Bitcoin has always been treated as an asset that one should hold for the long term. This is because there is often so much volatility in small time frames that the price movement might not seem attractive to you. But when you look at it from a 10-20 years investment perspective, it does look promising. Why do I say that? This is because many Bitcoin HODLERS from 2010-13 is now turning out to be millionaires. One such individual is the owner of a dormant Bitcoin account that came active after 9 years and showed BTC worth $33 million.
The 9-year old Dormant Bitcoin account
The account that recently came active went offline in 2012 with 900 Bitcoins in it. No one knows who this person is and does he plan to sell his coins now. But what we know is that he has generated unimaginable gains in a period of 9 years. In 2012, when Bitcoins were added to the wallet, the entire investment was about $12,778, and the value has increased 2000 times to $33 million. Between this period, Bitcoin pumped many times and crashed too, but this man/woman didn’t budge.
It shows how important it is to look at Bitcoin as a long-term investment. This is like buying a lottery, but this time, you know the lottery is going to win but after 10 years. Past data shows that only diamond hands are able to make profits in this market. Even in the recent crash, it was found that the panic sellers were mostly new buyers and the ones who bought at the top. At the same time, the diamond hands were accumulating at this price.
Don’t look for short-term gains; instead, aim for long-term wealth.
Most people think that crypto markets make money for everyone. Well, that is absolutely false. In any market, for cash to move to one hand, it will have to leave another hand. This means that if you are making $10,000 on your investment, someone or a group of people combined lost $10,000. This also means that you could also be one of those people in the future. People trying to make short term often end up in losses because they don’t know what they are doing and often panic sell if markets dip. This is why one should educate themselves and look at every investment opportunity as a long-term goal.
What are your thoughts on the dormant Bitcoin account becoming active after 9 years? After 10 years, if you have $33 million, what would you like to buy? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.