Painful experience

I started holding a position in Bitcoin in 2016. During this period, I experienced several major events, each causing Bitcoin's price to drop by 60%+:

• In 2017, the Chinese government shut down domestic Bitcoin exchanges.
• In 2020, the global COVID-19 pandemic triggered a financial crisis.
• In 2021, the Chinese government cleared out domestic Bitcoin mining operations.

Despite going through these fluctuations and crashes, I find the current long-term market volatility to be the most painful. Perhaps it's because I was younger before and more resilient, or because my economic expenses didn't fully rely on Bitcoin at that time. Whatever the reason, the current holding experience is indeed the most painful I've ever had, especially compared to the continuously rising U.S. stock market.

I know that compared to previous Bitcoin cycles, the price now, a few months after the halving, is actually better. I also know that in this bull market, Bitcoin broke its previous high even before the halving, which is an unprecedented achievement. Bitcoin had a seven-month consecutive rise from late 2023 to early 2024, and I believe it might regain its confidence and original momentum in the fourth quarter this year.

Although it's very painful now, I haven't reduced my Bitcoin position. For me, it's almost impossible to do so.