I know it’s sexy, but right now, if you ‘invest’ in bitcoin, you will almost certainly lose money.
Most like to label this ‘investing’. However, unless you know what you’re doing, it would be wiser (and more accurate) to call this ‘hoping’.
Yes, you may get a ‘lucky’ break but smart young leaders manage their money wisely.
Money flows where it’s most ordered and organised.
When you place your future in ‘hope’ it’s almost certainly going to disappear.
If you go to the casino and play roulette, your odds are right there in front of you.
You can see them. (37-1, 18-1, 11-1 etc up to 1.05-1)
At the end of the day though, the house ALWAYS wins, and over the long term, you will lose money.
The thing is, roulette is not overly complicated.
It simply plays on the human desire to seek pleasure without pain, gain without loss.
Which is the amygdala talking….’gimme some cocaine!’
But what about bitcoin?
How do you ‘win’ at that?
There are so many moving parts, and MOST people have very, very little education on it.
They just heard about a friend of a friend who got in when it was worth a few hundred dollars per bitcoin.
“Now is the time before it goes up even higher!”
A LOT of vulnerable people are going to lose A LOT of money (good lessons to be learned though so all is fair).
Just like they did in the dot com boom in the late 90’s/early 2000’s and just like they will when the bitcoin bubble bursts.
The best idea, for all the charlatans out there, would be to create a Herbalife style Ponzi scheme where you literally ‘get in on the ground level’ and get people under you to invest – although I’m sure that probably already exists.
Did you ever notice how the only people really making money from bitcoin are either those who got in early and have extensively studied it, and/or those who are telling you just how lucrative an opportunity there is in it?
Surely that’s a warning sign….
But if that wasn’t enough, recently, while he was on tour in Australia, I had the opportunity to sit with and learn from human behavioural expert, Dr John Demartini. Among other topics, I asked him what his thoughts were on bitcoin.
This is a man with wealth very high on his values.
He has read about, spoken on and taught wealth creation for years, and is well beyond being financially free (meaning if he stopped working today, his wealth would create more than enough income for him to continue living a wealthy lifestyle).
He said he is not going to touch it.
The market is too volatile.
I’ll stick in that boat too.
Unless you’ve begun to master your finances, have a financial cushion in place and have ‘earned the right’ to speculate with fluctuating markets (such as bitcoin or even the stock market), then you too should steer clear.
The wisest use of your money is to continue using it to fuel your growth.
As John says: I’m all about getting rich quick, as long as it’s over the long term.
Be wise with your money and you’ll get more money to be wise with.
Ciao for now.