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| I've been in the investing game for 28 years. If that sounds like a long time, it's because it is. I've seen dot-com bubbles burst, real estate markets crumble, housing crises wipe out trillions, and more "once-in-a-lifetime" crashes than I care to count—from the 2000 tech wreck to the 2008 financial meltdown and the 2020 COVID panic. | But about eight years ago, I dipped my toes into something different: Bitcoin. I remember buying in at around $15,000 during the 2017 bull run. At the time, it felt like I was catching a rocket ship mid-flight. | Then, the peak hit near $20,000, followed by a brutal bear market that sent prices plummeting and some people leaving the crypto market. | I've witnessed the endless scams, the relentless "FUD" (Fear, Uncertainty, and Doubt), the regulatory crackdowns, exchange hacks, and those gut-wrenching 80%+ drawdowns that test even the strongest hands. | That's why a recent quote in the crypto community from Changpeng Zhao (CZ), the founder of Binance, really resonates. | | The "Cheap" Crypto Tax | We all look back at those who bought Bitcoin at $3,000 in 2018 or $15,000 in 2022 with a mix of envy. We call them "lucky" or "early geniuses." But the truth is, there's a hidden "tax" on those low prices—one not paid in dollars, but in emotional and mental fortitude. | When Bitcoin is "cheap," the headlines are screaming it's dead, going to zero, or a failed experiment. Social media is flooded with mockery, your friends and family tell you you're insane for not selling, and your portfolio looks like a war zone with endless red candles. To not just buy, but to hold (or even accumulate more) during those periods requires ironclad conviction that most people simply lack. | It's easy to be bullish at all-time highs. The real edge comes from staying calm when the world says you're wrong. | | 7 Ways to Take Control of Your Legacy | | Planning your estate might not sound like the most exciting thing on your to-do list, but trust us, it's worth it. And with The Investor's Guide to Estate Planning, preparing isn't as daunting as it may seem. | Inside, you'll find {straightforward advice} on tackling key documents to clearly spell out your wishes. | Plus, there's help for having those all-important family conversations about your financial legacy to make sure everyone's on the same page (and avoid negative future surprises). | Why leave things to chance when you can take control? Explore ways to start, review or refine your estate plan today with The Investor's Guide to Estate Planning. | Download your free guide now! | | The Reality of the Cycles | If you want the massive multi-year gains Bitcoin has historically delivered, you have to survive the inevitable drawdowns. These aren't anomalies—they're baked into the asset's volatile nature, driven by its four-year halving cycles, speculative mania, and still-maturing market structure. | Let's look at accurate historical data from past cycles to illustrate what "holding through the cycles" really entails: | | | | Every "cheap" entry point was surrounded by apocalyptic sentiment. In late 2018, after years of decline, mainstream media declared Bitcoin dead (for the hundredth time). | In 2022, the FTX collapse and contagion from lenders like Celsius triggered widespread capitulation, with "experts" proclaiming the end of crypto. Yet those who held—or bought the blood—were rewarded with the next bull run. | Today, in late 2025, we're in a similar correction phase: Bitcoin has pulled back significantly from its October high around $126,000, trading in the mid-$80,000s to low $90,000s amid year-end tax harvesting, reduced ETF demand, and macro uncertainties. | Volatility feels high and FUD is creeping back in. But historically, these mid-to-late cycle pullbacks (often 20–40% in bull phases) precede final legs higher—or at least consolidation before the next phase. | My Takeaway After Three Decades | Having navigated nearly three decades of market madness—from Black Monday echoes to meme stock frenzies and everything in between—I've learned that building real wealth isn't about timing the perfect entry or chasing the "next big thing." It's about developing the stomach to stay invested when everyone else is panicking and folding. | CZ's mindset reminder isn't just about price, but it's about psychology. The people you envied for buying "cheap" weren't lucky—they paid the tax in sleepless nights, and ignored naysayers during the darkest periods. | If you're feeling the heat right now in late 2025, with prices off the highs and uncertainty looming, remember. This is exactly the environment where future legends are made. The ones who don't blink during red candles, who zoom out and focus on Bitcoin's fundamentals (fixed supply, growing adoption, institutional embrace via ETFs), are the ones who capture the asymmetric upside. | Success in markets, crypto or otherwise, isn't about being the smartest. It's about being the most resilient when the storm hits. Hold steady. The cycles always turn. |
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| | | This article is for informational purposes only. It should not be considered Financial or Legal Advice. Not all information will be accurate. Consult a financial professional before making any significant financial decisions. |
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