The Same Voices That Once Condemned Bitcoin Ownership Are Now It’s Greatest Endorsers

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22 Dec 2024

DYOR Is King
Anyone who chose to take the advice of industry leaders in the past is now likely to be rather confused. After all, wasn’t it Larry Fink who insisted that Bitcoin was a useless asset primarily used by criminals for nefarious activities? Isn’t this the same man who is now Bitcoin’s biggest advocate? Many are aware of paying attention to what they do, not what they say. However, how can one do that when the actions of certain individuals are not disclosed?
This mindset caused many OGs to remain true, regardless of Larry Fink, Jamie Dimon, and others’ earlier opinions. Never accept anyone’s opinion as truth; rather, seek it out yourself. Crypto birthed a new era of DYOR, primarily due to necessity. Those who have adopted this practice can attest to reducing potential losses and avoiding scams. It’s the first and most important step in Crypto.
New investors should allocate 80% to BTC and ETH. The remaining 20% should be allocated to altcoins, with no more than 5% allocated to micro-caps. I often see the portfolios of newcomers and shake my head. It’s as if they put a bunch of altcoins in a hat and then selected random altcoins. Research and experience are your most valuable assets in this space, without them, you are wandering in the dark.
The Rule Still Applies
An interesting thought to consider. Are you now going to take the word of industry leaders simply because their current narrative aligns with yours? As I mentioned, the ETF effect is likely to follow the path of gold. To what extent, remains to be seen? However, that does not remove the potential of bearish seasons. It could significantly reduce their timeframe. However, it is still very speculative.
It does not matter how bullish a market becomes, corrections are inevitable. You will note that particular persons within the industry never address the impacts of volatility and bear markets. They only address the positive aspects and bullish scenarios. Any individual promoting only one side of the coin has a private agenda. My warnings throughout 2022 fell on many a deaf ear. However, hindsight reveals concern for others.
It’s not rocket science! Anyone heavily exposed to an asset who simultaneously only ever addresses the bullish outlook is an untrustworthy voice. Yes, recent developments within the space have impacted the market significantly and will continue to do so. However, don’t fall into the trap of believing everything that prominent voices suggest. This also applies to my viewpoints. Test them, do some research, don’t just accept them.
I have addressed the possibility of an extended cycle, and though it’s a probability, it’s not a guarantee. As events unfold and price action matures, we can gain a clearer perspective. The possibility of a strategic Bitcoin reserve is a very important development to monitor. This will be a strong catalyst. The short-term looks incredibly bullish for Bitcoin. However, keep your feet on the ground.

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Final Thoughts
When I unloaded much of my portfolio in 2021 many considered it premature. However, hindsight has proven it to be timeous. I am not saying the current bull market is over, not by a long shot. What is being addressed is the importance of doing personal research and not simply believing everything that matches your hopes. Be realistic, and data-driven, and keep your feet on the ground. All the best, see you next time!

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Disclaimer
First of all, I am not a financial advisor. All information provided on this website is strictly my own opinion and not financial advice. I do make use of affiliate links. Purchasing or interacting with any third-party company could result in me receiving a commission. In some instances, utilizing an affiliate link can also result in a bonus or discount.
This article was first published on Sapphire Crypto.