Why I Sold ALL my Bitcoin

I sold all my Bitcoin! Why did I do this? What do I consider to be the future of Bitcoin, and is it worth holding?

Do I think that Bitcoin will go to nothing in the next 10 years? Absolutely not. I think that it may even outperform the S&P 500. If you want to eliminate the risk and get a steady (but not crazy) return Bitcoin may be a good option.

However, this is not what I'm looking for. I'm willing to take more risks, for what I perceive might bring higher returns in the future.
I am not a Bitcoin maximalist, and I'm not investing idealistically.

When I think about some other proof of stake token, where I can get paid just to hold it vs Bitcoin where I don't get paid to hold it, I will clearly choose the first option!

Bitcoin is one of the major crypto religions. The other 2 are Cardano and Hex.
Lots of people investing in religions, don't do it rationally.

But other than people's support these projects will need big institutions to invest in them in order to thrive. We've seen Tesla selling most of their Bitcoin, and that's not a good sign.

However, this may change in the future. Bitcoin may get lots of support from corporations in the future, and this will pump its price.
But the big thing for me is that I don't think this will happen in the next 12-24 months.

In this time frame, I believe I can make better returns somewhere else, and that's the main reason I've decided to get out of Bitcoin. For now.

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Author: Michael Rosmer

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[libertarianspirit]

I bought Bitcoin a while ago and I considered it as risky asset back then. Now in 2022, as a russian citizen, I genuinely think it's less risky to keep money in Bitcoin than in bank (if you can afford to keep it long term to avoid volatility). Bitcoin is unique because of elegant design and clear monetary policy. So Bitcoin for me is like cash in 2022. And Ethereum as an investment. So I measure my crypto portfolio in BTC terms.

[lv]

Where are you investing your money now?

[mvp]

You wearing a hoodie in August reminds me of what a teacher of mine from the UK once said: "In the UK you can tell summer from winter by the temperature of the rain."

[wld-ph]

11:43 love the whirly flames in the distant trees. Tarballs?

[Carey]

Would love to see more investment videos and your strategies...

[gregoryc]

Hey Michael, great video as always. It would be interesting to know and hear your thoughts on what you see as good alternatives in this instance. Thanks again for the all the informative content.

[bbmm]

Mike a video suggestion that should be easy for you to execute. Two factor authentication. How do you manage this when having bank account or other account that require SMS code verification. Many of these places require a local number for account setup. What is the best way to optimise this without the risky move of carrying around 5 sims and changing them out sand hoping you can connect to WIFI. Your only a spit away from me at the moment, Im in Galway, Ireland visiting family, come over for a pint of Guinness.

[JoshuaJackson]

Wow, those buildings look like the McGill university campus in Montreal.

[richhitch]

BNB token has outperformed Bitcoin for like past 18 months. FTX token (FTT) is similar scenario.

[holeefuk]

People always forget that Cash is also a position in investing/trading. May not be ideal to lose 10% year to inflation but better than losing 50% to rash decisions.
Bit of hindsight bias but with news of MT Gox don't think you're timing could've been better

[stephandaley]

Can you talk about your opinion on growing through acquisitions

[gen-X-trader]

It's hard to put Capital to work right now. I was adding to the S&P when we were down at 3800. Now we have rebounded. It's less attractive. Bitcoin really feels like it has one more leg down left. I think that's the one you buy. If you look back to the beginning of Bitcoin cyclical lows usually happen 24 to 30 months after the halving. I don't know what the trigger will be this time it just wouldn't surprise me if Bitcoin had another 30 to 50% sell off from where we are and that's where you hop back in setting up for the next pump cycle in 2024 to 2025. Flipside, If we don't make a lower low over the next 12 months, you can assume the low is likely in. That's my game plan anyway

[Drago]

Really interesting to hear you point of view, thanks 🙏

[jeremywright]

Considering you reinvested into another chain, be curious if it gained or lost BTC value in the latest dump. Staking rewards are meaningless if the tokens value is tanking anyway. E.g. ADA staking isn't going to make up for the massive loss of value.

[Cruznride]

Thanks OC, can you start doing vids on specific cryptos in relation to traditional cefi and defi finance . Can you please start with XRP ? Thanks

[Ubernoob]

I think there are a lot of opportunities in "near-profitable" tech companies. Valuations got wrecked from the beginning of the year, companies can easily be down 60-90%, but several have visibility to cashflow break even or profits within the end of the year.

[Big-Red-Cat]

You are mistaken about BTC not changing. It has actually changed several times by the developers and disabled many features and added others resulting in a current form of BTC that cannot scale, which BSV fixed and BSV protocol set in stone which is more stable for those developing apps for using the BSV network. Same issues with ETH

[p.c.h.]

Most people invest their funds long term, others prefer to gamble, also known as wishful thinking investing (Crypto, Meme stocks..)
Best of luck to everyone 💰

[puresn]

Heya, I hold HEX fyi, though not a maxi. I do like the fact that you earn yield based on time. Did you sacrifice for PulseChain / PulseX also? :)

[wld-ph]

Thinking Mid-Sept Eth-POS-Merge and Nov-Feb could become important. Volumes are weak, the gradient is gradual, not steep, runs out of steam; so maybe a bargain late this year, and hold for Summer'23. Cycles on (Log) Guassian.