Friend lost $10 MILLION selling Bitcoin to rebuy cheaper – hear his story & avoid the same mistake!

00:01 Hey everyone. A friend of mine missed 00:03 out on $10 million by trying to sell his 00:07 Bitcoin when it felt like it was high 00:10 and then planning to buy it back uh when 00:12 it was lower. So, here's the quick 00:14 story. So, I've got a friend who was in 00:16 Bitcoin from very early on, very, very 00:19 early on. And um ultimately he he had 00:23 somewhere between 3,000 and 4,000 00:25 Bitcoin. Uh but ultimately traded 00:27 virtually all of them in for Dogecoin. 00:30 Uh and obviously Dogecoin did not 00:32 perform well. He ultimately sold all of 00:34 the Dogecoin for I don't know something 00:36 like $100,000 or something like that. So 00:38 obviously starting out with close to 00:40 nothing and ending up with $100,000 is 00:43 great. except had he held on to that 00:45 Bitcoin, it would have been worth right 00:47 now between $300 million and $400 00:51 million. So, you know, but that's not 00:53 the that's not the main point of this 00:55 story. Um, that's the main point of the 00:57 story. Don't ever trade your Bitcoin for 00:58 something else and don't ever buy 00:59 anything in crypto other than Bitcoin 01:01 because that that cost, you know, $300 01:04 million plus 01:06 uh in this case. But what this story is 01:08 about is uh $10 million. the story of 01:11 $10 million because when he swapped his 01:13 Bitcoin for Dogecoin, he kept 100 01:16 Bitcoin. And uh his thought was, I'm 01:18 always going to have 100 Bitcoin. If 01:20 Bitcoin ends up being worth a lot one 01:22 day, I'll always have 100 Bitcoin. But 01:24 he noticed that the price went up and 01:25 down a lot as it always does because 01:27 Bitcoin is a volatile asset early in its 01:30 price uh cycles, uh early in its 01:32 lifespan where we are right now. And and 01:35 back then when the story took place, it 01:37 was even earlier in Bitcoin's life 01:39 cycle. and Bitcoin was $100 a coin. So 01:43 he was looking at the price of Bitcoin 01:44 and it was $100 a coin and Bitcoin had 01:47 become worth a penny. That was a big 01:48 deal when Bitcoin was worth a penny. And 01:50 then it was a much bigger deal when 01:52 Bitcoin was worth a dollar. And here it 01:54 was up at $100 per coin. So his 100 01:58 Bitcoin at $100 per coin was worth uh 02:03 $10,000. And he thought, well, I want to 02:06 have more than 100 Bitcoin. Um, I know 02:08 what I'll do. I will sell them for 02:11 $10,000 and then I will wait for the 02:14 price to drop and then I'll buy them 02:16 back at a price less than uh less than 02:19 $100 per Bitcoin and then it'll be 02:22 great. Um, the challenge was uh, of 02:26 course, $100 seemed high because 02:29 everything seems high when you're 02:30 hitting it for the first time. So he he 02:33 thought $100 a bitcoin, how much higher 02:34 can it really go? like $100 a bitcoin is 02:37 really high. Um anyway, and it seemed 02:39 like it would go back down lower. So he 02:41 sold it for 10. He sold 97 of his 100 02:44 bitcoins. So he only had three left. He 02:46 sold 97 for 02:47 $10,000 planning to buy them back. Well, 02:50 you know, life got bit got busy and 02:52 people get distracted and all that sort 02:54 of stuff. And by the time uh he was 02:57 checking sort of judiciously to see if 02:59 it was time to buy the Bitcoin back, the 03:02 price instead of going down, enabling 03:05 him to buy more Bitcoin for cheap, the 03:07 price had instead gone up to $300 per 03:10 Bitcoin. Uh so now this $10,000 of 03:13 Bitcoin was now worth $30,000 of 03:16 Bitcoin. Well, he didn't want to buy a 03:18 100 Bitcoin back or in this case 97. He 03:21 did not want to buy the 97 bitcoin back 03:23 for $30,000 because he had just sold it, 03:27 I don't know, 6 or eight months prior 03:29 for 10,000. And of course, if you just 03:31 sold something for 10,000, it seems 03:33 ridiculously expensive to turn around 03:36 and buy the same thing back for triple 03:39 what you uh what you just sold it for. 03:41 So, he decided not to do that. that he 03:43 decided just to sit on his three bitcoin 03:45 and not buy the 97 bitcoin back uh for 03:49 $30,000 because again he had just sold 03:51 it, you know, earlier less than a year 03:53 prior for $10,000. So, as a result of 03:57 all that, when all the dust settled, he 03:59 had the I don't know, I'm guessing 04:01 $100,000 uh something, you know, low six 04:04 figures, whatever, uh from the Dogecoin, 04:07 which again would have been worth $300 04:09 million had he kept it in Bitcoin. and 04:12 then uh he could have had and would have 04:15 had the $10 million had he not sold it 04:19 um and with the intention of buying it 04:21 back. So what could we learn from that? 04:24 Uh what we can learn is don't do that. 04:26 So right now $100,000 seems