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How’s it going everybody this is peter bush guess what i sold all my bitcoin i’m not worthy of holding this bitcoin anymore because i don’t own any of it i sold all of it but you know what i bet you guys want to take a close-up look at this thing so let’s zoom in onto this beer case here’s the front see the side has little ridges here’s the back i do realize that
I could be completely wrong and maybe it can go up to $30,000 or even $100,000 in the short term but for me i already gained enough profit i gained a lot of profit already so at the end i will say what the average profit i got is and at some point i think you need to be not greedy and just sort of look at what you’ve gained already and just take the profits so you
Might be wondering how much i sold and at what price so i’m gonna do this in terms of percentages because i don’t really feel like saying how much i actually invested it it’s definitely more than a thousand dollars for the initial investment when i first bought this i was trying it out and just trying to figure out if coinbase actually works so i purposely sold a
Little portion of it to see what the fees are and also to see how long it takes for it to transfer to my bank account because i feel like unless it’s in my bank account in cash i feel like the full transaction has not gone in full circle so i did that before actually started recommending coinbase at the initial point i sold three percent of it at the price of two
Thousand five hundred eighty five dollars roughly i held on for quite a while and it tripled in price to seven thousand four hundred forty dollars and at that point i was like wow three hundred percent gain i mean you can hold something regular something old plain old vanilla like snp low-cost index fund etfs and you’ll get like fifteen percent thirty percent on a
Really really good year so you see me i’m looking at this and looking at it at like three hundred percent gain this is like crazy so i’m like okay i’m gonna take a little bit off the top i took for twenty percent off of there you know just to take off some of my initial principal so then i don’t get as worried because as it inflates to larger and larger amounts i get
More and more worried i waited a little while and it inflated to ten dollars now $10,000 is sort of like a milestone and when i see that i’m like whoa you know it’s sort of kind of like bubbly seeming like so then i started this thing where i would sell a little bit of it i thought about doing like 10% and i recommended selling out about 10% every single month and
Instead what i did was i sold 10% or i tried to at certain milestones and i ended up selling at 10,000 seven percent at ten thousand another cent seven percent 11600 another seven percent at thirteen thousand four hundred another seven percent at sixteen thousand four hundred sixty the first sale was at ten thousand and then the nick sale was about fifteen hundred
Dollars more the nick sale on top of that was another two thousand dollars more the nick sale on top of that was three thousand dollars more so you kind of see the theme here i was kind of tracking like well i should not sell linearly i should not sell like 1,000 dollars at every increment because it could very well reach like twenty thousand and then by the time
It reached twenty thousand i would have sold everything which might have been you know in hindsight it might have been good because it actually did reach 19 thousand five hundred at some point so it would have been good if i put some limit orders in there i did not do that and things are generally kind of messy like this if you try to time the market if you try
To hold everything and just try to sell right at the peak you know not many people can do this and you know i don’t know anyone that can do this so when you actually look at the trading history like i am showing you right now it’s very messy it’s like oh my gosh why did i sell twenty percent at seven thousand something why didn’t i wait till right now i could have
Made like double my profit right there it’s messy so i’m going to average it all out instead and i’m happy with the result so finally bitcoin reached fifteen thousand seven hundred roughly that’s where i just said you know that’s it i’m gonna pull the plug on this it’s gone too crazy it’s gone much more crazy for a lot of people people that held it since 700 is
Really really crazy because they’re like they see their money like increase like 30 fold for me it’s only been like what six fold right here so i sold the remainder of 49% of my bitcoin holdings and right when i did that i also thought well the markets correlated with everything else so i also sold out my aetherium okay so onto the idea why i think it’s a bubble
And i’m so confident confident enough to deal with my own holdings and sell it and be happy with it but i’m not confident enough to just kind of like announce it’s a bubble everyone should sell because i can’t like recommend this to anybody i can tell you what i did and and what my views are and i could be very very wrong because i’ve been wrong before in speculating
The market so what i see here is if you look at the one month chart you see it peak and you see it start to dip down the run-up was kind of linear right and then it went exponential and then now it’s linear again on the downtrend what i’m seeing right now is every time it hit a low it comes back up a little tiny bit it’s volatile plus minus 10% or something or even
