Welcome to the bitcoin roller coaster! Even when you know we need to appreciate hundreds of percent to reach our price targets and that 30% flash drops are imminent, it still messes with your head.
The bitcoin All Time High (on ) at the moment is $41,989 and that dip yesterday hit a low of $28,800. The difference, -31.41%. We knew 30% dips were coming. Almost too perfect.
There's still lots of questions about price targets, but there's something more important: YOUR GOALS
Investing in crypto is just a tool for accomplishing your goals. You have zero control over what bitcoin is going to do, but you do have sommeeeeee control over how you will react.
For example say you have 10 bitcoin you bought 366 days ago (at $3,500 each LOL) and your near term financial goals are:
- pay off $100k of student debt
- setup a $50k cash cushion for emergencies
- save $200k for a down payment on a house
- setup $1k /month passive income for life
Achieving all of this would be fucking epic and you can make a concrete plan for it:
- $350k for cash cushion, house and paying off debt
- $150k making 8.6% APR in BlockFi is $12,900/year (or ~$1k/month)
- $500k total! Except you havta pay ~25% capital gains taxes (yuck!)
- So $632k in long term capital gains to result in $500k after taxes (I used this calculator)
Now you know, you could sell your 10 bitcoin for $63,200 each to accomplish your goal! Or you could sell 5 at $50k and 5 at $76.4k to accomplish your goal! Or you could sell 5 at $60k and 4 at $83k and keep 1 bitcoin forever!
THIS IS A PLAN!
Praying that bitcoin hits a certain price is not a plan. And I can tell you from experience that even if the price goes to $100k+ you will not regret achieving your life goals.
So what's your plan?
To the moon 🚀 — @GΞR฿Z Founder & Creator @ BitLift
FUD of the Week (Fear Uncertainty Doubt)
Tons of "bitcoin is dead" scenarios magically present themselves when the bitcoin price starts booming - it happened in 2017/2018 too. In fact, the Tether FUD which has been debunked numerous times is being recycled, here's the same FUD from Jan 2018. And the "double-spend attack broke the bitcoin network" FUD this week was even dumber but made headlines all across the internet.
I try not to be the tinfoil hat guy, but someone or something keeps perpetuating this nonsense. Never forget, Bitcoin is disrupting some extremely powerful systems run by very powerful people. All these dips are buying opportunities IMHO. Hodl tight.