It is an extremely bullish time to be investing into Bitcoin, Ethereum or other cryptocurrency. A large percentage of the most popular coins have reached their previous all-time high price; or have already far surpassed it. We have been hearing price predictions that have bitcoin going to $500,000; and ethereum going over $20,000. It is enough to make any person bullish. Not only bullish; but also cause you to begin pondering what you will do with your money after you possibly become rich from your crypto investments. There is a high-chance that you have made a promise to yourself that you will never sell any of your portfolio until bitcoin has reached the moon. You have fully embraced the HODL life. I will admit that has always been my intention and probably always will be.
But after talking to someone that I really respect and who is far more knowledgeable about cryptocurrency than me. During this conversation we were talking about where we believed the prices were heading and what we might potentially do with our gains. Perhaps we would retire, buy our dream house, live off the interest, but most definitely be able to have relief from the stresses that worrying about money can bring. In this conversation I mentioned that I wished I had accumulated much more bitcoin and ETH when the prices were much cheaper. How that could have changed my life even more and faster. And he said something to me that really brought everything back into perspective for me. He said, "Everyone has their own moon." This really struck home for me.
The meaning behind this is that we don't need bitcoin to reach one million dollars before we sell our position. It is perfectly okay to sell if you are able to use that money for something that will change your life for the better. Imagine being debt ridden your entire life and not being able to overcome it. This means your living paycheck to paycheck, unable to save extra money, many buy any special things for yourself; can't afford to travel, and saving for retirement is an afterthought. This is a stressful way to live that many of us probably know all too well. But now your bitcoin investment has ballooned up to a point where you can fully pay off your debt! Selling it off now to pay the debt will not make you rich; but it will completely change and improve it! I think we can all agree it would be a smart idea to sell for this purpose. This isn't bitcoin going to the moon via a price of one million dollars, but this is your personal moon destination.
The same concept would apply towards paying off all debt such as student loans, car loans, medical debt, mortgages, credit card debt and any other form. Once you are deep into debt it can be very difficult to escape from its grip; nearly impossible. Betting out of debt is your first step towards financial freedom and making saving money a realist possibility.
Now imagine you are a family of five people living in a two bedroom house or apartment. Living all in close proximity to each other, space being very limited. There is nothing wrong with having a small and cozy place to live, but we probably all would like to provide the best living environment we can for our family. Being able to use your gains from cryptocurrency and be able to buy a bigger house, or even move to a bigger apartment in a nicer neighborhood. This could be life changing and would be a great bitcoin moon destination for many. I would never fault anyone who sell their bitcoin to provide more for their family. As bullish as I am for where I think the price of bitcoin will be going. There is still a chance that price may never come. And for many, they have the chance to change their lives right now. It is a very hard thing to pass up.
Or perhaps you have always had to work at a job that you absolutely hated and dreaded going to each and every day. You had to work here because it paid a decent salary. This can lead a person towards becoming quite depressed and not excited to live out your life each and every day. But if you were to make enough profits; you might not be able to retire, but it might be enough to allow you to change jobs to something more enjoyable for you. This could have a profound change on your happiness and potentially improve your health as well. I definitely could never fault someone selling their bitcoin for something that can make them happier every single day of their life. Life is short after all; we should enjoy each day of it.
In a similar vein, perhaps you had to work too many hours to provide for your family, but as a result you were not able to see them very often. Selling your cryptocurrency now could allow you to cut back on your hours, and allow you to be with your family. Another very worthy cause. Or perhaps you have always been wanting to start your own business, but you never had enough extra money on the side to make it a reality. Making your lifelong dream a reality would also be a great use of selling your bitcoin. While we are all hoping to become rich, I couldn't blame a person who has basically no other cash or assets wanting to sell to have a nice start in their retirement fund. The moral of the story is that every person is different and what might be an amazing opportunity for you may not be for me, and vice versa.
I have talked about some great things you could put your bitcoin earnings towards if you were to sell early, but what are things I would advise you not to put the earnings towards?! Basically anything that is a depreciating asset. This means you should use it to be the newest and latest gadgets such as an iPhone, computer, jewelry, car, going to amazing restaurants, vacations, video game systems and the list goes on and on. If you were to buy these items; five years later there would be major regrets. These items would have lost nearly all of their value, while bitcoin will be at explainable high prices. If I were to sell my bitcoin, I would want it to go towards something that would change my life forever; not something that would only give me a temporary happiness.
As for me personally. I continue to plan on HODLing for a very long time. I remain extremely bullish for where I think the price of bitcoin will be going. But that doesn't mean that I will never sell. If I were to be able to do something that would change my life forever I would keep a very open mind about doing it.
But I want to know about you? What is your personal bitcoin moon?! What are some life changing things that you would possibly selling your cryptocurrency for? OR are you a HODLer that will never sell!?