CZ makes an important point here.

The people who bought Bitcoin early didn’t buy at “all-time highs” in their own time. They bought when sentiment was terrible, when narratives were broken, and when most people were convinced it was either dead or irrelevant.

Every major Bitcoin bottom looked expensive and risky in the moment. Fear, uncertainty, and doubt were always the backdrop. The idea of “buying early” only becomes obvious in hindsight, once price has already moved multiples higher.

That’s how asymmetric assets work. Opportunity shows up when conviction is hardest to maintain, not when headlines turn bullish and timelines are filled with green candles.

Most participants don’t miss the top because they’re late. They miss the opportunity because they wait for certainty, and certainty only arrives after the move is already gone.

History doesn’t reward comfort. It rewards patience during periods when nothing feels safe or obvious.