Brace For Volatility: How To Prepare for the Bitcoin Bull Market - #203
TL:DR - Notes to keep in mind for the coming bull market. Stay humble, stack sats.
Dear Reader,
We started the journey together in the Bitcoin Bear Market. Heading towards a potential Bitcoin Bull Market, there’s a lot to keep in mind.
Rising prices make people feel good. Investors get optimistic. They get greedy.
It makes living on Bitcoin seem more feasible. More people will try to use Bitcoin. Merchants will start to accept again, for a while. Bitcoin’s price will change, a lot.
Be Prepared.
Brace for volatility
Bitcoin's price will rise, violently. Dumps will happen too. Have reserves, in Bitcoin, set aside. Be ready for the ups and downs, it's normal. Don't panic. Don’t FOMO.
You’ll earn less Bitcoin
As Bitcoin’s price rises, you’ll earn less coin. But each unit will increase in purchasing power. These are the trade-offs.
You’re watching fiat currency die.
Budget, save and keep track
Important when living on Bitcoin. Plan how much to spend, how much to save. Keep records, know where the money goes. Helps to stay in control, make the most of opportunities. Don't let the volatility catch you off guard. Budget, save, keep track.
Take advantage
When prices rise, spend on what you need. Ride the waves. Prices drop, slow down. Be prepared to spend more Bitcoin. Keep track of spending. Sells, trades, spends all taxable. Taxation is theft, but better safe than sorry.
Push for adoption
As the price of Bitcoin increases, merchants will be more willing to accept it as a form of payment, so it's a good time to push for Bitcoin adoption. It's not enough to simply ask merchants to accept it, you need to show them how it works and provide them with the tools they need to do so. Make sure you have all the necessary resources ready, and be prepared to teach them how to properly use and accept Bitcoin.
Stay informed, stay educated
Keep track of market trends and news, stay updated on any changes in regulations and laws related to Bitcoin. Joining a community of people also living on Bitcoin can provide valuable insights and support. Don't operate in a vacuum, be aware of your surroundings, and surround yourself with like-minded individuals.
Stay humble
In Bitcoin Bear Markets, people become doomsayers. In Bitcoin Bull Markets, people become egotistical. The attitude changes to one of excessive optimism.
As prices increase, greed can set in, and it can be dangerous. To avoid this, it's best to keep a low profile, don't get carried away with the hype, and follow the advice of experts like Matt Odell, who says to "Stay humble, stack sats."
Conclusion
As we head towards a potential Bitcoin Bull Market, it's important to be prepared for the volatility and potential changes in the market. It's crucial to have a plan for spending and saving, as well as keeping track of market trends and regulations. With rising prices, merchants may become more willing to accept Bitcoin, making it a good time to push for adoption. It's important to stay informed and educated, and to join a community of individuals also living on Bitcoin.
As prices rise, it's easy to become optimistic and greedy, but it's important to stay humble and not let greed take over. Stay grounded.
Until next time!