Fellow humans,
I’ve changed the name of my newsletter from Norge’s News to Greater Than Myself. My intent is to write about topics that are greater than myself. I understand my life is a drop in the bucket compared to the experiences and lessons that life has to offer.
Bitcoin is known for volatility — both up and down. The market value of bitcoin has been rising significantly. In January bitcoin was around $7K per coin. Last month bitcoin was around $10.5K per coin. Today bitcoin is around $13K per coin. Bitcoin has gone up 85% in less than ten months.
In the past five years bitcoin has gone up around 4,700% — enter FOMO.
FOMO
FOMO is an acronym — Fear Of Missing Out. Example of FOMO — in 2017 I paid $2,500 for an investment because the market value was rising quickly. I was afraid I would miss out on the investment opportunity, and I believed the market value would continue rising. That investment is now worth around $260. Let the record show I sold at $2,500 and broke even. Even a broken clock is right twice a day.
I’m not trying to discourage you from investing. I’m trying to inform you that acting on FOMO is reckless. As long as bitcoin’s market value continues to rise, popularity will explode. A lot of bad advice will float around.
If you’re planning to invest, do just that — plan. Don’t get caught up in the hype. Learn as much as you can from credible sources before you risk your money. Don’t let fear get the best of you. Don’t let FOMO win.
Until next time,
Salvatore Norge
This is not financial advice. This is for informational purposes only. Do your own research.