Bitcoin flirted with $13,000 tonight as the cryptocurrency offered economic freedom has been on a major bull run.
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Bitcoin’s Massive Run has people rushing in. Perhaps they should cool off….
Cryptocurrency isn’t magic. It isn’t special. It’s an investment, and like every other investment class, certain timeless principles apply.
Investing is a mindset, as is trading.
Traders think they will buy at the lowest point and sell at the highest point. They are speculators, and 99% of them will lose it all.
Investors make intelligent, calculated purchases of assets, realizing you’ll never buy a the lowest or highest point.
To paraphrase Warren Buffett, “It’s far better to buy a wonderful investment at a fair price than a fair investment at a wonderful price.”
Listen to my Bitcoin podcast.
Take your gains.
Once long-terms capital gains rates kicked in, I began selling Bitcoin at $9,000 and continued selling up to $16,000. I sold off 50% of my investment. I’m so far up on Bitcoin that my current holdings could go to zero, and I’d be up far more than if I had invested in the DJIA, Nasdaq, or in real estate.
Bitcoin was a once-in-a-generation investment opportunity for the regular man r woman. That’s why when it hit $700, I wanted everyone who read me to buy some. Opportunities like this almost never come up in a lifetime.
Pay your taxes.
I have no idea why people think they’ll get away with tax evasion. Bitcoin gains are taxed like every other investment — either long-term or short-term capital gains.
Yes, these investment principles are covered in Gorilla Mindset, which contains a chapter on money.
If you invested in Bitcoin the way I did, you’re not following the price daily and don’t care about day-to-day fluctuations. You’re focused on its long-term store of value.
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Mike Cernovich is a journalist, author, and filmmaker.
His Bitcoin wallet is here: 1AUR4tyzDaiAG6inAMgStVX5TyBCLXeFcj
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This should be mandatory listening for anybody interested in taking there first step into cryptocurrency…
I remember telling my family years ago to invest in Bitcoin while it was only in 3 figure $ value…
They all said the same shit, sounds like a scam bla bla bla…
They didn’t put the countless hours into studying exactly what Bitcoin was…
Fast forward many years and those people are trying to buy Bitcoin now to make a quick buck…
I agree 100% cryptocurrency is a long-term investment.