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Why didn’t I know about Bitcoin before? (Why didn’t I buy Bitcoin back then?)

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Why didn\’t I know about Bitcoin before? In the early morning today, the price of

Why didnt I know about Bitcoin before? (Why didnt I buy Bitcoin back then?)

Why didn’t I know about Bitcoin before? In the early morning today, the price of Bitcoin suddenly plummeted to around $31,000 and then continued to fall. Since then, there has been no significant rebound in the trend of the cryptocurrency market.

After a brief period of consolidation for one or two days, the market saw a continuous decline. Bitcoin’s price once again plunged to around $34,000, followed by a rapid increase, and is currently fluctuating above $30,000.

In fact, as early as January of this year, there were investors who said, “Do you think your Bitcoin will rise 100 times?” or “Do you think it will rise 300 times? Is this real or fake?” Even many people in the cryptocurrency circle have expressed their disdain for the term Bitcoin, calling it a “shanzhai coin.” “Shanzhai coins are really scary!”

So people started posting some information on Twitter saying, “I know some people think Bitcoin is crazy.” They said it was a joke: “If we replace Bitcoin with other cryptocurrencies (like Ethereum), which assets would you buy?” Then it soared all the way to $43,000. These news directly caused a market sentiment crash, making many people doubt and speculate whether Bitcoin will rise to $100,000, $300,000, or even reach $5 billion… But the reality is not like that! Why didn’t I know about Bitcoin before?

First of all, it’s because I thought Bitcoin was a speculative tool, so many people bought digital gold to participate in investment. However, later they had to sell their Bitcoin holdings due to concerns about missing opportunities and risks. They discovered that they only needed a small amount of money to purchase a digital gold, which would yield a certain amount of Bitcoin. But due to the ongoing global economic crisis, a lot of funds were forced to sell, causing liquidity to dry up and unable to enter the financial system.

Secondly, Bitcoin itself is not a virtual commodity in the true sense, but more like a means of value storage. It is recorded and stored through a digital certificate issued by a blockchain technology, so its usage scope is also very broad.

However, although there are certain misunderstandings for those who want to understand Bitcoin, it is still considered as a means of payment only and does not have any actual power or profit space. It is still in its early stages. Of course, with the emergence of more and more institutions and professional traders, more traditional players are paying attention to Bitcoin, and I believe there will be new projects joining in the future.

Why didn’t I buy Bitcoin back then

Editor’s note: This article is from “Chengpishu” (ID: chengpishu) and is authorized to be reproduced by Odaily Star Daily.

Why didn’t I buy Bitcoin back then? My thinking at that time was that since I didn’t understand its investment value and risks, I wouldn’t pay attention to it. And now, it’s the right time when the market is volatile, so I decided not to focus on its price performance but share my perspective from this angle:

First of all, I think if I were to talk about my viewpoint, I should still be cautious and not be misled by the various suggestions given by the “big shots” in the market. For example, I personally think that many so-called mainstream assets have already skyrocketed. So how high have the prices of these so-called established assets really gone? This is something that individual investors cannot understand. Furthermore, let’s take a look back at my experience of buying Bitcoin in 2013. That was when I entered the cryptocurrency circle because people who had just come into contact with Bitcoin at that time had already heard of its existence and had some understanding of it. They were also relatively young, so they started developing their own judgment power. However, in 2017, due to concerns about the market situation, I was afraid to enter the market and chose to sell off my Bitcoin holdings, selling off most of my assets. Finally, I found that people didn’t understand why I didn’t hold onto all the money and buy so much BTC – I think this is an interesting choice and also a very wrong attitude… So I want to share my feelings here with everyone!

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