2020 has been absolutely incredible for Bitcoin. In the first days of January, the price of BTC was hovering around $7,500, and at the time of writing it is above the $20,000 mark. This bullish trend has in fact been strongly accentuated in recent weeks. So it’s no coincidence that you see the term “Bull Run” all over the place these days when talking about the end of the year. Bitcoin was hovering around $11,000 in mid-October and a little over a month later its price almost doubled. The symbolic $20,000 bar now seems within its reach.
Obviously, it would be pretentious to claim that the price of Bitcoin will stay above $20,000. I do not have the magical powers, nor do the most maximalist Bitcoiners in the cryptosphere. Having said that, let’s just say that there is a strong, very strong chance that the mother of all cryptocurrencies will continue to soar and keep $20,000 as a support in the next few days, weeks… or months.
So, let’s take a moment and imagine together this fateful moment when Bitcoin reaches the $20,000 mark, its historical high. What is going to happen and, more importantly, what do you have to do? The answer is simple: nothing! At least initially. In fact, there is a very common disease in the cryptosphere that you should know about, it is the FOMO (Fear of Missing Out), the fear of missing something, of missing the right opportunity’. FOMO=DANGER.
The price of Bitcoin is over $20,000… what to do?
Let’s imagine for a moment… the price of Bitcoin is skyrocketing, it has never been higher, and the (bad) reflex you might have is to want to buy Bitcoin ASAP and tell yourself that every second counts, that in one hour, in 24 hours, it will be too late. This FOMO, although it is quite frequent, human and therefore excusable, is however a source of multiple dangers because by going too fast, by rushing to the first crypto exchange that comes along, you risk making bad choices and landing on platforms that are at best suspicious, at worst fraudulent.
If the price of Bitcoin soars, and ESPECIALLY if it soars, take your time! Bitcoin is not a train, it is a railroad or subway line. So there are trains leaving all the time, 24 hours a day. When you see a subway leaving the station, do you rush to try to open the closed doors of one of its cars at the risk of your life or do you wait for the next one that will arrive in 2, 3 or 5 minutes?
Well that’s the thing about Bitcoin. Yes, the general media will talk about Bitcoin that has exceeded $20,000, you will hear about it everywhere, in the newspapers, on the 8 o’clock news, on social networks and probably even at your hairdresser’s if he has the right to open his doors. “It’s going to be noisy, but noise is not music. So you will hear everything and its opposite in the same half hour. Never forget that while everyone has an opinion, very few people have expertise. All this to say that you should rather turn your feeling of FOMO and impatience into a willingness to learn more about this cryptocurrencies that everyone is suddenly talking about, but that very few actually know about.