Sold my first Bitcoin and am happy

[tinopener]

Just sold 5% of my Bitcoin that I've been holding for 3 years and I feel satisfied doing so.

I didn't need to sell, and it was mainly for the satisfaction of getting back some of my original investment.

However, I also feel like its broken the "HODL AT ALL COSTS" mindset which I felt was getting a bit unhealthy.

I do feel there are risks with Bitcoin, and I won't drag people down with that here, but I will be diversifying that money into gold and shares, mainly tech shares.

If Bitcoin dips a lot, I will also buy some more Bitcoin though.

Basically, I'm glad I sold some if only to stop feeling like a slave to it (and to test the Coinbase selling functionality which only took seconds for the transaction).

[Twinkledoe]

I am happy for you for what you did. Sometimes, it is self satisfaction that you need to address and not what other people are suggesting. After all, it is your money and they don't care whatever you want to do with it. By the way, can you disclose how much in USD you bought your bitcoin before?

[tinopener]

I am happy for you for what you did. Sometimes, it is self satisfaction that you need to address and not what other people are suggesting. After all, it is your money and they don't care whatever you want to do with it. By the way, can you disclose how much in USD you bought your bitcoin before?

I bought around $8k in 2018 on average I think.

If I'm honest, I also have shares that have gone up almost much as Bitcoin, mainly in technology and biotechnology.

I am pretty well diversified anyway.

[seoincorporation]

3 years holding... wow, you do it very well mate, if I'm not wrong you buy those bitcoins under $10k, I would say something like $1500 was the cost when you first buy and sell the 5% is a nice amount, for sure you already recover what you invest in and still holding the 95% of your profit. So, congrats you play it really smart.

Now the question is, for how long you will keep holding the other 95%? do you have a nice goal to chase?

[tinopener]

Now the question is, for how long you will keep holding the other 95%? do you have a nice goal to chase?

No goal. I just use Bitcoin as part of my general portfolio for diversification.

I plan to keep at least 50% long term.

However, I am worried about the electricity use of Bitcoin. If, for example, Bitcoin were to replace the dollar as the world's reserve currency, it would need twice the amount of energy the world currently produces (or something like that).

My OP is essentially advising people to stay diversified with their investments, and don't be afraid of rebalancing.

[hatshepsut93]

Taking a profit after such high returns is never really a bad move, especially on a such volatile market.

"HODL" initially meant avoiding daytrading and being a long-term investor, but somehow it started meaning "never ever sell your BTC", which isn't that great - there's actually no guarantees that Bitcoin will reach $1 million or whatever other price people hope for, and HODLing means denying opportunities to sell high and buy back low, which isn't actually that hard to do, considering that Bitcoin tends to crash very hard after the peak of the bubble.

[Bitcoin_Arena]

It's the whole point of holding. So that we can ride the wave to a particular target price after a few years and sell of for profits, right?  

What matters most is that the selling price was at a point where you felt was your target price and not having to hold for 15 years and not enjoy the benefits of your patience over the years.

I also usually sell off whenever I realize profits that I feel satisfied with. I am not the type waiting for 10,000%  growth in value to sell.

[tinopener]

Taking a profit after such high returns is never really a bad move, especially on a such volatile market.

"HODL" initially meant avoiding daytrading and being a long-term investor, but somehow it started meaning "never ever sell your BTC", which isn't that great - there's actually no guarantees that Bitcoin will reach $1 million or whatever other price people hope for, and HODLing means denying opportunities to sell high and buy back low, which isn't actually that hard to do, considering that Bitcoin tends to crash very hard after the peak of the bubble.

Well said. And yep, I'll be saving half the profit to buy any big dip.

There is still a lot of momentum there to play.

Bitcoin even deserves its own momentum trading strategies

[Swopon]

Just sold 5% of my Bitcoin that I've been holding for 3 years and I feel satisfied doing so.

I didn't need to sell, and it was mainly for the satisfaction of getting back some of my original investment.

However, I also feel like its broken the "HODL AT ALL COSTS" mindset which I felt was getting a bit unhealthy.

I do feel there are risks with Bitcoin, and I won't drag people down with that here, but I will be diversifying that money into gold and shares, mainly tech shares.

If Bitcoin dips a lot, I will also buy some more Bitcoin though.

Basically, I'm glad I sold some if only to stop feeling like a slave to it (and to test the Coinbase selling functionality which only took seconds for the transaction).

Self satisfaction is needed in each and every sphere of life. After selling your asset's with satisfaction is a big thing which can be considered as relaxation on your mind set. 3 years of holding is unbeatable. I tried from the very beginning of using crypto trading that I will hold some of my funds for a long time but for some reasons I can't do it. Still trying to hold.

[Vaskiy]

That's a good decision, you've sold at the right market situation. Good you've got the ability to hold for a much longer time period. Three years of holding isn't an easy thing, myself too tried holding but I weren't able to do it. Most of the users have the mind to hold understanding the true potential of bitcoin, but they weren't able to do it due to planned and unexpected financial needs being fulfilled by the same.

Maybe the holding you've done will serve as an example and make users hold as much possible for their good.

[rdbase]

Taking a profit after such high returns is never really a bad move, especially on a such volatile market.

"HODL" initially meant avoiding daytrading and being a long-term investor, but somehow it started meaning "never ever sell your BTC", which isn't that great - there's actually no guarantees that Bitcoin will reach $1 million or whatever other price people hope for, and HODLing means denying opportunities to sell high and buy back low, which isn't actually that hard to do, considering that Bitcoin tends to crash very hard after the peak of the bubble.

