If you have been in the cryptocurrency or Bitcoin market for a significant amount of time. There is something important that you will have learned. Something that will make your portfolio value increase much more than someone that is just entering these markets. It is something so basic, but also at its core one of the most important traits that you need to have if you want to be successful in this market. In the end, that is what all of us are hoping to achieve. Striving towards reaching our goals of life-changing wealth that could afford us to live a much more relaxing or stress-free life. Investing in Bitcoin, Ethereum and other cryptocurrencies give you an amazing chance to achieve those goals. But you must first master this very simple thought approach when it comes to investing in this market.
It’s a mistake that I have seen repeated countless times by those who have just entered the market, and also sometimes by those who have less conviction in what they have put money into. I will admit that I made this same mistake when I first got into bitcoin, and it hindered my ability to accumulate as much bitcoin as possible. A decision that I still regret to this day. But, what could this simple, yet vital trait be?
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It’s simply this. The people who are into Bitcoin for the long haul do not care about the dollar value of their Bitcoin portfolio. Instead, they care about how many Satoshis and Bitcoin they can accumulate. People who have true conviction in Bitcoin view it as a superior form of money when compared to fiat. If that is the case, why would you then value your cryptocurrency portfolio in terms of dollars? The easy answer is because that is just how the world is run right now. But that is not a good enough reason.
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When you are buying Bitcoin; essentially you are trading fiat that you don’t value, for a currency (bitcoin), that you value. When you combine that idea with the fact that the dollar’s inflation is growing at an alarming rate, it does make it strange to value your portfolio in terms of dollars. Especially when most bitcoin maximalists think that bitcoin will eventually overtake the US dollar as the world reserve currency.
But there has been a recent trend to change this. Most of the cryptocurrency market cap websites and exchanges allow you to customize your experience and view everything in terms of value in Bitcoin. That is how I view my portfolio. I view it in terms of how much I have of each asset, not in regard to what the current dollar value is.
When you begin to think like this, there will be two ways that this will improve your life in the cryptocurrency market. One of them will improve your stress level and overall happiness. The other will help to grow the monetary value of your portfolio over time and help to make you rich.
Let’s first talk about how it will help to make your time in cryptocurrency less stressful. Let’s face it; investing in bitcoin, Ethereum or any other coin can be quite stressful. The price is extremely volatile. One day your coin could get 10% up, and the very next day it could drop upwards of 50%. The amount of FUD news being released recently about bitcoin can be quite scary, especially if you have just entered the market. It is vital that you have conviction in what you’re investing in. Always fully do your own research and come to your own conclusion about the asset. Never let anyone else make your decision for you. When you have the opinion that one bitcoin equals one bitcoin and that will never change. That is the moment that life will become less stressful for you. While the media will be having a heyday that Bitcoin dropped 20% in one day. You will know that none of the properties or code of bitcoin have changed. Transactions are still running smoothly, everything is fine. You will know that every day that bitcoin is alive, it becomes another day stronger. And that your bitcoin is still worth one bitcoin. This mindset has helped me to keep my mental sanity during all of the crazy price drops over the years.
Now to the part about how this will help you to become rich. When you are viewing your bitcoin, or Ethereum in terms of dollars. You will become extremely disappointed when the price tanks. It may cause you to become quite hesitant to buy more, and even worse; it might cause you to have thoughts of selling. But, when you begin viewing your assets not in terms of dollars, but in terms of Bitcoin and Ethereum. That is the moment that you realize all you need to do is to continue stacking as much as you possibly can. The days that these coins drop by 20% or more are golden opportunities that will help to change your life. The long durations of time where there is little to no price action. These are amazing accumulation zones that are being gifted to you. You don’t need to worry about the current price today. Most of us who are in the market for the long term are very confident about where the price is going. If that is true, then why would you care about current movements?
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Personally, I love these price drop days, and those long weeks and “boring” price action movements. By never taking your foot off the gas pedal and continuing to accumulate you are setting yourself up amazing for the future. This is how I think of it. During these times, accumulating is similar to setting up a slingshot. While you haven’t shot it yet, by accumulating cheaply you are continuing to pull down the latch further and further. Then finally when the price does go up, the value of your portfolio will explode upwards in a way that will surprise even you. Keep accumulating.
How about you? How do you view or think about your cryptocurrency portfolio? Do you view it in terms of dollars or the crypto itself?
CONTRIBUTED BY Johnwege
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