Bitcoin

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)

Bottom line.

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!

-Jared