Isn't the term having diamond hands for holding out when it comes to investments in trading of any sort like stocks?
I have always thought the term HODL was for those who were thinking of selling when the markets were pumping but others are advising not to do so in the assuming it will keep rising in the long term.

But I am fully with grabbing profit while it is available especially if the OP bought at $8k to cash out at $60+k.
There is no other stock which can say they made this amount in profit within such a short time.

[lalabotax]

Just sold 5% of my Bitcoin that I've been holding for 3 years and I feel satisfied doing so.

Wow congratulations mate, with only 5%, you probably have got your initial funds buying your BTC.
COngratulate to all holders that bought Bitcoin still under $10K.
Holding top coins especially Bitcoin will never disappoint The trust in this coin is really true. AN dit si also about the patience and also trust on Bitcoin that BTC will grow someday. I also think so but I am personally late about buying it under $10k

[sheenshane]

That's what we are looking for, the word "satisfying" this what the most important.  There's no regret if you sold out your Bitcoin now but at least not all of them.  The 5% was might your initial capital since that investment was on 3 years ago from now and it was probably folded for how many times.

The rest if you didn't need the money yet, you can HODL as long as you can because there are too many predictions and rumors that Bitcoin price will reach another ATH of $100K on this year.  If you believe this theory, there are more profits will come precisely.  So, it is really worth it to wait even too long at least you can able to wait for it patiently.

Good to hear that there's a long-term investor like you, just keep holding.

[bct-user]

I bought around $8k in 2018 on average I think.

It is great, bro. You buy at a very cheap price of Bitcoin. I cannot imagine how big you take profits right now. You said just sold 5% only of your Bitcoin, do you plan to sell in the next Bullrun after halving in 2024? I appreciate your decision to buy in the bearish phase in 2018. Now you prove it that investing in Bitcoin must be brave and finally get a happy result.

[Fatunad]

Just sold 5% of my Bitcoin that I've been holding for 3 years and I feel satisfied doing so.

I didn't need to sell, and it was mainly for the satisfaction of getting back some of my original investment.

However, I also feel like its broken the "HODL AT ALL COSTS" mindset which I felt was getting a bit unhealthy.

I do feel there are risks with Bitcoin, and I won't drag people down with that here, but I will be diversifying that money into gold and shares, mainly tech shares.

If Bitcoin dips a lot, I will also buy some more Bitcoin though.

Basically, I'm glad I sold some if only to stop feeling like a slave to it (and to test the Coinbase selling functionality which only took seconds for the transaction).

Those are common emotional personal feelings about braking the true essence of hodl but it isnt bad to take up some profits for the sake of completion or success because
we do have one common goal in here which is to make profits no matter it can be taken in short term or long term it wouldnt or doesnt matter.
Good for you that you do able to sell off your bitcoin and make out profits and holding for 3 years isnt something that someone could able to do so.
Cherish while you still can and its great that you do only sell out a little percentage into your overall holdings.

[tinopener]

Taking profits is not a bad thing, what's bad is selling it all to shares and gold and im glad you didn't.

Well, my current portfolio (not including my house is):

75% shares
15% crypto (mostly bitcoin)
5% gold etc
5% bonds

I have Tesla shares amongst many others which have done well and bitcoin miners such as Argo Blockchain which have done better than Bitcoin itself.

The ultimate point of my post is not to treat Bitcoin as a sacred cow, and be prepared to sell it to rebalance your portfolio.

I'm not buying cars or guitars with the profits, and am actually quite boring with my spending

[Darker45]

Yeah, of course, being practical counts. I admire you for that.

Putting your money in a single basket is more discouraged by investors than encouraged. Also, I don't think "HODL AT ALL COSTS" is admirable. It is not that amazing. It is myopic. If you hodled Bitcoin through the worst of times, that's of course one thing you should be proud of, but if you are all in and you are into hodling no matter what happens, I don't think you are acting wisely.

[Upgrade00]

"You just sold your precious bitcoins cheap to institutional investors, Shame" 

In truth, taking profits after a while (to at least recover your capital invested is a healthy move and puts you more at ease with the remainder of your stash. I sell bitcoins from time to time as the need arises an maybe sometimes for personal gratification as well.

About the "Hodl at all cost" mindset; no technology or venture should be trusted without reservations, always consider the pros and cons of holding and act accordingly. The important point is your still invested in it and plan on buying more if a lower price presents itself.

[tinopener]

always consider the pros and cons of holding

Well, there are also cons to selling Bitcoin too.

I live in the UK and am self-employed and work through my own limited company and so am under extra scrutiny from the tax authorities.

The single biggest reason for me selling today was that my accountant confirmed that:

-They are happy to calculate my Capital Gains Tax liability
-I am now insured for any investigation from HMRC (the UK tax authority)

Else, I would have been buying and selling dips for the last year.

[yazher]

I see that you are into long-time holder base on the amount you just sold anyway congrats cause you deserve it you are one of the reasons why we still holding at the current price. Because there are lots of people like you who wanted to support bitcoins by holding as long as you can. Anyway, the price still increasing and no one really knows when will it stop the only thing you can see are the good news that pushes the price to the new ATH. I believe this is the main reason why the OP didn't sell as much as he can since the price does not fully manage to climb as high as it could be.