I was talking to an old friend the moment Bitcoin broke $100K. His response made me laugh, "Those bitcoin holders are damn lucky!" He went on to tell how he sold his crypto stack some time ago because he was unable to handle the volatility. But calling bitcoin holders lucky is like calling a marathon runner lucky when he crosses the finish line. It completely misses the point of what they actually went through.
Let's start with 2014, when Mt.Gox, the first and largest crypto exchange back then, which was processing about 70% of all Bitcoin transactions at the time, suddenly went down. Bitcoin holders witnessed this event in horror seeing the largest crypto exchange gone with the wind, taking with it thousands of bitcoins. The price fell. The mainstream media declared Bitcoin dead. However, the true believers held on.
Then came China's repeated attempts to kill Bitcoin. First they banned crypto exchanges. They then banned initial coin offerings. Finally, in 2021, they launched a complete ban on cryptocurrency mining. Each announcement sent shockwaves through the market. Each time the weak cards sold while the strong cards accumulated more.
2017 brought ICO mania. Everyone was issuing tokens. The crypto market has become a circus of speculation. When everything crashed in 2018, Bitcoin was also pulled down. Most investors in ICOs lost everything. Bitcoin holders? They've seen crashes before. They kept going.
March 2020 hit like a tornado. The world went into lockdown and markets crashed hard. Bitcoin was not spared, falling over 50% in two days. Traditional investors panicked. Stock markets needed circuit breakers. But Bitcoin continued to trade 24/7 and holders held on. Many even bought more at those panic prices.
And just when things were looking good, along came Operation Chokepoint 2.0, which raised the temperature to regulatory pressure. Banks have started cutting ties with crypto companies. The media started scaring people about crypto banking relationships. However, Bitcoin's decentralization has proven its worth once again: no bank or regulator has been able to stop it.
2022 brought the FTX scandal – a blow that would have killed any traditional financial asset. One of the most prominent crypto exchanges, led by the supposed golden boy of the industry, collapsed in spectacular fashion. The contagion spread. Companies fell like dominoes. Bitcoin's price suffered, but its network continued to produce blocks every 10 minutes without disruption.
During all these events, the holders not only watched the price charts, but learned, understood and became more convinced. They learned the value of self-governance, decentralization and the difference between Bitcoin and crypto tokens; they understood the importance of managing their own nodes and currency sovereignty. Every crisis was a good lesson, and every recovery was a confirmation of what was learned previously. This was not blind faith; rather, it was education through experience.
Staying in a bull market is easy. Everyone can watch their portfolio grow. But sticking with 80% drawdowns, relentless negative news, friends and family calling you crazy, regulatory uncertainty, stock market crashes, market manipulation and technical issues? This requires something far more valuable than being lucky. It takes conviction.
Those Bitcoin holders who have gone through all these events were not lucky with just some lottery ticket. They did research; they understood the technology. They recognized the problems with the current financial system and saw the potential of Bitcoin as a solution. They have built up convictions strong enough to weather the storms.
Now at $100K some might think this is the end of the road. Longtime holders know better. They understand that Bitcoin is not just about price – it is about fundamentally changing how money works. They have watched Bitcoin grow from an Internet experiment to a corporate financial asset, a nation-state currency, a global settlement network, and a store of value recognized by financial institutions.
To all the holders who made it this far: Congratulations. You earned it through persistence, not luck. Your "luck" was built on research, conviction and resilience.
And those who sold early? Success in investing is not about luck; it's strong enough to hold your own when everyone else is fighting for escapes. It is about believing in what you own and why you are holding on to it.
It was never an easy journey to 100k. Not by chance. A test of conviction that few have passed. Yet it is not the end for them; it's another milestone on a much longer journey.
We're just getting started.
Posted Using InLeo Alpha
