Hold most of your savings in BTC?

[johnarb]

I know a guy who invested heavily in BTC in 2015. By the end of 2017 he was rich beyond his wildest dreams, and then came the crash. After a few months, when it became clear that the bull market wasn't about to resume, he started cashing out. As his fortune dwindled over the next 12 months, so did his mental health.

Some may say, the moral of the story is to HODL for ever. But what if one day HODLing doesn't work?

I lost over 85% of the crypto portfolio $ valuation in the 2014-2016 bear market

I lost over 90% of the crypto portfolio $ valuation in the 2018-2019 bear market

Life is like a box of chocolates, you never know what you're gonna get

 

[Ed48]

I lost over 85% of the crypto portfolio $ valuation in the 2014-2016 bear market

I lost over 90% of the crypto portfolio $ valuation in the 2018-2019 bear market

And you've still got your sanity?

 

[sebking1986]

Big fan of crypto but I think it still only warrants a smaller portion of your overall portfolio

 

[smallfil]

When practically, everyone on the get rich overnight club thinks they will become overnight millionaires, maybe, you should ask the Wallstreet Bets peanut gallery how that worked out for them? Most of them lost most of their monies. As Buffett said it, be fearful when most people are greedy (as in now) and be greedy when most others are fearful. There is no low enough or high enough in the financial markets. Too many fools have already found out.

 

[Pekelo]

Arguments for putting your savings in BTC:

You lost your mind and hate profits.

Forget about BTC, Safemoon is the real deal. It could go up gazillion times. Idiots like you deserve to lose it all.

 

[johnarb]

And you've still got your sanity?

Sanity is overrated

The issue with your friend is that he sold out without planning to buy back in because his mindset is always about fiat riches

• A true Bitcoin believer is thinking of ways to stack sats

If he sold out because it was a prolonged downtrend bear market, nothing wrong with that

Your friend should have been happy and looking forward for the day when the Bitcoin market is on an uptrend and buy back in!!

1. His 2 biggest problems are price-anchoring which gave him big stress as he lost his net worth high value in $ or whatever fiat he's obsessed with
2. He has a high time preference and wants to spend on frivolous stuff

• Bitcoin is a trojan-horse. People who do not do research think it's a get-rich quick when in fact it's the exact opposite, it's a keep your wealth (and possibly) get rich in the long term

Few will understand this

This is the reason Bitcoin is the biggest slice of our life savings

 

[zghorner]

Putting all of your savings into crypto is a bad idea, plain and simple. Putting all of your savings in any single asset class is a bad idea, plain and simple. But something as volatile as BTC...hell no. Maybe 10%...20% max if you just love risk.

"Diversification is the only free lunch"

 

[Frederick Foresight]

I lost over 85% of the crypto portfolio $ valuation in the 2014-2016 bear market

I lost over 90% of the crypto portfolio $ valuation in the 2018-2019 bear market

Life is like a box of chocolates, you never know what you're gonna get

And some of it might look like chocolate, but smell and taste different...

 

[johnarb]

And some of it might look like chocolate, but smell and taste different...

That's because you let your diaper overflow and mixed the stuff

 

[ph1l]

Noticed I said significant portion of our life savings, I diversified $400K and invested on the Bored Ape Yacht Club NFT

Next thing you're gonna say is that the Bored Ape will go to $0 too, gtfo

Nobody would ever say that.
https://opensea.io/assets/0xbc4ca0eda7647a8ab7c2061c2e118a18a936f13d/3667

(I know that's not an offer anyone would accept unless the seller desperately needed a tax loss).