I recently came across a post by Changpeng Zhao (CZ), the CEO of Binance, on Twitter where he replied to user GregShoen who expressed his regrets about selling BTC for $0.06 instead of waiting and selling it for $0.3 in 2011. CZ emphasized the importance of holding onto BTC for the long-term, stating that it's not about how early you get in, but rather how long you can hold onto it.
It's interesting to ponder how many people would have sold their BTC if they had acquired it for a nominal fee and saw it increased in value numerous times. Personally, I've been considering this hypothetical scenario, particularly I asked a question to myself If I had already seen a 100x return on my investment would I sell? Think about it, while I made a short investigation on top-3 people who sold their bags too early, please enjoy ☺️
Bitcoin has been making headlines for years as an investment that has made many people millionaires. However, not all Bitcoin investors have been able to reap the rewards of their investments. Some have sold their Bitcoin too early, missing out on massive gains. Here are three Bitcoin millionaires who sold their BTC too early:
Erik Finman Erik Finman made headlines in 2011 when he invested $1,000 in Bitcoin at the age of just 12 years old. By the time he turned 18, his investment had grown to be worth over $4 million. However, rather than holding onto his Bitcoin, Finman sold it all and invested in other cryptocurrencies. He has since expressed regret over his decision to sell and has admitted that he would be worth much more if he had held onto his Bitcoin.
Jered Kenna Jered Kenna is another early Bitcoin investor who sold his BTC too early. In 2010, Kenna purchased 30,000 bitcoins for just $0.20 each, making his total investment worth just $6,000. However, he sold his bitcoins for $200 each, earning him a profit of $6 million. While this may seem like a lot of money, Kenna would be worth over $1.5 billion today if he had held onto his Bitcoin.
Roger Ver Roger Ver, also known as "Bitcoin Jesus," was one of the earliest and most vocal supporters of Bitcoin. He invested heavily in the cryptocurrency and became a millionaire in the early days of Bitcoin. However, Ver sold most of his Bitcoin in 2013, just before the cryptocurrency experienced a massive surge in value. While Ver still holds some Bitcoin, his decision to sell early means that he missed out on a significant amount of wealth.
Although I didn't include to the list Laszlo Hanyecz his action can't be evaluated as an early exit of investments but he still should be mentioned. On May 22, 2010, a man named Laszlo Hanyecz made a purchase that would go down in history as one of the most expensive pizzas ever bought. Hanyecz exchanged 10,000 bitcoins for two large pizzas, which, at the time, were worth around $30. Little did he know that those 10,000 bitcoins would be worth over $500 million a decade later.
These stories serve as a reminder of the importance of holding onto your investments, particularly in a volatile market like cryptocurrency. While it can be tempting to sell your investments when they experience significant gains, doing so can cause you to miss out on even greater rewards in the future. As the saying goes, "HODL" - hold on for dear life. Keep building and be strong, if you believe in a project be with it till you are satisfied with your gains!