Grey: “Well…”

“Bitcoin is dead”, “Bitcoin is a Ponzi scheme”, “Bitcoin mining is not eco-friendly”. Sentiment of this kind punched the Bitcoin Bull in the face at $64K, and it has been crashing since. Will Bitcoin ever survive this? Would it really bounce back to $60K and beyond or this is the beginning of the end?

The above is what’s roaming in the heads of new Bitcoiners who invested recently. They were expecting to get rich quick, quit their jobs and live “the life”. It’s very surprising to them that it’s crashing especially after they just invested. The bad news has been really strong that it’s hard for newcoiners to be hopeful at all. There’s news about China, Bitcoin’s carbon footprint, Tether, and Elon Musk. ile People’s portfolios are already bleeding -50%, worse if you’re too deep in shitcoins and have no stablecoin reserves to buy the dip. Sorry bro 😬.

Remember, this is not a casino! For an asset that went from $3800 to $60000 within 12 months, why would you be surprised that it’s falling this fast? If you were not shocked that it was pumping that hard, you shouldn’t be discombobulated by the crash. If you only came into Bitcoin for gains and with a fiat mentality then sorry, you’re on the wrong bus. This is a spaceship and it’s going to the moon, not to Zimbabwe or Venezuela.

During these challenging times in the market, it’s not wise to focus too much on Bitcoin’s price. Do this instead:

Ask or remind yourself why Bitcoin exists. Bitcoin is becoming even more popular now across the globe because it solves a real problem and that’s why people want it. 

None of the problems that Bitcoin is trying to solve have been fixed by central banks, governments, or the naysayers. In fact, they’ve gotten worse. 

Beyond financial freedom or wealth accumulation. Bitcoin is about checking out of the corrupt and evil traditional fiat system that’s designed to keep people poor by enslaving them with debt. Bitcoin means taking control of your money. Whatever you decide to do with that power is up to you. No other asset out there can promise you that. 

The market doesn’t care about you. Just because you invested is not a good enough reason that the price should continue going up. 

You’re broke. You don’t want Bitcoin to go too high just yet because you don’t have enough. Even if it goes to one million dollars today, it won’t mean much to you. The secret sauce is about accumulating as much Bitcoin as possible. Fuck the fiat index. The crash is only an opportunity for you to accumulate more Bitcoins, especially if you don’t even have a full Bitcoin. 

The crypto market is very small and it’s easily manipulated by the big guys. They prey on rookie traders and fluctuate prices to scare you into buying high and selling low. Don’t fall for it. Hodl your Bitcoin. It will pump again. 

Think very long term and don't invest funds that you’ll need in the near future. The best approach is to trick yourself into thinking that you lost the money when you invest. Put it in a safe wallet and check-in 3 years or later. 

This is a challenging time even for an experienced investor like myself. Since I’ve seen several Boom and bust cycles of Bitcoin, I may still fall victim into thinking that this is a repetition of say…2017-2018 when Bitcoin rose from $800 to $20000. Then crash back to $3000 levels. Currently, it’s easy to fall into thinking that Bitcoin will fall to $16K levels or less - which is possible. However, this time things are a lot different, we now have institutional investors like Michael Saylor with Microstrategy, Elon Musk with Tesla and many others accumulating large amounts of Bitcoin. Other institutions are on the sidelines waiting for corrections to find good entries. We have governments like El Salvador making Bitcoin legal tender. So many forces to pump the prices up whenever it falls which could make the bear cycle a lot shorter than previous ones. Best strategy? Don’t waste a good dip when you see one. 

The journey to $100K Bitcoin will be so fast that you won’t have an opportunity to think and act on time. The time is now. None of my writing is financial advice but please stay away from shitcoins like Dogecoin, Shiba, SafeMoon etc. Not that they can't make you money, but the chances are close to zero if we head into a serious bear phase because most of them won’t recover. That was just a trend, there’s always a new one every year. Start looking for the next trend early enough if you want to gamble.

I’m confident that the future is in our favor. We are on the right side of history and we’ll get rewarded. 

Again, this is not financial advice. You make the buy and sell orders yourself. Thank yourself for taking the risks when you make big gains. Hold yourself accountable when you get fucked by the market too. Good luck. 

Grey Jabesi

June 23, 2021

Istanbul, Turkey