Carl, of the Moon YouTube channel, recently admitted to losing half his net worth in Bitcoin value. He said that he lost millions of dollars in just a couple of days. However, he insists that he will retain his Bitcoin for the long term and that he will not sell any of it.
He explained in a recent YouTube video, that all those that held through the March 2020 Corona Virus dump were the strong hands, and if you managed to hold through that then “there is no dump that is ever going to shake you out”. He said that his net worth fell 60% in 48 hours in that incident.
“As long as I have more bitcoin tomorrow than I have today, then I am happy. That’s the only goal I have – accumulate bitcoin. I don’t look at the fiat value. The fiat value is not so important to me.”
He went on to remark that every dip is an opportunity to buy bitcoin cheap, and these dips are an opportunity for those investors looking to buy bitcoin. In his view, within a couple of years or so, investors should 10x or 20x their investment.
“People keep telling us right, don’t invest more than you can afford to lose, and that’s what I tell people as well. But let’s be honest, we all invested much more than we could afford to lose – me included.”
Carl admitted that if he lost all his Bitcoin, then he would have no money left. He said that he only had enough fiat in the bank to cover everyday living expenses. In fact, he said:
“Don’t keep more fiat in a bank than you can afford to lose, because putting fiat in a bank account – that’s a guaranteed loss over time. Just look at the inflation statistics. The longer you hold fiat, the less value the fiat will be.”
Carl continued to explain that investors shouldn’t panic when the price goes down, and that it was extremely important to research into what Bitcoin is. He said that if you have this knowledge then you won’t be worried over price dips.
“I’ve been researching Bitcoin every single day for more than 3 or 4 years now. There is nothing, nothing, that can make me doubt Bitcoin today. Price action is completely irrelevant for me for the long term.”
Carl said that he also continued to hold Ethereum, but he believed that we would probably see a correction in this cryptocurrency soon. On altcoins, he said that if you made big gains here, then you should take profits and put this back into Bitcoin.
“Gains are nothing, unless you realise them. Take profits. Go back into Bitcoin. Remember that 10 years down the line, you want to sit with Bitcoin. You don’t want to sit with fiat or with a bunch of altcoins that you have no clue what they are in the first place.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.