What else can you buy after selling Bitcoin?

In the interview, Duan Yongping talked about Moutai again.

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

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

If he sold Moutai, he really didn't know what to buy?

When I heard this, I felt it was a common topic, as I had seen similar statements in his Q&A records long ago.

But the next thing he said answered a lingering doubt in my mind.

He said (in essence):

If he sold and held cash, he would feel very uncomfortable because he has always been fully invested in stocks. So if he held cash, he would most likely buy other stocks, but if he happened to buy other stocks, there was a high probability that those stocks would not perform as well as Moutai in the future. He believes that Moutai will rise again, but it is hard to say about other stocks.

So he decided to keep Moutai and did not sell.

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

Once, during an earlier bull market, 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 bought recklessly, losing quite a bit.

Later, when the bear market came, I realized the value of Bitcoin and Ethereum, but the funds I could use to buy Bitcoin and Ethereum had decreased significantly.

Then, when the bull market returned, none of the coins I had bought recklessly managed to reach their former glory; it would have been better to have directly bought Bitcoin and Ethereum after selling. Although Bitcoin and Ethereum also fell sharply during the bear market, they eventually reached new highs in the next bull market and brought me surprises.

The second time was during that bull market when I sold Bitcoin and Ethereum and retained most of my funds, allowing me to buy back Bitcoin and Ethereum during the subsequent bear market.

Looking back on my second experience, the reason I was able to retain those funds was certainly not because I now understand the reasoning that Duan Yongping mentioned: buying other stocks or coins might be worse, and not holding Moutai, Bitcoin, or Ethereum might be more about luck and intuition.

But now, after hearing Duan Yongping explain this reasoning, I have a deeper understanding of why he did not sell Moutai.

For many people, selling Moutai, Bitcoin, or Ethereum at a high point might still be relatively easy.

What is truly difficult is: when you are holding a lot of cash, being able to maintain your composure and control your unconscious urge to buy things you don't understand or think you understand but actually don't.

I guess there are probably quite a few such investors among our readers, right?

They take profits at a good point but then wastefully buy various things with the cash they have, resulting in purchases that either go to zero or can never regain their former glory.

Now that I think about it, rather than buying various assets randomly, why not just buy Bitcoin and Ethereum?

Furthermore, reflecting on the time I started dollar-cost averaging in 2022, instead of investing in so many assets, it would have been better to focus my dollar-cost averaging on Bitcoin and Ethereum.

Additionally, I would think:

Even if you can sell Bitcoin and Ethereum at the highest price in this bull market, when you are holding a lot of cash, can you control your spending and ensure that you don't waste that cash on various assets during the upcoming bear market?

The best scenario, of course, is to strictly control your spending, keep cash, and honestly buy back Bitcoin and Ethereum in the future.

However, if you can't do that, then why not just keep those Bitcoin and Ethereum and not sell them?