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I think you could rephrase it as ‘rebalancing’ rather than ‘taking profits’. I have never sold a single sat, but would absolutely consider it if I felt that Bitcoin was making up too much of my assets considering the inherent volatility.
Even if someone wants to sell their Bitcoin and buy a new car or go on holiday, that is their right. As much as we all think Bitcoin is going to greatly appreciate in value over the long term there is a very real chance that it does not. Not everybody who holds Bitcoin has their whole identity revolve around being a 💎🤲 til death HODLer.
Only part with hard assets for other hard assets – you got it! 😉
“He’s beginning to believe.”
Welcome to the real world.
I take approx 10% profit and hold it in cash on the exchange until price dips and reinvest 👍
“taking profits” is for high time preference crypto bros for whom holding an asset for any longer than 4 months is an incomprehensible epoch of time.
Shitcoiners in r/cc talk about taking profits. Bitcoiners talk about hodling for life. Which is a fair indication of where each asset (bitcoin vs shitcoin) is heading.
Personally, I say take profits when you need to, or when you reach major goals. Never sell all of it. But if you get to the point where you have enough to live the rest of your life (and pass some on to the kids), then go ahead and do that.
You can think in those terms, get paid in fiat, BTC drop 10% before you can sell the fiat, you got 10% profit on your fiat and you take your profit when you sell your fiat for BTC.
However, if you do choose to conceptualize it that way you are not really taking any profit when you spend BTC on anything, you only take profit when you buy something using BTC and later sell it for more BTC. Any mention of taking profit when spending BTC is ultimately going back to the original reference point of BTC measured in fiat, even when you are buying important things.
However, if you just like the sound of taking profits, then use it whenever.
The only reason I would “take profit” by selling BTC for fiat near the top of the bull run, is to keep said fiat on the sideline and dump it all back into BTC at a lower price later on.
This guy gets it
Great way to look at it, we should always look to move from softer assets to harder one’s, not vice versa. I only keep enough cash on hand for an emergency fund and DCA fund, everything else goes to hard assets.
>I would only ever sell my sats purchase something important like a house.
I used to think the same thing. Now I have a house. I am not spending my sats on my shelter. I’m locked in at a very respectable rate (less than 4 percent). At the rate I believe bitcoin will rise it would be foolish to pay off my mortgage with this asset.
You’re not doing yourself any favours by taking profits just to hold fiat cash instead. Inflation, future value of Bitcoin etc etc.
However, not using your Bitcoin to enable significant life improvement events today is just daft. Same as refusing to spend anything from a million dollar bank balance because it would mean not having a million dollar balance, you’re just wasting opportunities and denying yourself for a hypothetical future gain.
It’s a largely fiat world, ignore that for the sake of your ideals if you want, but it isn’t changing the reality today.
I think you’re succumbing to bull market syndrome. There are definitely times it’s better to be liquid to watch from the sidelines and times it pays to be heavily invested.
Why send it back to the banking syndicate, paying a premium both ways?
Use it to buy something you want, or just leave it for later.
…. U know u dont have to live so far up your own ass that you think it smells great?
After taking the trouble of driving to the bitcoin atm, putting all the fiat bills in the machine. paying the fee and letting the authorities know, I’m considering it as “liberating my money”.
It will take alot to make me part with my bitcoin
It’s pretty silly not to take at least some profit during a bull market when everything is ultra hyped. You can ask anyone who has been through at least one bull and bear cycle.
If you have any Bitcoin proxies such as an ETF where you pay a maintenance fee, consider taking profit here first.
Sell some when it moons to 250k
I hodled all the up to $69k and down to $15k. In hindsight, I’d have a lot more bitcoin if I sold high and bought back in low. I know nobody can time the market but, even if I sold at $45k and bought back in at $30k, I’d still have more bitcoin now.
I know this spike and crash will happen again. I think in 2025. I have that much time to decide if I’ll sell out and buy back in for more sats. My hesitation is giving up something unconfiscatible for something else that is. What if the banks fail while I’m *temporarily* holding a lot of fiat? What if fiat fails before I trade it back for more bitcoin? Even if I find a real estate seller accepting direct bitcoin, what if the govt or industry cheats me out of my claim to that house before I can sell it for more bitcoin?
I may hodl all the way up and down the next bull run again because one bitcoin in the hand is better than two in the bush.
Selling BTC to buy a house is rebalancing digital and analogue assets on your total property ownership ledger.