I am in my mid-forties and lived through the dot-com bubble. I built websites for some great and not-so great companies. I owned some shares of companies that we all know very well today. When the dot-com bubble burst I was in my mid-twenties. I listened to everyone around me as they told me the Internet was a bubble. I gave up my Internet dreams and hopes of fortune, sold the stocks, and invested in myself… I went back to school. If I had kept working in the Internet business, if I have kept those stocks….
Many years later I am in the same spot again. And this time, I will not make the same mistake again. I will not sell the cryptos I really believe in today because I know they will be worth so much more in the future. Tonight, I plan to tell this story in the not so distant future.
I bought my cryptos and rode them through the highs and lows. During January of 2018 the entire world was shouting at me that I was a fool in a bubble. Family, friends, media – it is just a bubble is all I heard. Then the regulation rumors, and worse the Tether rumors. I held through all of them. And then on January 30, with the US stock market selling off, the crypto markets started selling off again. And selling hard.
I held. When everyone said sell, I held. And now many years in the future I can say, I bought Ripple for under twenty cents each. And with 500% gains, in the face of the world telling me it was a bubble. I held. And now many years later, I am…. Wealthy. Very very wealthy.
And it’s not just Ripple, it’s Stellar, Cardano, Litecoin. (Insert your favorites here.) I held. And I was patient. Unlike what I did in the dot-com burst, I did not let fear and the world dictate what I knew then was true. I knew the Internet would change the world, but I was not patient. I will give these block-chain technologies the time they need to mature. I will give the industry the time it needs to grow. And in the end, I will be successful.
I am not a trader. I cannot catch these falling knives each week. I am in this for the long haul.
My prediction is this. The U.S. stock market, bond market, cryptos and even gold and silver sold off today. There was no place to hide. Investors are holding ridiculous amounts of cash – cash that is also losing value. The stock market will take off tomorrow after Trump’s speech, which I am betting will be very pro business and will rally traders tomorrow. After the stock market hits new highs, the investors will want new places to invest… cryptos will be waiting. As the Lunar New Year ends, and investors seek better returns cryptos will come back.
Tonight is not the night to sell. Tonight is the night to plan your story.
Originally posted on Reddit: https://redd.it/7u5pj6