like a lot 04:28 of money per Bitcoin. So, there are a 04:31 bunch of people who are looking at the 04:33 price of Bitcoin and thinking at 04:35 $100,000 exactly what my friend thought 04:38 at $100, which is, wow, this seems high. 04:42 It seems to go up and down a lot. How 04:44 high can it really go? Maybe this is as 04:46 high as it's going to go for the time 04:48 being. Maybe I should sell my Bitcoin 04:50 and buy it back at a lower price. And I 04:53 can just about promise you if you go 04:55 down that road, you will have the same 04:57 experience that my friend had. Um, I 04:60 don't know how much money you'll end up 05:01 losing. Hopefully not $10 million or in 05:04 the case where he converted his Bitcoin 05:06 to Dogecoin back in the very early days 05:08 of Doge, he was one of the first people 05:10 uh to own Dogecoin. Um, but regardless, 05:14 you know, that first ma mistake cost him 05:16 somewhere between 300 million and $400 05:18 million. And the second mistake of 05:20 selling the Bitcoin and planning to buy 05:21 it back at a lower price cost him an 05:24 additional $10 million. So, don't make 05:26 that mistake. on its way up. Every price 05:30 Bitcoin hits seems high. I remember when 05:34 $35,200 I remember when I looked at my 05:37 watch and I saw 05:38 $35,200 and thought, "Wow, that is 05:41 high." Like, how high is it even going 05:43 to go? Like, that's really high. I 05:45 remember looking at my watch and seeing 05:47 $62,000 and thinking, "Wow, that is 05:50 really high." Like, how much higher is 05:52 it going to go? Like, that's really 05:53 high. I remember looking at my watch 05:56 where I tracked the price of Bitcoin and 05:58 seeing a price of 05:59 $92,000 and thinking, "Wow, that's 06:02 that's high." Like, Bitcoin's high right 06:05 now. I look at my watch, it is 06:08 $104,000. And I think, "Wow, that's 06:10 pretty high." Like, that's 06:12 high. If I sold my Bitcoin every time it 06:15 felt high, I would have sold my Bitcoin 06:18 back when it was $20,000 and not had any 06:21 anymore. I'd be sitting around waiting 06:23 to buy my Bitcoin back and it would just 06:25 leave me behind at that point. I really 06:28 would miss the boat. I really would be 06:30 late to the party. Um, but you're not 06:33 late to the party and you didn't miss 06:34 the boat as long as you buy Bitcoin and 06:36 hold on to it. Uh, the only way you can 06:38 really miss the boat is by not buying 06:40 Bitcoin at all or buying it and then 06:42 selling it and then, you know, look back 06:45 in the future and you could have made 10 06:46 times your money or 100 times your money 06:48 or whatever it ends up being. uh maybe 06:51 more than 100 times your money. Uh 06:52 Michael Sailor is predicting $13 million 06:55 per Bitcoin, which is roughly a$130 06:58 times your money. Um and he's predicting 07:01 that in the next 20 years or so. So um 07:04 we don't know what the uh uh 07:07 upside of Bitcoin is. All we know is 07:09 that I believe it will outperform every 07:11 other asset. And if it outperforms every 07:13 other asset, then that means that's 07:15 where you should keep money that you 07:17 want to outperform every other asset. 07:19 And um and on its way up there will be 07:22 numerous prices that feel high. Uh and 07:26 then you'll be tempted to sell your 07:27 Bitcoin and don't do it. Don't sell your 07:30 Bitcoin. Everybody who does that ends up 07:32 regretting it. And people plan to buy 07:35 their Bitcoin when it's low, but when it 07:37 when the price goes down, everybody gets 07:39 scared because when the price is down, 07:41 there's reasons it's down. and 07:43 everybody's freaking out and it's going 07:44 down and everybody's not they don't have 07:46 the courage they thought they were going 07:47 to have when it was going up to actually 07:49 buy it when it's down. So even people 07:51 who think they're going to buy Bitcoin 07:53 when it's down tend to not do that 07:56 because by the time it is down, they 07:57 freak out. And they're freaking out for 07:58 the same reason the whole market's 07:60 freaking out, which is why the price of 08:01 Bitcoin is down. So very few people have 08:04 the courage and conviction to actually 08:06 buy it when it's down. And a lot of 08:09 people screw up and sell it when it 08:11 feels like it's up. So hopefully that 08:13 won't cost you $10 million like it cost 08:15 my friend uh and it's cost many other 08:17 people lots of lots of other money. Um, 08:20 so another friend of mine, uh, we had 08:23 dinner a while back, uh, or lunch, I 08:25 guess it was, lunch, and they were 08:26 telling me that they had bought a bunch 08:28 of, uh, or not, I don't know if it was a 08:30 bunch, they had bought Bitcoin, some 08:32 meaningful amount of Bitcoin at a price 08:33 of 08:34 $5,000. And, uh, they had, you know, 