My business mentor has been dollar cost averaging in bitcoin since 2016. He has never used it, and has stored it all on a cold wallet.
He insists that every satoshi will be worth 100x in the next 5 years, and so it makes zero sense to be spending any of it today.
Curious to hear ā what would your counter argument be?
Spending Sats is for the humble Bitcoiner, just holding is for the greedy.
Thatās my take
He is probably right technically but his greed is causing him to be missing out on life. He has never experienced the joy of giving
I suppose you could spend and replace, but that is an ideological choice at this point. The economic incentive for many people is still store of value. At least from the perspective of those living in a country that's relatively free with access to financial systems. Basically, people are going to use Bitcoin in ways that best align with the context they live in. People who have no access to global financial systems or live under absolute tyranny will probably have different needs. He is probably right within the context of his own life. I think that's something people miss with this topic.
Couple things -
Yes, it's mostly an ideological stance.
however, it's now more convenient for me to spend bitcoin than to use dollars or other fiat since I'm paid in Bitcoin. And do not like having ANY exposure to fiat.
You could spend and replace if you're ideologically aligned but don't want to dip into your sats.
Someone has to go first. If you think bitcoin is going to be the currency of earth, why not use it as such. you have to spend money anyways, why not use the best money and give others a chance to use it as well however they please.
Also, I agree with Gigi š
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This. If you are all in then you are free. Thinking on sats terms for daily things
no counter. Holding is using. Key function of a money. Onward š«”
Bitcoin is money. The whole system and movement fails if no one uses it. Hold 90% in cold storage and spend 10% or whatever you're comfortable with spending. Buy and replace is also a nice strategy too.
I buy Bitcoin same day to spend same day
Before Bitcoin, did you spend every unit of fiat you earned, or did you invest some of it? If youāre in the second category, you shouldnāt worry about spending a little Bitcoin. If youāre in the first category, youāre probably too dumb to hold Bitcoin anyway.
Spending Bitcoin spreads Bitcoin around faster than hodling.. how can you have an Bitcoin economy when no one spends BTC??
Guy discusses this exact topic in the latest Bitcoin Audible episode. https://fountain.fm/episode/xVFF5Czu48zxUiUwJsGy
Your business mentor is a smart guy
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He's a bit off, I think it'll take 6 years. š
If Iām just hodling to sell for fiat somedayā
am I really free?
I donāt plan to sell.
I plan to live on it.
One day, Iāll trade sats for a homeā
no banks, no gatekeepers. Just value for value, peer to peer.
Jeff Booth talks so much about this and why focusing on number go up in fiat implies that the hodler will sell for fiat or an asset in the control system, when the time is right. I realise now, I donāt want that.
