Bitcoin Bear Market Lesson – The Danger of Blindly Following the Advice of Celebrities Like Matt Damon.

If you decide to buy Bitcoin, do it for the right reasons.

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Bitcoin is a unique monetary revolution that will change the world of the future for the better. That's my belief, which I try to share with as many people as possible. However, make no mistake, I am also constantly careful to point out in my articles that you should buy Bitcoin for the right reasons.

Buying Bitcoin because the S2F Model told you it would be priced at $100K by the end of 2021 was not a good reason. Similarly, buying Bitcoin because analysts told you that Bitcoin would never fall below $20K was not a good reason either.

Finally, buying Bitcoin because celebrities like Matt Damon told you to was not a good reason either. And while Bitcoin is in a Bear Market, many investors are disappointed and resentful of these celebrities.

I'm using Matt Damon as an example here, as he's at the center of a controversy over the topic when he filmed a commercial for the crypto.com platform in late 2021 advising people to buy Bitcoin. Those who bought Bitcoin without understanding why and only following his advice, are now practically at -70%:

Such a crash in the price of Bitcoin is perfectly manageable if you have understood the why of Bitcoin. In case you made the mistake of buying Bitcoin as a fad without understanding what you were doing, then you would be in total panic.

This is the case with those investors who are now going after Matt Damon and other celebrities who have recommended Bitcoin or other cryptocurrencies in recent months.

While the crypto.com company is forced to lay off some of its employees because of the consequences of this Bear Market, many memes making fun of Matt Damon are flourishing on social networks. This one taking up his role as a math prodigy in Will Hunting is quite funny:

Another Internet user posted a clip from Interstellar, in which Matt Damon, dressed as a cosmonaut, violently pushes Matthew McConaughey:

In January 2022, Matt Damon was filming a new spot for crypto.com evoking the great adventurers of history to convince you to buy Bitcoin:

“Fortune Favors the Brave.”

Matt Damon is not the only celebrity to have given in to the sirens of cryptocurrency platforms. Because that's what it's all about. These celebrities have no belief in Bitcoin or cryptocurrencies. They simply took the opportunity to get money from these cryptocurrency trading platforms to promote their services.

Unfortunately, many investors have been swayed into thinking that these celebrities are good advice. This is a mistake to remember in this Bear Market, you should never blindly follow the advice of others to manage the fruits of your labor.

At the end of the day, it's always your money on the line. Everyone laughs at Matt Damon now, but in the end, it's the investors who blindly followed his advice that will pay the bill.

Final Thoughts

This Bear Market is an opportunity to get back to basics: focus on the real signal which is the Bitcoin revolution. Don't buy Bitcoin because someone recommends it, but only because you are convinced of it after studying the why of Bitcoin at length. This is the key to profiting from this unique revolution.

Indeed, without deep conviction in Bitcoin, you will never have the patience to endure a painful market like the one we are experiencing and will continue to experience in the months to come. Note also that this advice applies to every investment you make in your life.

You are the only one in control, and that is also a message that the Bitcoin revolution is teaching you. It's up to you to make it your own by taking control of the fruits of your labor.

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Some reading

• 3 Impacts of the Fed’s Rate Hike for You and Your Money. Something you need to understand to better protect yourself in the upcoming situation.

• Bear Market Gold Lesson: With Cryptocurrencies, You Must Learn to Separate the Wheat From the Chaff. This is the perfect time to do what should have been done before.

• To Become the World’s Leading Power, China Must Seek To Inspire and Stop Scaring Others. China must change its methods.

• The Only Indicator You Need To Focus on To Stay Relaxed With the Bitcoin Price. Opt for a low-time preference.

• The Firefighter Arsonist’s Paradox — Central Bankers Are Now Worried About Inflation. Yet inflation is the product of their ultra-accommodating monetary policies.