The Incredible Lesson This True Story of a Bitcoiner Who Lost Faith in Bitcoin in November 2022 Teaches You.
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The Incredible Lesson This True Story of a Bitcoiner Who Lost Faith in Bitcoin in November 2022 Teaches You.
A year later, he wants to buy back Bitcoin above $30K after losing big...
November is always a special month for the Bitcoin market. Over the last two years, we have been treated to the ATH in November 2021, then to the bottom of the Bear Market in November following the implosion of the FTX scam.
Before 2024 gives us lots of promises (and surprises) for Bitcoin, I want you to remember this November 2023 as a special month by offering you a unique offer for Black Friday:
Take advantage of -30% off the annual premium offer for Black Friday 2023 with the bonus of my second book “The Truth About Bitcoin” (Valued at $19.99) in ebook format.
The story I'm about to tell you sounds so incredible that you might assume I made it up. But it's true. That's why I specified in the title that it was a true story.
I'd even go so far as to say that this type of story is by no means isolated. This type of story will multiply in the months and years to come.
This is the story of a reader of In Bitcoin We Trust.
This reader discovered Bitcoin during the previous Bull Market. It was easy to have absolute confidence in the Bitcoin revolution at that time. You'll note how easy it is to believe that Bitcoin is the future when the price of BTC keeps rising, beating ATH month after month.
It's not during a Bull Market that your strength of conviction in Bitcoin will be tested. It's in a Bear Market like the one we've been experiencing for many months now.
It's when the price of Bitcoin collapses that your confidence in the Bitcoin revolution will be tested. If you've understood why Bitcoin exists and have the right tools at your disposal, then you'll know that it's in your interest to accumulate as much BTC as possible:
This reader of In Bitcoin We Trust, whom I'll call James afterward, started buying Bitcoin in February 2021. I imagine that Elon Musk's declarations of love for Bitcoin at that time must have convinced him.
He bought Bitcoin from $40K until the ATH in April 2021:
During the May 2021 crash following China's ban on Bitcoin, he managed to stay in control of his emotions, but he no longer strengthened his positions. He first regretted this at the end of 2021, when the Bitcoin price was heading for a new ATH close to $69K.
And then, slowly but surely, the market entered a Bear Market that would test his strength of conviction in Bitcoin.
Too engrossed by the price of Bitcoin, which seemed destined to reach $100K, James didn't take the time to study Bitcoin in depth. He was carried away by the Bullish side of the mass but didn't have enough confidence in the Bitcoin revolution to weather the storm that was approaching at the end of 2022.
The explosion of the FTX scam in November 2022 decided him to put an end to the Bitcoin adventure. He sold all his Bitcoin at around $16K at that time. James bought high and sold low. Just the opposite of what you want to do if you want to make money in a market like Bitcoin.
Even if he had wanted to play Bitcoin Trader, his strategy was disastrous. By this time, James had lost his faith in Bitcoin. At the end of November 2022, James was probably reassured of his decision when the European Central Bank published a blog post indicating that the end of Bitcoin was near:
James didn't know it at the time, but the price of Bitcoin had just bottomed out on this nerve-wracking Bear Market. James had just experienced his first Bear Market and had caved in due to a lack of knowledge and therefore confidence in the Bitcoin revolution.
Confidence in the values embodied by Bitcoin in the future can only be gained individually by studying the why of Bitcoin. That's why I wrote my second book “The Truth About Bitcoin.”
To help James and as many others as possible to avoid making the monumental mistake of getting carried away by the euphoria of the Bitcoin market during a Bull Market and never making the effort to understand the why of Bitcoin and how it works.
James could have left it at that, but he contacted me again recently to explain his plans to get back into the Bitcoin world. Bitcoin's performance over the year 2023 must have given James regrets, as he lost a lot of money, but more importantly time, in the process.
My advice was simple: it's never too late to buy Bitcoin, as long as you understand its why. I advised him to start with the fundamentals of Bitcoin. Then, step by step, learn the incredible lesson of this true story: Bitcoin is a revolution that gives you back the power, but to benefit from it, you have to fundamentally believe in this revolution.
Nothing happens in a straight line with the price of Bitcoin, but neither does the Bitcoin revolution. There are ups and downs, as in life, and patience always makes the difference. If you don't want to have regrets like James, you'll need to show them.
The key now for James, as for all those who will have given in by the end of 2022, will be to avoid making the same mistakes again in the Bear Market that will follow the phenomenal Bull Market that lies ahead for 2024 and 2025.
If James can do better next time, he will have benefited from this costly mistake. And rest assured: you can never be late to the Bitcoin world if you understand the deeper meaning of this revolution.
The choice is yours.
