The common topic of conversation among friends and family is Bitcoin.
What is it?
How does it work?
And most importantly should I buy some?
I’m here to tell you –you can’t win either way.
On the way up
If you buy it- you will be swept up in the euphoria and watch it like a hawk. (Obsession)
If you don’t buy it- you can’t not see the value because it’s reported daily all over the place. (Obsession)
If you buy it – you will hope and pray it continues to go up in value. (Helpless)
If you don’t buy it – you will kick yourself for not buying if it continues to climb. (Depression)
If you buy it – you will start to believe it won’t ever go back down and will think about putting your whole net worth in. (Delusion)
If you don’t buy it – you will hate others who got in early. (Jealousy)
On the way down
If you bought it- you will think about selling but afraid you will miss out if goes back up. (Anxiety)
If you don’t buy it- you will root hard for it to fall in price. (Vicious)
If you bought it – you will think about buying more to increase your holding at a cheaper price. (Gambling)
If you didn’t buy it- you will say it was a bubble and you knew it all along (Arrogance)
So with all things that are extremely volatile, our emotions can ruin everything.
Buy some or don’t- doesn’t matter to me.
But keep your feelings in check and see how it fits into your overall financial plan!