We have heard all this talk about how high bitcoin will go to. I read that it will go anywhere from $250,000 to $5,000,000 per bitcoin. This has probably made many of us wonder when are we actually going to sell our bitcoin and take a profit?
I thought about this and think I have the best answer for this. As long as nothing changes I plan on selling my bitcoin….. NEVER!
Now hear me out. Thinking about when you are going to sell your bitcoin is ignoring what bitcoin actually is. It is developed to become a currency that will one day become a widely accepted means of change.
Think about it, in order for bitcoin to actually reach a $500,000 mark per coin, (or whatever you think it will go to) it will have to become a mainstream currency. When that happens bitcoin will be accepted almost anywhere you go alongside traditional currencies.
There really isn’t a point in selling bitcoin if you are in it for the long term. Eventually you will have to decide whether to trade your bitcoin for U.S. dollars and deal with inflation… or you can just keep your bitcoins and it will be like your own little bank account where you pay your mortgage, groceries, etc out of.
Basically I really don’t see a point of selling anytime soon. If it becomes mainstream I don’t see a point in selling at all.
However, I do have a plan if bitcoin becomes something big and is worth a lot of money. This is my plan for when that day happens.
If my small bitcoin collection suddenly makes me very rich one day I do not just want to hang onto all of it in my bitcoin wallet, but rather I’d want to find a way to earn some passive income from it. I am thinking about;
• Investing into other Altcoins like Antshares that pay out a dividend (or whatever is big by that time)
• Investing into real world companies through the stock market. (hopefully I can buy stocks with bitcoins by then)
• Possible even buying a rental property with my bitcoin and earn passive income that way.
Ideally this will be able to pay for the majority if not all of my bills. I know it is a pie in the sky way of thinking, but it just may happen.
What do you think? Does this plan make sense? When do you plan on selling your bitcoin? Do you plan on selling it or holding it forever?