Grab my free Bitcoin trading course here: http://chrisdunn.com/bitcoin-basics
I’m not a financial advisor. Make your own trading and investment decisions!
I’ve recently seen a lot of comments on my videos and some people saying, “Don’t trade bitcoin, just buy and hold and you’ll get rich.”
Well, if we look back in hindsight over the past few years it’s obvious that if you bought Bitcoin in the $200’s and were still holding above $2,000 that would be an incredible return.
So yes, the “buy and hope” strategy works well when markets have incredible gains – and bitcoin has been the best performing market on the planet for the past few years.
But if we look at the total number of people around the world that own bitcoin (which I have no clue exactly how many people there are), the fact is that only a small percentage of those people bought and held bitcoin from below $200’s.
There’s a large majority of new people that have purchased bitcoin for the first time above $1,000 – that’s why the price went from $1k to $3k in just a few weeks. It didn’t just magically happen. People had to buy at those levels for the price to go up.
And because of human nature, people tend to buy into something when it’s hot or popular. That usually means when the price is high. And a very high percentage of those people that buy high end up panic selling when bitcoin’s price falls by 50%+.
Make sure to subscribe to ChrisDunnTV so you don’t miss any of the future videos: https://www.youtube.com/chrisdunntv
Check out my personal blog: http://www.chrisdunn.com
Learn valuable skills from expert mentors: http://www.skillincubator.com
Best Bitcoin charts: http://chrisdunn.com/coinigy
Free Bitcoin basics course: http://chrisdunn.com/bitcoin-basics
Bitcoin mentoring: http://chrisdunn.com/crypto-mentoring
List of cryptocurrencies: http://coinmarketcap.com/
Buy Bitcoin at Coinbase: http://dunn.ly/coinbase-free
Disclaimer: I’m not a financial advisor, and nothing I say is meant to be a recommendation to buy or sell any financial instrument. Don’t invest money you can’t afford to lose. My videos may contain affiliate links to products I believe will add value to your life.