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I told myself I’d always keep X amount of fiat in savings. I’ve spent 75% of my fiat savings on corn which included some inheritance from an Aunt in the last 18 months.
So much for being sensible.
Oops!
Fiat savings are junk though, I’ll make way more probably in just 6 months from corn appreciating in value than I would in decades sitting in a UK bank.
I couldn't agree more. The funny thing is that the only extra cash I planned to save for this year was for a vacantion in Italy or France. With this corona shit going on, obvioiusly I won't need that fiat, so I continue to be 0% in terms of fiat savings. I think as long as the safety precautions regarding keeping and transferring bitcoins are taken, there is no risk in being your own bank. Banks aren't safe, there are numerous thefts from bank accounts by bank employees, drained credit cards, etc. The best you can achieve in this fiat world is to maintain a parity between USD and Euro savings.
But what will be the gain compared to Bitcoin in longterm? 0% compared to 10x, 100x, etc... I prefer to hodl until I retire in 20 years rather than to keep some nonsense fiat. I am happy to live with Bitcoin and my mind is focused on increasing my stash, rather than selling for fiat. Hopefully in few years, we will be able to buy real estate worldwide with bitcoins, so the banks may not be needed at all.
I am not so sure if we will see 100K in the next 3-5 years, but if not, I will continue to DCA and find another resourses in case of emergencies. Even if we imagine for the sake of bear trolls that in the next 20 years we will stay at the current levels, if we continue to DCA, in the end the price will go somewhere near 20K and we all be millionaires. So it is a win win situation. It always has been. But of course, most probably, even under 10 years we will see prices above 100K. It is only 10x from now, so if we have another year like 2017, this may happen any year. However, it will take more time for the price to stabilize above 100K and achieve some epic ATH's around and above gold's.
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