20% swing and then the next time it goes even lower so we’re seeing lower lows here and i see this as a trend and from my previous chart of psychological behavior of bubbles this looks like the bull trap area the bull trap could have happened already it was really tiny it seems like it didn’t really happen yet it’s just you know just being volatile a bull trap a
Real one would be like maybe if it dips down to like i don’t know 1,300 10,000 even and then a lot of people that are bullish about it would jump in and it’ll pop back up to 13,000 and then after that it would start tapering down more and more so at the end of all these sales my average sell price came out to be twelve thousand seven hundred dollars because i mean
I sold really early on as well just a little bit and it kept on selling it even though it’s not right off at the top but i really did not want to play a game of chicken here because if you hold on to 100% of your assets and then you go okay okay we’re not gonna sell we’re not gonna sell or should you even sell or should you like hold on for your dear life as it
Goes up you know like a roller coaster and then come down like a roller coaster so i did not want to do that i don’t want to play a game of chicken i just wanted to you know do it kind of slowly you know i know it’s not so slow these recent days because i’ve been following it and you know the more rapid it moves the more rapid i need to move so that’s why i sold
That ten thousand eleven thousand five hundred and etc so i did not explain why exactly i sold everything so i guess i got kind of chickened out i’m holding on to 49% of my initial buy-in and i just look at that chunk of cash and i’m like i don’t want to lose that this is you know if i sell it now it could be mine whereas if i hold it well yeah i could you know
Make more money but i’m really happy with what i have in terms of gains right now i’m very very happy like i said my average sell price is twelve thousand seven hundred dollars when my buy-in was two thousand five hundred dollars this is a five-fold increase five hundred percent gain so anybody would be happy if you put in a thousand dollars just a couple months
Back and all of sudden you get five thousand dollars back i mean i did say i did buy at least a thousand dollars of it so right there i can buy like four mavic drones or something in fact i really should buy one but you know i haven’t yet the final tipping point of me deciding to actually sell everything did not come as like something happened and then i’m like
Oh i should do it now but it came as an aggregate of a lot of different things i’m looking at number one thing i’m looking at is these youtube videos a lot of people comment on them and i kind of take this as sort of like like like a market temperature i can sort of tell that about ten fifteen percent of people are super duper bullish on bitcoin thinking that it
Only the sky’s the limit it could be but i also draw a parallel to bubbles and i really do think this is a bubble actually i could be wrong i also look at facebook and this past week or two i’ve seen a lot of people that has never talked about bitcoin before people that are not all that technical they just kind of go all is anyone buying bitcoins how do you buy
A bitcoin so these kind of comments make me realize that it’s really penetrating the market in terms of when everyone starts to buy in then this is this is when you know it’s kind of reached that saturation point it’s kind of like towards the peak so all of this is not just limited to my information you can just as well read all the comments in the bitcoin videos
Just you know kind of take a temperature of it and i saw another temperature reading on a news article where people actually voted and i showed this little you know gauge from my last video so for these 15% of people that are very bullish on crypto currencies and bitcoins in general they usually have a you know several very main argument themes here the first one
Is that bitcoin is not a fiat currency and it has a limited amount of it so you would hear this on the news all the time that you know given the limited amount of it that will ever exist that’s why it will keep on increasing in value that’s why it’s justified some people might try to use the fear of missing out leverage where they say they’re buying into it and
Then if you don’t agree they’ll be like oh yeah you know i’m gonna hold on to my bitcoin i’ll see you in later on when i drive around in my lamborghini so this is kind of like imagining that yes it will reach at some point you know hit a million dollars hit a hundred thousand dollars or something and there will be all that much more well off it’s kind of like
Buying a lottery ticket and just kind of self feeding thinking that it’s gonna make you a lot of money really easily these arguments that i’m talking about before it seems like i keep on reading the same thing over and over again it’s kind of similar to the responses i get from the mlm video that i made where i talked about multi-level marketing and all these
