Bitcoin serves many purposes. And the purpose differs for different people. You see/use it as a tool for speculation. That’s great to help support floors and sell peaks.

However, many people view the long term value proposition Bitcoin provides: limited supply, increasing adoption, technology improvements, alternative to fiat debasing, structured rules based on code, ability to hold and send money without an intermediary, ease of storage, and more reasons.

To call people suckers for having this view may be correct, but it’s probably wrong. I applaud you for timing the markets perfectly, but not all of us have this skill. In my opinion, It’s easier to accumulate in the peaks and valleys…no need for luck or amazing skills.

I’d encourage you to think a bit deeper about the fiat monetary system, fractional reserve banking, central bank monetary policy, and how well fiat savings has fared before you come to your determinations.

The biggest factor you are ignoring is the adoption narrative. Cashing out the whales makes the entire Bitcoin narrative stronger as it distributes the supply. It’s necessary for Bitcoin’s growth. The cycles are a function of increasing the distribution and raising awareness.