Alright folks, I have a confession to make: after years of stalling I finally went all-in and bought myself a whole 0.02 bitcoins the other day, as well as a healthy serving of insomnia apparently.
I bought in at just a little over $12k and already today it has hit 19k+. Unbelievable. As I write this, however, the price is fluctuating rapidly — I can’t tell if we’re in the midst of a major correction or if the price drop is only a minor hiccup along bitcoin’s historical climb. Given my paltry investment, I have the luxury of finding this all very entertaining — so much so I literally lost some sleep last night — but I’m concerned for all those first time investors, some of which are undoubtedly risking more than they can afford to lose.
I find it exciting that no one really knows what’s going on — bitcoin is something the world has simply never seen before. It is, almost without a doubt, in fantastical bubble mode at the moment, but predicting just where it’ll end up is anyone’s guess. Long-term, however, I think bitcoin has already proven its resiliency; when you even out all the spectacular peaks and troughs, it just keeps on steadily rising. Brilliantly-executed built-in scarcity will tend to do that.
So cheers to the HODLers, I suppose I am one of you now. Let’s try to repress the anxiety, and sit back and enjoy the ride.