Fellow humans,
The last time I wrote about bitcoin was October 21. If you missed that one, you can find it by clicking here. At the time, the price of one bitcoin was around $13,000. Now, the price of one bitcoin is around $18,500.
At this time, I don’t believe many people are experiencing FOMO. People I know are certainly showing more interest in bitcoin, but do not appear to be buying. Bitcoin’s 42% price increase in the past 33 days doesn’t seem to be a strong enough influence on everybody, and that’s ok.
Although bitcoin is currently in a bull market, we are still below $20,000 per coin — the all-time high in December 2017. With that being said, I understand why potential investors are hesitating. Once we reach a new all-time high per coin, I believe potential investors will start feeling the effect of FOMO, which is not ok.
Many inexperienced investors will rush into buying bitcoin. I know this because I was an inexperienced bitcoin investor. I cannot stop people from behaving this way, but I can advise people to educate themselves, which is the best-case scenario.
The internet has made our lives more convenient in many ways. Instead of going to a public library or a classroom setting for information, we can find good information on the internet. If we want to learn something new, Google is a good place to start.
I often post about bitcoin on social media, and as a result, people reach out to me for more information. I try to encourage everybody to educate themselves. That’s the way I learned, so it only makes sense to encourage others to do the same.
We’re no longer children in school. People are not forcing us to learn things. If we don’t want to learn new things — no problem, somebody else will.
People invest in bitcoin because they either want to protect their wealth or grow their wealth — both valid reasons. The current financial system is broken in some ways, and there is a growing number of people who want to opt out of that broken system. Bitcoin provides us an opportunity to opt into a new and improved financial system — whether we invest $5 or $5,000.
I wasn’t born with bitcoin knowledge, nor did I learn in a classroom setting. I’ve done hundreds, probably thousands of hours of research over the past three years, and I’m still learning. Believe it or not, a lot of good information is free on the internet.
I don’t know everything about bitcoin. However, I know enough to feel comfortable and confident as an investor. Even if the price of bitcoin crashes 75% overnight, I’ll simply wake up and buy more.
My favorite way to learn about bitcoin is reading books. Books have so much detail and perspective. Although YouTube videos, news articles, and other sources can be helpful, they pale in comparison to a well-written book.
The more we learn, the better prepared we are as investors, and the greater our defenses will be against FOMO. If you catch yourself about to impulsively invest in something you don’t understand, I strongly encourage you to take a step back. Do yourself a huge favor by educating yourself.
The first book I recommend is The Bitcoin Standard by Saifedean Ammous — you can find it by clicking here. If you don’t want to buy or read a book — no problem, there are other ways to learn. You can watch YouTube videos, listen to podcasts, or simply have a conversation with a bitcoiner. If you’re interested in learning more, feel free to reply to this email.
Until next time,
Salvatore Norge