Bitcoin Makes My Head Hurt
$10,920. That's how many US dollars you need to purchase one Bitcoin. For those keeping score you could've picked some up for around $800 in January. If you don't own any I recommend not doing the math. It may cause nausea, dizziness or trigger a migraine.
Most people I associate with still don't know what a Bitcoin is. That's okay, I don't really know what it is either (I did watch the documentary on Netflix called Banking on Bitcoin).
I first heard about it a few years ago and quickly dismissed it. I couldn't wrap my head around the concept. I took a more serious look when one Bitcoin was worth around $500. That was way way back in August of 2016 (In the cryptocurrency world that's a very long time).
I googled how to buy Bitcoin and the words "digital wallet" showed up creating a feeling of discomfort that once again closed the door on taking action.
Being early in a trend, stocks, real estate or most assets for that matter involve feeling uncomfortable. I understand this concept when it involves asset classes that have a few decades under their belt. But Bitcoin?
We are living in a world where the information on how to do something is in the palm of our hand. This has the force to make trends very explosive.
For some, venturing into the unknown and purchasing Bitcoin was a flash of a thought disappearing as quickly as it came. For others it seemed interesting enough to move forward and buy a few. The research involved may have consisted of a google search lasting a minute but one thing is for sure there a lot of people taking action...
We all know about the monster move in Amazon's stock over the last few years. How does this investment compare to those early to the Bitcoin party...
I think I'll just start yelling bubble and join those who are bitter because they never participated in this monster trend. I've also never had much success making the FOMO (Fear Of Missing Out) trade.