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RE: Right on the Money: Bitcoin hits $3,000, or 1000x my entry six years ago when people called me raving mad
Congrats on your guts to go all in. Many people freely make wild predictions, but very few have the cojones to back it up with money, let alone all their money, and then some! Also, congrats on riding out all the storms between then and now.
People often say, "If only I had bought bitcoin when it was $xx. My response is, "If you don't have the guts to buy it now, you wouldn't have had the guts to stick it out during the Mt Gox crash, or the many other pull backs. Or, you wouldn't have had the foresight to continue learning about crypto, and the importance of diversifying your holdings, and saving to paper wallets, and your bitcoin would be gone with Mark Karpeles."
This is a great insight. People say they are wishing for hindsight, when they're actually wishing for guts. And if they had had the guts, they would not need the hindsight.
(Paper wallets are dangerous, though. Lose it or leak it, and the money is gone. I prefer cold storage with multipart m-of-n distributed backups.)
Totally agree, I bought my first bitcoin mid-2011 and had severe FOMO as it increased in value almost 50% by the time I found out until I got my money to the exchange. I tested it with small amounts at first until I was confident in the technology. It later dropped in value by 95%. By then, I was more convinced than ever and was increasing my exposure at around $2 per coin (from memory).
I did not go all in (and would still not advise doing so). Instead, I invested what I was prepared to lose and around the amount I would generally put into a single stock in my portfolio.
I have sold and spent along the way (but again only small proportions of my holdings), but bitcoin (and now other cryptos) completely eclipse the value of my share portfolio now.
So, I guess it takes guts, but diversifying also helps, not my not going all in when I first heard, allowed me to spend more of my dry powder when the prices fell.