Another 10% Drop for Bitcoin – So What?

Another 10% Drop for Bitcoin – So What?

I’ll never forget the first time bitcoin nearly gave me a heart attack.

It was 2016. And I’d just put my reputation on the line by recommending bitcoin at around $400 and change.

Not long after, one of the key core developers (Mike Hearn) “rage quit,” calling bitcoin “failed.” He announced he had sold all his coins at $400.

Bitcoin dropped like a stone. In a flash, my readers and I were down 15%.

People called me crazy. Friends told me I’d torched my career. I sat there thinking, “Have I made a colossal mistake? Here’s this guy who knows bitcoin far better than I ever could, and he’s calling it a failure.”

But I had seen this movie before when insiders lose sight of the value of what they own.

In 2003, I watched Steve Jobs abandon millions of his stock options because he was convinced Apple shares would never get high enough to have value.

In 2005, I watched the insiders of nickel company Inco sell vast swaths of their shares as I was buying it hand over fist. Shortly after their sales, a bidding war erupted for Inco with metals powerhouse Vale – taking shares over at an 12.6% premium.

I learned that just because an industry insider might have deep domain knowledge in one area doesn’t mean they understand how financial markets work. And so I not only stood by my call to own bitcoin – I strongly urged my readers to buy more.

Fast forward to the peak of my first crypto bull market in December 2017… Bitcoin had skyrocketed 4,900% to $20,000.

That lesson stayed with me: Short-term pain, long-term payoff.

So when I hear people moan, “Bitcoin is down nearly 10% from its all-time high of $124,000 on August 11…” I just smile.

Think about it…

Bitcoin has been up as much as 29,423% since I first recommended it in 2016 and as 67% since its April 2025 lows. By comparison, the S&P 500 is up 216% since April 2016 and 32% since the April 2025 lows.

Yet, people work themselves into a tizzy because bitcoin has dropped about 6% in a week.

And for those who are complaining about it, I just have one thing to say: “Oh boo-hoo! Cry me a river.”

That’s the cost of playing in the biggest wealth-creation arena of our lifetime. And you can either choose to complain about a blip… or zoom out and see the real opportunity.

History Repeats – And Rewards the Patient