Mark Moss says don't panic when Bitcoin drops 50%. He projects Bitcoin will hit $10-15 million by 2050 when it becomes a unit of account. Like a driver trusting GPS through traffic, investors should ignore short-term swings and stay focused on the long-term thesis.
If your Bitcoin's down right now, like everybody's is, don't worry. You're not broke. You're actually rich. Just not yet. I believe Bitcoin will become a medium of exchange after 2030, should be $10, $15 million. I think it'll be a unit of account after 2050. And I won't even tell you how much that's going to be worth, but today it's down about 50%. So what do I do? Well, think about it like this. If I had to drive up to the city and it's going to take me 2 hours to get there and I open up Waze, I know that Waze already accounts for the traffic that's going to happen along the way. Then as I'm driving, if I hit that traffic, do I freak out? No. No, because it says that I'm on pace to hit my goal when I want to hit my goal. And I think about Bitcoin the same way. When I look at the short-term price, I just go back to the underlying thesis. Is it still intact? Are we still on track? And the answer is yes. Then I don't care about the price being down 50% because I don't need it at that time. And so think about your own investing and your own assets sort of like navigation, and you're going to do much better.
