Bitcoiners needn’t fear – for those who have already determined that the Bitcoin standard is monetary policy for them, the recent slumps in nominal fiat value can only be good. You see, as stated in my previous article, “If You Don’t Buy Bitcoin, You Can’t Be Rich,” fiat wealth is only as reliable as its issuance and issuer, none of which have been reliable in every single instance of fiat’s existence , best known of the US dollar.
The only really rich people in this world are people who collect and hold Bitcoin, the only immutable currency that exists. Hence, anyone who has collected and held Bitcoin in 2021 is still richer than those who have not. The limitation here is the act of holding; Selling Bitcoin can certainly teach you a lesson that is fiat.
However, this lesson should be quickly gleaned from the actual event of the loss of money. Never sell your bitcoin. Riches, especially those guaranteed by Bitcoin – not of material nature, but of independence and freedom – are a long-term acquisition. The act of HODLing is the only isolation for the volatility implied by monetizing Bitcoin from zero.
While Bitcoin’s extremes can otherwise be uncomfortable, sentiment can change when treated as ways to amass the scarce digital money that exists at a discount. In addition, HODLers get richer and richer more slowly using only satoshis as the standard for their worth.
For more information on why Bitcoin will surpass inflationary fiat currencies in the long run, I recommend Dylan Leclair’s “Completing the Long-Term Debt Cycle and Bitcoin’s Rise”.