“Although I am used to the volatility of cryptocurrencies, I was not ready for a move as fast as that of May 19. My balance was still 130,000 euros that day, then I saw it melt in increments of 5,000 euros. I invested in this market in August 2020, when bitcoin was at 10,000 euros. I was still over $ 100,000 in profit on May 12, the day Elon Musk tweeted. He announced that Tesla was no longer accepting bitcoin payments due to pollution caused by the cryptocurrency. The price went from $ 58,000 to $ 48,000 in a matter of moments.
That night, I lost 15,000 euros. As the day of the next day promised to be rather good, that everything was going up slowly, I did not sell anything. I told myself that it was off again, that the decline would be quickly forgotten, but that week, we closed under 40,000 euros. It didn’t smell very good, so I prepared an exit plan to limit the breakage.
“If it takes three years for everything to go back, I’m ready to do it. You shouldn’t be in a hurry to get rich. “
On May 19, China announced that it was banning its financial institutions from offering cryptocurrency-related services. Bitcoin fell to $ 30,000. I have already lived days at – 25%, but, there, everything happened in a few minutes. I was losing thousands of dollars per second. I shouldn’t have looked, no one can remain indifferent in the face of such a tumble. The ego takes a big hit, we tell ourselves that we have mismanaged.
I haven’t checked my balance since, there’s no point in hurting yourself. I turned off my phone, I thought I would see later. In trading, we say “not sold, not lost”, so I didn’t sell anything. The next day, the market recovered again, we went back above $ 40,000. Everyone was happy, but this increase did not inspire confidence in me.
At the weekend, China announced it was cracking down on mining [l’activité qui permet de valider les transactions et de créer de nouveaux bitcoins] and bitcoin trading. I was in front of the curves that day, and it was impressive. We hit the $ 33,000 to go up just as quickly. I cannot imagine the sums injected so that the price moves so quickly.
We are in a manipulated market, where large portfolios drive movements. I tell myself that this is a trap which aims to sell the small ones so that the big ones can accumulate less. Many savers have entered this market to make money very quickly.
For my part, I see further. I fundamentally believe in blockchain technology, whether my wallet is worth 5 or 5,000 euros. This decline does not herald the end of bitcoin. The Covid crisis has shown the weaknesses of the traditional economy. We run the printing press, sovereign currencies are always devalued. If the long-term decline is confirmed, I will sell some of my assets, but not all. And, if it takes three years for everything to go back, I’m ready to do it. You shouldn’t be in a hurry to get rich. “