Zinger Key Points
- Crypto trader reveals his continuous Bitcoin buying since the 2021 top and 2022 bottom.
- Data indicates a drop in Bitcoin holders making a profit at current levels, while exchange inflows/outflows are increasing.
The Bitcoin Therapist, a prominent figure in the crypto world, admitted to taking a high-risk gamble, staking his entire fortune on Bitcoin’s BTC/USD success.
What Happened: The Bitcoin Therapist revealed that he has put his entire wealth into Bitcoin. He acknowledged the risk, stating, "If Bitcoin fails, I will be absolutely wrecked. It will take years to recover."
He further outlined his decision, saying, "I'd rather lose everything than miss out on the most asymmetric opportunity of my lifetime." He also revealed that he has been consistently buying Bitcoin, even at its highest and lowest points in 2021 and 2022, respectively.
The Bitcoin Therapist's investment strategy is heavily skewed towards Bitcoin, more than ever before. He admitted that his approach might seem reckless to some, but he believes it’s justified when viewed through the "Bitcoin lens."
Also Read: Joe Biden’s Campaign Could Accept Crypto Donations — Donald Trump Effect?
Why It Matters: The Bitcoin Therapist’s bold move and willingness to risk financial ruin for the potential of a significant payoff highlights the allure of Bitcoin for many investors.
His strategy of buying at both the peak and the trough of Bitcoin’s price cycle also sheds light on the long-term investment approach adopted by some crypto enthusiasts, who remain undeterred by short-term price volatility.
Voicing similar bullish patterns, Titan of Crypto noted that the Bitcoin "bull run is still intact." He advises to not get trapped in short-term price action and "best is yet to come."
IntoTheBlock data pointed to a drop in Bitcoin holders making profit at current levels from 95% to 87%. Meanwhile, total exchanges inflows and outflows increased over a single day.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Elon Musk’s Decision To Hide Likes On X: ‘Catastrophic For Crypto,’ Says Solana VC
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image created using artificial intelligence with Midjourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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