How is everyone? hope everyone is doing well, at least as well as they can in this roller coaster world of crypto. Today I really stopped in my tracks after reading a piece of news. The guy is familiar, Josh Mandel, who became as soon as the State Treasurer of Ohio. He has been talking approximately Bitcoin given that before maximum human beings ought to even pronounce the call successfully.
This is the identical man who took a step in Ohio a few years in the past that made headlines on the time, permitting kingdom taxes to be paid in Bitcoin! As atypical as it could sound, it become a revolutionary concept for the time. Imagine, crypto being covered in a government initiative! But instances have modified, people have modified, and now that equal man has lost $1.2 million due to his personal terrible timing and overconfidence.
The incident is just like a movie, he thought Bitcoin would go to $444,000. A bold prediction, no doubt. But no one knows when the market will react. The result? The call options became worthless, and he himself admitted it publicly after losing this huge amount of money.
What I found most interesting was that he did not hide his loss. Rather, he said it openly, so that people would understand that there is no such thing as a “sure thing” in the market. I have been studying crypto for a long time, and I have seen it. No matter how big the name, the market teaches them too. No one is out of this game.
Sometimes it seems that crypto is a mental game. No matter how wise a person is, a little greed or excitement can turn everything upside down. The way Mandel went “all in”, I understand that he invested not only money, but also his own faith. And that is the most difficult thing when it breaks.
This incident is a big learning point for us. No one can predict the future in the market. No one. All predictions, all analyses, ultimately are in the hands of the market. Today Mandel lost, tomorrow someone might win, but the rule remains the same: understand the risks.
Finally, I would like to say one thing, we often think that great people have all the answers. But in reality, they too, like us, learn, make mistakes, and get back up. After this incident, I told myself one thing: Never underestimate the market, and never make decisions based on emotion.
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