08:37 bought it because, uh, other people at 08:39 their CrossFit CrossFit gym were buying 08:41 Bitcoin, etc., etc., and they bought it 08:43 at 5,000. I was like, "Oh, well, you 08:45 know, what happened next?" They were 08:46 like, "Well, it went up to 20 and I sold 08:48 it." I was like, "Well, why'd you sell 08:51 it?" And they were like, "Well, because 08:52 like like 20 is like four times as much 08:55 as five." Like, so it seemed to be way 08:57 up. So like why wouldn't you buy it at 09:00 five and then you sell it at 20? And the 09:02 answer is because one day it's worth 105 09:05 and one day it's worth 200 and one day 09:07 it's worth 500 and one day it's worth, 09:10 you know, a million dollars a coin. Like 09:12 that's why you don't sell it at 20,000. 09:14 So they made four times their money. 09:16 They could have made, you know, four 09:18 times five. They or uh they could have 09:21 made 20 times their money between $5,000 09:24 and $105,000. They could have made 21 09:27 times their money. 21 times your money. 09:30 Now, how often in your lifetime do you 09:32 get a chance to make 21 times your money 09:35 in relatively few short years? The 09:37 answer is rarely. That that opportunity 09:39 rarely comes along. So, they locked in a 09:42 win at 4x, which is insane because they 09:46 didn't really lock in a win at 4x. They 09:48 locked themselves out of an additional 09:51 500% return. A 4x could have been 09:55 21x, but it wasn't because they sold 09:58 their Bitcoin. So, don't sell your 10:00 Bitcoin. Um, I mean, well, don't sell 10:03 unless you're, you know, using Bitcoin 10:05 to make your life better. Um, and that's 10:08 the point of money and that, you know, 10:10 at that point it is what it is. But, uh, 10:12 anyway, don't sell your Bitcoin. You'll 10:14 regret it. It will probably the Bitcoin 10:16 you sell will be unaffordable to buy 10:19 back later. Like, you literally will not 10:20 be able to afford to buy back to get as 10:23 much as you have uh, if you had before 10:25 you sold Bitcoin. So, and certainly 10:27 don't sell it with the plan of buying it 10:28 back later at a cheaper price because 10:30 you're probably going to get, you know, 10:32 uh, left in the dust. And plus, what is 10:34 a what does a cheaper price even mean? 10:37 Does that mean it drops from 104 to 98 10:40 or 94, 92? Are you going to only buy 10:43 Bitcoin if it goes back to 85? What if 10:45 it goes back to 75? You know, what if 10:48 we're in a massive worldwide recession 10:49 and it goes to 75? Are you going to 10:51 freak out and say, "Well, I can't buy it 10:53 now because the whole world's on fire." 10:55 Like, there's no there's no way of 10:57 knowing what high is. There's no way of 10:59 knowing what low is. And if you let 11:02 yourself be tricked into believing that 11:04 you can time the market or time the 11:06 price, I promise you're gonna just cheat 11:08 yourself out of Bitcoin. Don't do that. 11:11 You can't do that at stocks. You can't 11:12 do that with bonds. You can't do that 11:13 with commodities. It, you know, they all 11:17 work the same way where it, you know, 11:19 every price that's high feels high. 11:21 Every price that's low feels low. And 11:24 then you only realize in retrospect that 11:26 the lows were not low at all and the 11:27 highs were not high at all. And you 11:30 totally got it backwards. you got left 11:31 in the dust and you cheated yourself out 11:33 of financial freedom. So, don't do that. 11:35 Uh, just buy as the the same advice I 11:38 always give and that I've given for 11:39 years. Buy as much Bitcoin as you 11:41 possibly can and hold on to it for as 11:43 long as conceivably possible. And the 11:45 only reason you should part with your 11:47 Bitcoin, like I do when I buy stuff with 11:49 my Coinbased debit card, is to improve 11:51 the life of me and my family. But even 11:54 then, every two weeks when a paycheck 11:55 shows up, I buy more Bitcoin. So over 11:58 time I am accumulating Bitcoin even 12:01 though I'm also spending it. But if you 12:03 are in the mode that you uh you know if 12:07 if you're not spending it for living 12:08 expenses but only for things that make 12:10 your life better in a significant way, 12:12 well that's fine. That's the point of 12:13 money. Just realize whatever amount 12:15 you're spending is going to be really 12:17 hard to get your hands on that much 12:18 Bitcoin in the future because in the 12:20 future it's going to be worth a lot more 12:21 than it is now. So don't sell your 12:23 Bitcoin. Do not sell your Bitcoin and 12:25 plan on buying it back at a cheaper 12:26 price. uh buy as much Bitcoin as you 12:29 can, hold on to it as for as long as 12:30 conceivably possible. That is the 12:32 formula. That has always been the 12:34 formula. Have a great day, everyone. 12:35 Thanks.