The bumpy ride from $20,000 to $4,000 in 2018 has been a harrowing experience for many Bitcoin investors and enthusiasts around the world. It’s natural for new investors (as well as experienced ones) to get emotional in times like this, but what’s the best approach for cryptocurrency investors now – should we continue holding our positions through the bear market?
We needed an expert opinion on this matter, so Portfolio Wealth Global jumped at the chance to interview Trace Mayer, an entrepreneur, investor, journalist, monetary scientist and ardent defender of the freedom of speech. Mr. Mayer is known as the host of the extremely popular Bitcoin Knowledge Podcast, where he conducts hard-hitting interviews with many of the top people in the world of cryptocurrency.
In addition to the Bitcoin Knowledge Podcast, Trace Mayer is the owner and author of TraceMayer.net, the main purpose of which is to bring monetary sovereignty to individuals in order to protect and preserve their agency and freedom. Trace’s podcast and website are vital resources of information and commentary on currencies, cryptocurrencies, and finance in general.
Mr. Mayer started recommending Bitcoin at around $0.25 and funded core blockchain infrastructure projects, including Armory, which provides the foundational security for Bitcoin wallets; Bitpay, the largest Bitcoin merchant processor; and Kraken, the largest Bitcoin/Euro exchange and a major worldwide liquidity provider.
Courtesy of Trace Mayer
As an entrepreneur, investor, journalist, and monetary scientist, Trace Mayer always remains an ardent defender of free speech. He holds accounting and law degrees and has studied Austrian economics, focusing on the work of Murray Rothbard and Ludwig von Mises.
Widely considered a thought leader in the industry, Trace Mayer has been involved with the blockchain for many years. Trace was the first popular blogger to step onto the battlefield of ideas and publicly recommend blockchain technology, back when Bitcoin was in its infancy with a market cap under $2 million; he even coined the term HODLer of Last Resort.
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Mr. Mayer has presented on Bitcoin, both objectively and persuasively, to a wide variety of audiences including members of the Federal Reserve, Bundesbank, major financial institutions, the IRS, FBI, FTC, HNWIs, conferences and many others on the topics of Bitcoin, cybersecurity, financial cryptography, digital currency, entrepreneurship and other topics.
The main purpose of Trace Mayer’s work, much of which is provided for free and at great risk to himself, is to provide ideas and information on monetary science and economics that will help prepare people to combat the extremely dangerous false ideas currently in the marketplace that are causing many undesirable and harmful effects worldwide.
Courtesy of Trace Mayer
We knew that Mr. Mayer would provide some much-needed rationality and perspective, so we were glad to have a conversation with him on the current situation with Bitcoin. According to Trace Mayer, he has been through all of Bitcoin’s bear markets, so it’s not something he’s particularly worried about – or as he put it, it’s “old hat” for him.
Always nimble with a phrase, Trace told Portfolio Wealth Global that “HODLers of last resort all have gnarly battle wounds and war stories to tell.” According to Trace Mayer, people get shaken out of their positions for various reasons: they may have over-allocated, or perhaps they just don’t have the stomach to hold on through these rough patches.
That’s unfortunate, according to Trace Mayer, because we only need to look at past history to see that Bitcoin has had multiple crashes like this. In fact, as Mr. Mayer points out, there was a time back in 2013 when Bitcoin went down 30% in a couple of hours.
While some investors are getting shaken out – possibly due to a lack the conviction, financial strength, or the emotional discipline to be able to hold a position – Trace is staying in the trade, and is actually buying during times like these.
Courtesy of Trace Mayer, Portfolio Wealth Global
And while Bitcoin did touch the $3,500 level, according to Trace Mayer, it could keep going down but that’s not statistically very probable. Trace aptly points out that Bitcoin is a decade old, and there are a limited number of Satoshis on the Bitcoin blockchain: you’re either going to get some, or you’re not.
So, according to Trace Mayer, if you don’t have any Bitcoin holdings and another 20X or 30X bull run happens, it’s your own fault this time: you had the chance to get in at a great price. If anything, this is an opportunity to buy Bitcoin in larger quantities if you want to.
Clearly, Trace Mayer is not afraid to speak his mind about cryptocurrency investing – and what he’s saying is well worth listening to, so don’t miss out on Portfolio Wealth Global’s riveting interview with Mr. Mayer. You should also visit the Bitcoin Knowledge Podcast as well as TraceMayer.net for more of Trace’s insights and analysis.
And don’t forget to get your copy of the latest wealth-building reports available only from Portfolio Wealth Global: these include our report on the must-own blockchain technology stock for your portfolio, our report on the top 5 cryptocurrencies to buy in 2018 and 2019, and our Treasure Trove report with immediate access to our top 4 stock picks right now.
Best Regards,
Tom Beck
Research Partner, PortfolioWealthGlobal.com
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This work is based on SEC filings, current events, interviews, corporate press releases and what we’ve learned as financial journalists. It may contain errors and you shouldn’t make any investment decision based solely on what you read here. It’s your money and your responsibility. The information herein is not intended to be personal legal or investment advice and may not be appropriate or applicable for all readers. If personal advice is needed, the services of a qualified legal, investment or tax professional should be sought.
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