Is Bitcoin "selling on the rise"?

Yesterday, my social media and various groups were filled with messages celebrating Bitcoin Pizza Day. Coincidentally, Bitcoin has once again reached a historic high of $110,000 in the past couple of days.

In this atmosphere, everyone excitedly celebrated this holiday dedicated to Bitcoin: 15 years ago, a programmer bought two pizzas for 10,000 Bitcoins.

The historical significance of this event goes without saying; it symbolically endowed Bitcoin with intrinsic value.

However, especially in recent years, whenever this day comes around, discussions tend to focus more on what the situation would be like if that programmer had kept all (or part) of those Bitcoins until today.

I opened the historical price chart of Bitcoin on CoinGecko, which records data starting from April 28, 2013, when Bitcoin's price was $135.

I felt that price was still high, so I tried TradingView. The records there are more detailed, and I found that Bitcoin first reached $1 around February 1, 2011.

Why was I looking for the time when Bitcoin first hit $1?

Because from $1 to $100,000, Bitcoin achieved a 100,000-fold increase. If an ordinary person is fortunate enough to gain a 100,000-fold return from an investment in their lifetime, even if their initial investment is not large, that return is enough to achieve financial freedom and elevate them to a certain degree of social status.

Rewinding back to 2011, for our generation, whether we were studying or already working, taking 100 RMB from our usual pocket money or salary to invest shouldn't have been too difficult, right?

If that 100 RMB had been used to buy Bitcoin back then, its value today would be 10 million RMB. This asset, even in a first-tier city, could allow one to live a relaxed and comfortable life as long as they don't pursue a lavish lifestyle too much.

But the difficulty lies in the fact that even if we had indeed bought Bitcoin with that 100 RMB, how many of us could have held onto it until today without any trading? How many could completely ignore the ups and downs, even the crashes to zero, that Bitcoin experienced during that time?

To block out all these distractions, I think the core is actually two points:

1. Believing in its future value.
2. Completely abandoning the mindset of trading.

For the vast majority of people still exploring the crypto ecosystem today, I estimate that the first point is relatively easy to achieve—after spending so many years in this ecosystem, one can more or less establish a certain understanding of Bitcoin in their heart.

The difficult part is the second point; otherwise, we wouldn't find ourselves unable to resist checking the market every few days to see the prices. And in the process of trading, the easiest pitfall is that once you sell, it becomes very hard to buy back, ultimately causing you to completely miss out on this wealth train.

Thus, long-term holding of Bitcoin is a more critical test for investors.

Coincidentally, in recent days, I occasionally come across videos of Lin Yuan. He often says in his videos that he buys stocks for the long term and does not sell. However, he sometimes speaks imprecisely; fortunately, I watch his videos often enough to understand his words in context. What he means by not selling is that he holds onto stocks he believes in for the long term, not that he never sells any stock he buys.

In Lin Yuan's past investment cases, Darentang is a relatively valuable reference case.

Lin Yuan bought Darentang's S shares, which are listed in Singapore. Compared to A shares, S shares are cheaper and offer more generous dividends. He heavily invested in this stock in 2013. However, the price of Darentang's S shares remained almost stagnant from 2012 to 2022.

In such a situation, an ordinary investor would probably have lost patience long ago and sold off the stock. If they had done so, they would have completely missed Darentang's subsequent surge: from 2022 to 2025, Darentang entered a skyrocketing phase, with its stock price increasing tenfold over three years.

In the case of Darentang, it took 13 years to achieve a tenfold increase.

In the case of Bitcoin, it achieved a 100,000-fold increase, but it also took 14 years.

So what I want to say is that for ordinary investors, if they truly want to achieve epic wealth, they must befriend time, whether in traditional investment fields or in the crypto ecosystem.

Dreaming of getting rich overnight and being obsessed with trading are the biggest enemies to wealth advancement for ordinary people.

Thinking this through, I am increasingly inclined to hold Bitcoin and Ethereum long-term in the future. Unless the market is extremely irrational, I will try not to engage in so-called "selling at highs," even if the market is good.