What else can you buy after selling Bitcoin?

In the interview, Duan Yongping talked about Moutai again.

He said that in 2021, when Moutai’s stock price was around 2600 or 2700, he really wanted to sell Moutai because he felt the price was too high.

However, when he truly wanted to sell, he struggled internally for a long time because:

After selling Moutai, he really didn’t know what to buy.

When I heard this, I thought it was the same old story, because I had already seen similar statements in his Q&A collection.

But the next part of what he said answered a long-standing doubt in my mind.

He said (roughly):

If he sold, he would feel very uncomfortable holding cash, because he had always been fully invested in stocks. So, if he held cash, he would most likely buy other stocks, but if he happened to buy another stock, there was a high probability that its future performance would not be as good as Moutai’s. He believes Moutai will continue to go up in the future, but if he buys other stocks, that’s much harder to say.

So, he decided to keep Moutai and didn’t sell.

After listening to this interview, I recalled two experiences of my own.

The first was during an earlier bull market, when I happened to sell some coins at a relatively high point and got cash. But later, for various reasons, I couldn’t control myself and made a bunch of random purchases, losing quite a bit.

Later, when the bear market came, and after I realized the value of Bitcoin and Ethereum, I actually had far less capital left to buy Bitcoin and Ethereum.

Then, when the bull market returned, none of the coins I had randomly bought ever reached their former highs again. It would have been better if I had sold at that time and just bought Bitcoin and Ethereum. Although Bitcoin and Ethereum also plunged during the bear market, they reached new highs again in the next bull run and brought me pleasant surprises.

The second time was in that bull market, when I sold Bitcoin and Ethereum but kept most of the funds, so I was able to buy back Bitcoin and Ethereum during the following bear market.

Looking back on the second experience, the reason I was able to keep those funds was definitely not because I understood the reasoning Duan Yongping talked about—that buying other stocks/coins could be worse, so it’s better to just hold on to Moutai/Bitcoin/Ethereum. It was probably more about luck and instinct.

But now, after hearing Duan Yongping’s reasoning, I have a deeper understanding of why he didn’t sell Moutai.

For many people, selling Moutai/Bitcoin/Ethereum at a high point might not be that difficult.

What’s truly hard is: when you’re holding a pile of cash, being able to control yourself, not unconsciously buying things you don’t understand, or think you understand but actually don’t.

I guess even among our readers, there are quite a few investors like this, right?

They lock in profits at a great entry point, but end up squandering their cash everywhere, making random purchases, only to see what they bought either go to zero or never return to their former glory.

Thinking about it now, instead of randomly buying all sorts of assets, why not just buy Bitcoin and Ethereum?

Furthermore, thinking back to when I started DCA in 2022, instead of investing in so many targets, it would have been better to simply lock my DCA targets on Bitcoin and Ethereum.

Also, I wonder:

Even if you manage to sell Bitcoin and Ethereum at the peak in this bull market, can you control yourself when holding all that cash, and ensure that you don’t recklessly spend it or randomly buy other assets during the following years of bear market?

Of course, the best situation is to strictly control yourself, keep your cash safe, and honestly buy back Bitcoin and Ethereum in the future.

But if you can’t, then why not just keep holding those Bitcoin and Ethereum and not sell them at all?