'I'm Prepared To Lose Everything Over Bitcoin,' Says Trader Who Bought The Top In '21, The Bottom In '22 And Is 'Still Buying Now'

Khyathi Dalal

June 13, 2024

The Bitcoin Therapist, a prominent figure in the crypto world, admitted to taking a high-risk gamble, staking his entire fortune on Bitcoin’s (CRYPTO: BTC) success.

What Happened: The Bitcoin Therapist revealed that he has put his entire wealth into Bitcoin. He acknowledged the risk, stating, "If Bitcoin fails, I will be absolutely wrecked. It will take years to recover."

He further outlined his decision, saying, "I'd rather lose everything than miss out on the most asymmetric opportunity of my lifetime." He also revealed that he has been consistently buying Bitcoin, even at its highest and lowest points in 2021 and 2022, respectively.

The Bitcoin Therapist's investment strategy is heavily skewed towards Bitcoin, more than ever before. He admitted that his approach might seem reckless to some, but he believes it’s justified when viewed through the "Bitcoin lens."

Benzinga Future of Digital Assets conference

Also Read: Joe Biden’s Campaign Could Accept Crypto Donations — Donald Trump Effect?

Why It Matters: The Bitcoin Therapist’s bold move and willingness to risk financial ruin for the potential of a significant payoff highlights the allure of Bitcoin for many investors.

His strategy of buying at both the peak and the trough of Bitcoin’s price cycle also sheds light on the long-term investment approach adopted by some crypto enthusiasts, who remain undeterred by short-term price volatility.

Voicing similar bullish patterns, Titan of Crypto noted that the Bitcoin "bull run is still intact." He advises to not get trapped in short-term price action and "best is yet to come."

#Bitcoin Bull Run is still intact. 🐂🤝

We're in a boring consolidation phase. The goal is to drive you crazy, to trigger your impatience and to make you do mistakes.

Don't get trapped in short term price action.
The best is yet to come. #BTC pic.twitter.com/SeJLP4DFnh
— Titan of Crypto (@Washigorira) June 13, 2024

IntoTheBlock data pointed to a drop in Bitcoin holders making profit at current levels from 95% to 87%. Meanwhile, total exchanges inflows and outflows increased over a single day.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Elon Musk’s Decision To Hide Likes On X: ‘Catastrophic For Crypto,’ Says Solana VC

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Image created using artificial intelligence with Midjourney.

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