# Another Year 3/12

I remember that day—my dad called me saying he wanted to bottom-fish BTC and wired me 2 million yuan to convert to USDT to buy BTC. BTC was trading around 5,000-6,000 at the time, but USDT already had a roughly 10% premium relative to RMB. On one hand, I wasn't sure if BTC would just go to zero, and I was already heavily holding a lot of BTC from previous mining that I hadn't sold, getting hit hard by the decline. On the other hand, converting to USDT to buy meant losing 10% immediately, so I talked my dad out of it.

The next day BTC dropped another 50%, falling below 3,000. I called my dad to say it was good we didn't buy.

You all know what happened next—we never saw BTC below 3,000 again.

After that, I've met many people who got into this space later, and they all said they would have definitely bottom-fished on 3/12 if they could do it over, analyzing it all very convincingly.

But standing at that moment in time, there was no grand Web3 narrative, no ETFs, DeFi was barely in its infancy, and mainstream media was unanimously bashing BTC.

Back then was so much more desperate than now.