Day 1422

What an awesome week. Went 2–0 in the flag football games I coached, got to see my buddy Bhomas Taker who was in Florida for work, enjoyed a nice practice today and now I’m charging my Mum’s Tesla at a Wawa about to head to my friend Nick’s afterwards for tacos with Sloan.

If I’m being totally honest my body has been tense these past couple of months. I think it’s because Bitcoin did this.

Shout out to Bitbo

The vast majority of my portfolio is the orange coin. Long term I’m still mega bullish. I know which way the trend is going. I wouldn’t change my portfolio and the thesis is still intact. But it sucks watching your portfolio go minus roughly 50% over a few months even if you are stacking the dip and confident it will come back.

Here’s the thing though. The buys that make you feel sick to your stomach are almost always the ones that look genius in hindsight. Nobody felt smart buying at $3k in March 2020 when the world was ending. Nobody felt smart buying at $15k after FTX blew up and every headline said Bitcoin was dead. Those were some of the best buying opportunities in Bitcoin’s history and they all had one thing in common: they were painful. The market has a way of shaking out everyone who doesn’t have real conviction before the next leg up. If it were easy to hold and stack through a drawdown, everyone would do it, and the returns wouldn’t be there.

I’m still incredibly bullish. I do think the recovery will be glorious. But my zero-sum monkey brain is going aw crap and tensing up. Good to breathe. Remind yourself that without pain there is no gain. That the orange coin keeps adding block after block. That the protocol doesn’t care about the price. And that the buys that hurt the most tend to be the ones you’re most grateful for a year or two later.

2/11/26

Conor Jay Chepenik