The lesson that took years to internalize: volatility is not risk, it is opportunity cost. I watched Bitcoin fall from $19,000 to $3,600 in 2018 and thought I understood. But understanding intellectually and accepting emotionally are different currencies. The real cost was not the drawdown itself—it was the capital I kept in reserve, waiting for certainty that never came. By 2021, I realized the only certainty in cycles is that they complete. The ones who suffered most were not those who bought at peaks, but those who held cash through troughs.
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