Who the fuck are these people taking profits now at $38k. SMH.
Probably the people who can drive the price back down,
I wonder if there are such a class of people? Might be a temporary status, no?
For example, in early 2016, when the BTC price was stuck in the mostly $350 to $450 range there seemed to be quite a few people who were proclaiming that BTC prices would never go above $500 again. Gosh we must have stayed in that range for nearly 7 months, so by the time that we were several months in that seemingly stuck zone, more and more people were believing that BTC prices would never go above $500 again.
Personally I believe that there were likely lot of decently powerful forces who would have preferred that BTC prices never go above $500 again.. so they did strive to keep BTC prices below $500... and they were able to do it, until they could not do it any longer.
After May 2016, it would have sucked to have been a person betting on (or believing upon) sub $500 prices forever
or
Only two categories of people who are selling BTC at $38k, and now the lower prices of $36.5k (as I type).. and presumably at price points in between?
people who bought way more than they should hold in the first place.
Are there such a kind of people?
Can you ever have too many BTC?
Hey, note that I am kind of playing devil's advocate in my having had posed this question, because there do seem to be a variety of scenarios in which someone might have too many BTC.,. but the more common scenario (or problem) seems to be the vast majority of peeps have way too few BTC (for their own good).I suppose that your bills are going to be due and they are going to be payable in some other forum of asset or currency, aka fiat, no?
I will agree that there are surely people who gamble too much, so perhaps those are the kinds of people who bought too much BTC because they were betting on up, yet when we got up, then their bet came true, so surely not a bad thing to sell some BTC at that point, in the event that was what they had planned to do, no?
I recall that in late 2014, I established a BTC accumulation goal of having 10% of my quasi-investible asset value in BTC, so when I reached my goal in late 2014 (and BTC prices had gotten down to around $350 or so), I still could not resist but to continue to buy BTC beyond maintaining a 10% allocation during 2015 - even though I had already reached my 10% allocation goal.. so I suppose by the time that late 2015 came and I had reached around 13.5% allocation in BTC, I fit that same category as you describe of having had bought "way more" than what I should have held in the first place, so sure, having gotten my lil selfie into such a classification, I did feel somewhat over-allocated into bitcoin, yet I really did not panic, but I started to feel somewhat more psychologically comfortable to shave off some BTC here and there from time to time, but since the BTC price largely kept going up way faster than my readiness and willingness to shave off some of the BTC allocation, that allocation continued to grow.. and it got above 90% a few times, and it largely hovered in a 45% to 70% range for a large part of 2018, 2019 and 2020...
Sucks to be me to both have had overly allocated into BTC and then maintained such overallocation in order to feel comfortable to sell whatever amount of BTC whenever I want - even though I have kept "way too much" in BTC. By the way, over the years, I have developed some additional criteria - even though my BTC has continued to stay way over allocated. Funny how the concept of overallocation works, sometimes, and also the concept of adjusting new strategies based on such ongoing overallocation acceptance.
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