I can specifically remember several days in the past when I've had conviction to buy BTC. This summer, my best friend and I were camping near Rocky Mountain National Park and met an interesting fella. He was all in on crypto. You know… one of those guys who’s into archaeology, only working 3 months out of the year, traveling all the time, and well… crypto. Enough said. He pleaded with us to listen to his reasons to buy as he claimed that BTC would surpass 20k by the end of the year. (BTC was around 7k at the time.) He was also long on ETH and Cardano.
After listening to him for two hours around the campfire, I was convinced I should invest at least some money into crypto.
But life happened, I got busy and didn’t buy.
Now I’m having FOMO, and I'm sure some of you are in the same boat. But the FOMO has pushed me to come up with answers to the following two questions.
Two Questions I'm Defining Opinions For
- Will the world run on a digital currency in the future?
- If yes, will we see another dip in the crypto market before mass adoption takes place?
Here’s what I believe to be true:
It seems inevitable to me the world will run on a digital currency – at some point in the future. I can’t imagine a future where this technology isn’t leveraged to simplify payments and transactions.
Here’s what I don't know for certain:
Is BTC going to be the all prevailing most valuable coin in the long run?
Will ETH follow in the footsteps at the current ratio or will it compete head to head with BTC?
Will the ratios of alt coins to BTC increase/decrease at the current ratio?
Will there be another dip in BTC value before mass adoption?
If we look at value of BTC in relation to pure search volume on Google Trends, we've seen this spike before.
In December of 2017, the Google trends search volume was at an all time high and so was the price — roughly $19k.
What happened after the spike? Another dip. But the question still remains — are we living in a time the mass adoption chasm has already been crossed?
I personally do believe that BTC will be valuable in the future. I’m currently deciding if I believe if another dip will occur or not. I’m plagued by the mindset of always wanting a “good deal” on any purchase I make. If I believe in BTC over the long term, I should put some money in it and not waste my time looking at the graphs until 5, 10, or 20 years from now.
I've already spent the first part of my morning in a fear state because I don't want to miss out on the future gains. But the reality is no matter the outcome of BTC, cash will still be required to invest.
The outcome of BTC = something outside of my control.
The energy and effort I put towards growing my business to generate revenue = within my control.
With that, I realize that I should stop worrying about things outside of my control and transition my focus for the remainder of the day to what's in my control. The hard truth still remains that I’ll need to generate cash if I want to have an opportunity to invest in the first place.
I just took a writing break to go fill up my coffee and had a though. I have 5 mentors in my life whose financial opinions I trust.
So I’m making a decision for next steps right now.
Over the next week, I will to talk to the 5 mentors on my list and get their opinion on BTC.
If three or more of my mentors are buying in the state of this market, then I’ll buy. If less than 3, I'll take my chances and wait.