On Why Patience Is the Best Form of Action With Bitcoin

Bitcoin is a device for transferring money from believers to non-believers.

Image: Adobe Stock — Adapted by Sylvain Saurel

“The stock market is a device for transferring money from the impatient to the patient.”

— Warren Buffett

Starting an article about Bitcoin with a quote from Warren Buffett is not always well received. When I quote the Oracle of Omaha, I always get people in the comments telling me to stop talking about this investor with totally outdated ideas.

These people are not wrong on one point: Warren Buffett is totally outdated by new technologies, and de facto, by Bitcoin which is an incredible technological and monetary revolution.

The fact that Warren Buffett doesn't understand Bitcoin and is making Berkshire Hathaway investors miss out on a unique opportunity doesn't take away from the genius that he was in the past. You have to distinguish between Warren Buffett's stance on Bitcoin and the mindset that allowed him to build Berkshire Hathaway into a company valued at over $645 billion.

Like him or not, Warren Buffett is truly a well of wisdom.

Bitcoin is a device for transferring money from believers to non-believers

Among the many relevant pieces of advice he gives is the one behind this quote that I used to start my article. For the Oracle of Omaha, the stock market is about moving money from the impatient to the patient.

This way of looking at things seems to me to be perfectly suited to the world of Bitcoin.

I find it all the more important at a time when many are starting to get impatient in the market after the August 2021 surge that saw the price of Bitcoin cross $50K again for the first time since May 14, 2021. At the time, many imagined that Bitcoin would see its price soar quickly to beat the April 2021 All-Time High of $65K.

These people must have been disappointed to see that the price of Bitcoin does not rise in a linear fashion, but rather in successive waves of impulses. In between these waves of increase, there are corrections and even crashes. All of this will test your nerves to the limit.

You will go through all the emotions: euphoria, fear, and even boredom at times.

The current situation is there to test your patience before the next push into unexplored price areas

At the moment, boredom is predominant as the price of Bitcoin has been between $46K and $49K for several days. However, the current situation is not surprising. A retest of the $44K support is even quite possible in the coming days. And why not below around $40K-$38K?

However, you shouldn't be afraid every time the Bitcoin price corrects itself. If you do, you will join the club of impatient people who transfer their money to patients. And in the world of Bitcoin, the number of patients is growing.

In fact, more and more people understand that Bitcoin is an accumulation game for years to come. Your goals should be long-term with Bitcoin. If you buy Bitcoin now, you should have enough confidence in its revolution to hold it for at least 5 to 10 years.

Those with this mindset were able to accumulate more BTC in June 2021 after the crash when its price rebounded to $29K. Others sold at a loss, panicking that the price of Bitcoin would fall to $20K. It could very well have happened. It could very well happen again in the future.

The important thing for me is that it doesn't matter. Whatever the short-term movements in the price of Bitcoin, you must keep in mind the incredible future that awaits Bitcoin. Remember the incredible guarantees that this revolutionary system with its programmatic monetary policy and limited supply of 21 million units gives you no matter what.

Final Thoughts

Bitcoin is the people's currency. The demand for hard money like Bitcoin will explode in the future. That is a certainty. If you stick to the principles that govern the law of supply and demand, you know what that means: the price of Bitcoin will also soar in the months and years to come.

So there's only one thing to do: Think in decades, Act in days.

The day you understand the why of Bitcoin, it will become clear to you that with Bitcoin, patience is the best form of action. It's up to you to be patient while using Bitcoin in the best way possible for the moment: by being a Bitcoin HODLer no matter what.

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Some reading

• Self-Confidence Is a Muscle. Here Are 3 Ways To Develop It - Self-confidence is developed over time through daily efforts.

• Two Major Reasons Why Bitcoin Leaves No One Indifferent - You should definitely form your own opinion so you don’t miss out on this incredible revolution.

• Don’t Look for More Money, Look for More Free Time. Your priorities in life must be directed in the right direction.

• Bitcoin Can Fix Global Wealth Inequality — The Experiment Will Begin in a Few Days in El Salvador - Success in El Salvador would trigger an unprecedented wave of Bitcoin adoption among developing countries.

• Find Your Niche — Wilt Chamberlain’s Advice That Helped Mark Eaton To Become an NBA Legend - The hardest part of being successful is putting your ego aside and focusing on your strengths.