I guess this feels similar to when we busted our 1k ATH... Feels nothing like when we hit 20k last time. I remember looking at 1k and thinking, OK finally we can just put that behind us and really didn't think much about it again until we hit 3k and went through some serious 1k chops. I think we will be feeling the pressure around 50k with 10k chops and it will be tough to not unload some. At 100k, I'll be in awe and feel like we did it.. Once we pass that, I don't see why you would cash out at all, BTC will be the store of value and you would then just borrow against it or loan and live off interest from it...
#HODL' good times!
Surely, I would not consider cashing out small amounts of BTC (or maybe even large amounts -relatively speaking) along the way to be bad judgement, necessarily. A lot of the considerations of whether a BTC HODLer is being prudent or practical will depend on a lot of individual factors including when s/he got into bitcoin and whether or not s/he feels that s/he is over-allocated in bitcoin.
I find it a wee bit ironic that there are long term bitcoiners who are supposedly still stacking sats rather than either just waiting it out or cashing out small amounts on the way UPpity.. but hey, to each their own in terms of how to manage their monies.
Maybe an example might do, here?
Let's say for example someone got into bitcoin several years ago - like somewhere in the time-frame of 2013 to early 2017, so in essence his/her
cost basis is in the three digit realm - and maybe even in the sub $500-ish realm for some HODLers of that era...
Anyhow such hypothetical person(s) accumulated BTC in the neighborhood of 10% of his/her total investment portfolio in BTC, and it was not as if the remaining 90% was any kind of small investment, it was a sufficiently large amount of an investment to sustain such person in the event that BTC were to go to zero... which surely has not happened, yet but seems to have been a BIGGER possible risk that should have been part of the considerations regarding allocations in that 2013 to early 2017 time-frame.
As we largely can appreciate is that what happened in late 2017 is that BTC prices appreciated more than 20x (considering a 3 digit cost basis for this hypothetical person(s)), so if such person had not cashed out very many of his/her coins during such 20x price increase, that 10%-ish allocation would have gone into the 90%-ish area of that persons allocation of total value in his/her investment portfolio....
So yeah, sure it corrected back down 85%-ish but still is largely 3x-4x up from the cost basis, so it ends up being perhaps less than 50% of the allocation in late 2018 and even may have sunk to such petri values (of less than 50%-ish) during the March 2020 crashening of BTC prices...
However, now after all of this UP and down and even the going through the 2018 to 2020 correction period, the BTC price is largely back to late 2017 levels (and beyond), so assuming that such hypothetical person did not sell any meaningful amounts of his/her BTC between late 2017 and now, then such BTC allocation has returned to supra 90% allocation levels in his/her total portfolio...
So in that regard, I don't really understand why it is not o.k. or prudent for such person to shave off some BTC at any point.. I mean what is the point of NOT having any value invested in anything else except BTC when the 90% that such person already has has made him/her richie as fuck (relatively speaking when looking at his/her prior allocations of wealth (investments) that continues to just stagnate in comparison to the BTC component of the investment portfolio)?
In other words, I don't even see any kind of meaningful reason to keep buying BTC or completely HODLing onto every single BTC under such circumstances.. except maybe just symbolically wanting to support the cause or buying some BTC on dips.. but really, what's the point? How many BTC is enough?
The reality of the matter is that if the BTC price keeps going up to $50k, $100k and beyond $100k as you suggest WastedLTC.. then that BTC value has already become a great amount of value of such hypothetical person that just becomes more (and maybe even too much) of the portfolio value of the BTC HODLer.. so it seems to me that shaving off some lil corns along the way or just consuming goods and services here and there does not really seem like a bad thing.. including the considerations of consuming some other kinds of investments if anything strikes the fancy of the HODLER who happens to have way more than 90%+ in bitcoin, largely due to BTC price appreciation rather than being irresponsible in any kind of way related to how such BTC HODLer had acquired such BTC in the earlier years.
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