Bitcoin has hit $10,000 yet again! Haters will say that Bitcoin is down from its highs, and this shows they are frauds. Here’s why.
Traders rush in and out of a position or stock. Investor’s hold assets for the long-term, and regularly buy into these assets. This is known as dollar cost averaging.
Dollar cost averaging Bitcoin
Let’s say a person bought at regular intervals, disciplined.
- May 12, ’18 – $8,441
- Sep 12 ’18 – $6,354
- Jan 12 ’19 – $3,686
- Apr 12 ’19 – $5,061
Average purchase price – $5,885
Today’s value – $10,400
BTC is up over 70% vs. S&P 15.3%
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 common man. 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.
— — —
Mike Cernovich is a journalist, author, and filmmaker.
His Bitcoin wallet is here: 1AUR4tyzDaiAG6inAMgStVX5TyBCLXeFcj
Stay updated here:
Bitcoin Billionaires by Ben Mezrich
I never believed the hate-hype about the Winklevoss twins, because like them I bear the burden of being beautiful. Of course people hated them, because they were also tall, from a proper family, and obscenely rich. But I hadn’t realized how bad they had it, relatively speaking.
For example, they were shut out of Silicon Valley as pariahs because Facebook was the It Kid. To contextualize how bad the twins had it, imagine what would happen to even a mainstream Silicon Valley player who came out pro-Trump. (Peter Thiel had to leave town.)
Who are the Winklevoss twins, you might ask? All I remembered about the Winklevoss twins was that the media wanted me to hate them. Two modern day American Psychos with slicked back hair and form-fitting suits. Several years ago they were in the news for a lawsuit involving Facebook. Either they co-founded the company, or hired Mark Zuckerberg to build it for them, and then Zuck betrayed them.
Bitcoin Billionaires is a redemption story of sorts, which is an unusual take to me because the twins had already won at life. They were rich, tall, and great-looking. Who cares if some dorks in SV don’t want to play with them?
They cared, and it’s clear throughout they took the slight personally.
Quotes from The Count of Monte Cristo are spread throughout Bitcoin Billionaires, which suggests the Winklevoss twins wanted revenge against Mark Zuckerberg. If so, they succeeded, as “Living well is the best revenge,” second only to making billions on Bitcoin.
A few quibbles from me of course. There are far too many party scenes of Ibiza and descriptions of how hunky the twins are. (Remember, I’m pro-beauty. But we didn’t need to be remind over and over how tall and muscular they are.)
One would get the impression from Bitcoin Billionaires that the Winklevoss twins have done no wrong, ever. No one is that vanilla, even two WASPs from Connecticut. (As the Kennedy family has shown, its often those types who have the most “interesting” back stories.)
Bitcoin Billionaires also gives the Winklevoss twins too much credit in driving Bitcoin into the mainstream. The twins didn’t code or do any Bitcoin tech, and their company Gemini is a much smaller player than Coinbase. It’s best to understand the Winklevoss twins as savvy investors rather than blockchain innovation drivers.
All of the above feels like nit-picks, which you’ll have to forgive as I know the crypto space better than most and thus am able to see some misunderstandings in the book, such as the part describing Ross Ulbricht’s case. Charlie Shrem is also treated unduly harshly, although the book is from the Winklevoss twin’s perspective, and it appears they all had some falling out.
Bitcoin Billionaires is a fun read with interesting details throughout, and I recommend it.
Be sure to also watch Banking on Bitcoin, a documentary that focuses on some of the more central players who were moved to the periphery fore the Winklevoss twins biopic.
The Hardy Haberland Show #100: Mike Cernovich
Hardy Haberland’s previous episode on, “Your Guide to Winning in Your 20s, 30s, and Beyond,” was a favorite, so we joined for another episode, which is even better.
- Be sure to visitor our sponsor here for the best performance enhancement products on the market. Use GM10 to save 10% off of your order.
You can watch the episode here:
Have you always wanted to get started, but didn’t know where to start? Or maybe you’re at a good place, and want to take life to the next level? If you’ve ever had the feeling that you could get more out of life, then Audacity Orlando is where you want to be.
On Sunday May 5th we’ll be filming my latest master class live. Based on the principles in my best-selling books and forthcoming book, Audacity goes deep into mindset while also focusing on practical aspects of online and offline business.
In Audacity you will learn:
- What truly believing in yourself looks like in the real world,
- How to remove the virus-filled software society has installed in your mind,
- Why the difference between “online” and “offline” business is becoming a distinction without a difference,
- The power of fasting and cognitive-enhancements exercises,
- Where the trends are going in business and culture.
Audacity Orlando won’t be a passive, lecture-style event. I’ll be there to answer questions, and your questions will shape the course of the Master Class for everyone.
You’ll also receive a copy of the Master Class in 4K once it’s finished.
A VIP ticket gets you a follow-up call with me.
A Sponsor ticket gets you a follow-up call and after-event cigars to talk more about life and focus on your goals.
P.S. Even if you can’t attend, you can get my first Master Class on mindset here.
BONUS: I know a lot of you are younger and budgets are tight. That’s why you can bring a friend. For General Admission only. Buy-one-get-one free.
When you buy a ticket, send me a message with the name of the attendee you’ll be bringing. For security purposes, all people are added to the “all-clear” list.