People that went to the seminars they get kind of brainwashed and then they have various arguments to talk against whatever reason you have to say that it’s not good so they’re gonna go oh you know this is so-and-so so they have various parking points okay let me not get into mlms right now but for the various talking points of bitcoin you have the same various
Ones that’s use all the time it seems like certain arguments gets reused all the time and sometimes i hear brand new ones and then all of a sudden after i hear it the first time i hear it more and more often from other people for example the recent one that came up is that bitcoin is not a bubble because usually in a bubble everyone in the market participates for
Example in the dot-com bubble you have market wide people everyone is buying in to the bubble so therefore bitcoin cannot be a bubble because basically you know it has less than 1% of market penetration it has you know a hundred x to go so if it’s ten thousand dollars right now if it if everyone participate then it would be a bubble then it would reach a million
Dollars so they say that it cannot be a bubble because so little people are participating in fact if you draw a parallel to the tulip bubble at that time only the rich people actually invested into the tulip business stuff finally one day it did pop but it did not really affect the whole market as a whole it affected those people that actually invested in tulips
Since so little number of people are actually invested in tulips it didn’t affected market all that much and i think this is kind of similar what’s gonna happen in bitcoin is well the market participation is not all that high right now so i feel like there might be a localized bubble pop here like in the short term it’ll pop and then maybe it’ll come back up and
Then we’re gonna see it come up even stronger and maybe then ok maybe then bitcoin will be more widely used years from now maybe and then there will be even more market participation so right now the market cap of bitcoin is not all that much let’s say it’s part of the snp and let’s say bitcoin loses all its value that would cause smp to only drop by only about
Half a percent so that’s how insignificant bitcoin is and you can’t have a bubble with a low number of participation so right now if you look at the graph is trending downwards and you know i should have sold it a bit earlier but i wasn’t quite sure that it won’t keep on going up so i held on for a little bit longer and because of that you know then i could only
Sell it at fifteen thousand seven hundred dollars and right now i think right at this moment it’s around fifteen thousand and i mean it’s so volatile sometimes it’s like it goes to fourteen thousand and then it might jump back up you know like one thousand down one thousand up it’s like it does that all the time i think the last straw for me to sell out is when i
Reread the message sent out by coinbase in that they said you should invest responsibly now it’s one thing for me to look at the market sentiment through youtube comments through facebook comments and also just kind of looking at the news articles the very very recent one you can go on google you can search for news and you can look up news articles within the
Past 24 hours and i always look up the very latest news and see what people are saying all these things add it together including the message sent out by coinbase made me feel like oh my gosh this is it this is a bubble here if this market bubble does pan out and it does happen the rapid run-up within maybe a week or two could very well fall back down within a
Week or two my best guess it might hover around 10,000 and it might drop more as people kind of fear bitcoin and it might drop all the way down to 3 to 5,000 and so i would not be surprised if it even dropped down to 1,000 although i think the intrinsic value right now should be between mmm 2500 to 5000 dollars this is a pretty wild guess but if you just look
At the trend line you just draw a line right through you know it’s around there if it ever gets to a point where people are variable bearish on it okay it’s going to go below the intrinsic value so and and this happens all the time if people lose a lot of people money on it people are gonna hate bitcoin they’re gonna start selling and it’s gonna push the price
That much down give it on sunday they’re gonna open futures trading on bitcoin now this is gonna be pretty crazy whatever happens there because it’s gonna open up the door for people to short it now shorting it will be for very brave people because if someone shorts it and it goes up to i don’t know twenty thousand dollars then they’re gonna owe a lot of money i
Do think that there are plenty of people that’s willing to short it so this might actually affect the pricing of bitcoin so with that i’m taking my five hundred percent game running with it and just kind of stashing it away i’m actually gonna prepay my mortgage with it early so don’t forget to give me a like on this video comment down below let me know if you are
Doing the same thing i know i’ve heard a few comments out there i think at least to saying that they completely sold out from my previous video and i you know i thought yeah that might not be that bad at that idea if you’re interested in supporting my channel check out my audible link down in the video description below where you can get a free audio book and you
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Transcribed from video
I Sold All My Bitcoin By BeatTheBush