Thursday, 2 November 2023

Moving 2% of my net worth into BTC


I just saw a post titled “Moving 90% of my net worth into BTC”. It asks people for their thoughts on OP’s “stupid decision” (OP’s words, not mine).Obviously, it’s a bait for validation. When someone makes a decision that feels life-altering, it’s normal to seek validation on the decision. We do it all the time, like when we make a big purchase. Sometimes showing off our big purchase is not so much about bragging but about validating our decision. Because it’s such a big cost that we need to feel sure, and social feedback helps us feel sure.I’m here to tell you that you don’t need validation. I’m a fan of Mad Men, and so I’ll quote Don Draper here: “You already know about Jesus. He either lives in your heart or he doesn’t”.The fact is that Bitcoin is an emerging technology. 99% of emerging tech fails, and very rarely is the failure caused by the tech being bad. Usually, social, political, or otherwise serendipitous causes are behind the failure of new tech. That’s why we say “it was ahead of its time” and not “it was outside its market”. The market never exists at the beginning. It takes many things, including luck to create one. We have to be humble and accept that bitcoin failing is a real possibility.HOWEVER, even if we recognize bitcoin can fail, we understand its potential, its value, and therefore we believe it will succeed. We believe it will be the money of the future that can save us from tyranny and inflation, or at the very least, be a revolutionary platform for instant frictionless peer-to-peer global transactions. And because we believe in bitcoin we invest in it. We know it can fail, but we believe it will succeed. So, we know Bitcoin is a risky investment. And so we should invest in it only what we are comfortable losing. To me, investing in bitcoin isn’t a get-rich-quick-hail-Mary. Even if I lose all my money, I’d rather hold Bitcoin than invest in something else. Because, for me, Bitcoin is a revolutionary act. It’s a way to draw attention towards the values behind bitcoin’s design: peer-to-peer, vulture-less finance, freedom, non-inflationary currency, digital life, etc… That’s why, when it was released, bitcoin came with a manifesto (the white paper). It’s an act of rebellion.So, it’s ok if you DCA a little bit every week, or if you put everything you own into it. It’s ok. Each will have their reasons and each will have their risk-appetite or risk-tolerance. We are all different and so it makes sense that we all invest differently. Even if 98% of your portfolio is in stock, bonds, and real estate, the important part is that some of it is in Bitcoin. Because the fat cats of finance want all of it. Are you gonna let them have it or are you going to let Bitcoin into your heart and fight back for your personal financial sovereignty? This is what it’s about. Whether it’s all of it or a little of it, we’re all part of the Bitcoin rebel alliance. It’s a nice little club to be a part of. Thank you for reading my rant. via /r/Bitcoin https://bit.ly/3SkZIWn

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