Do I feel late to Bitcoin?
1) I’ll start with a framing exercise. If Bitcoin reached highs of ~$2.70 in 2017, was down to 40 cents in March 2020, and was trading at ~$6 today, would the price make you feel late? (varied answers to be expected which is fine)
2) If I got into Bitcoin earlier I would’ve been known in the industry as ‘soft-hands’. My all time favourite NBA player would say ‘soft like charmin’. I would’ve lacked the understanding/conviction required to hold on tight to my BTC over time and would’ve ‘cashed out’ somewhere along the way. What a disaster.
3) I wouldn’t have put meaningful skin in the game. My level of investment would have reflected my level of understanding. Therefore it wouldn’t have been high and reward would have been proportional. I now get to be ‘irresponsibly long’, never sell, and reap meaningful upside if correct.
4) So don’t I just wish I gained more knowledge/conviction sooner then?
Well sure. But would it have been possible? I think to ‘get’ Bitcoin you either ‘have to’ (grew up in the third world) or you fall down the Bitcoin rabbit-hole.
To genuinely fall down the rabbit-hole I think this will take a serendipitous mix of good content resonating, personal situation, external events, external influences etc.. Sure it’s *possible* this could have all aligned for me years ago, but odds would be out of favour.
5) I would’ve been a safety risk. Private keys, public keys, seed phrases, hot/cold storage, mild/chilled storage, desktop/mobile/hardware wallets, self/outsourced custody etc etc. It can be a bit to get your head around. I *probably* wouldn’t have lost any bitcoin, but I wouldn’t have understood my differing risks. (+ still more to learn!)
6) Why would I feel late when it’s still so early. Bitcoin has only been here for 12 years, only ~0.5% of the world use it, we’re only at ~10% of the market cap of gold…
7) Am I just rationalising myself into these trains of thought to make myself feel Ok?
But I don’t think so.
I’ll still think the same if the price drops ~50% tomorrow and I won’t be going anywhere. As the famous line in the movie Wolf of Wall Street goes “I’m not f*cking leaving!”
* None of this post is financial advice, please do own research
Please also check out -
15 Points of Interest that sent me down the Bitcoin Rabbit Hole
If Bitcoin was a Parent?
4 reasons explaining Bitcoin to my Filipino Mum went suprisingly smooth Some Light Bitcoin Objection Handling
and; How the mystery surrounding ‘Who is Satoshi?’ helps protect us from cognitive biases and logical fallacies
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Originally published at https://www.linkedin.com.