This will be a short, reflective post. Anyone else need a break from the highly technical mental gymnastics that comes with being a crypto investor?
I've been thinking a bit today about the similarities we are seeing between this modern 'crypto-gold' rush and the gold rushes that happened in both California and Australia in the mid 1800's. In both countries, it launched massive migrations of hundreds of thousands of people chasing their fortune. With that came both good and bad. Some struck it rich. More often though, people never realized their dream. In too many cases, it literally ruined people's lives. It also paved the way for settlement as it ushered in an era of building infrastructure, new towns, and gave many a chance to start over.
Today, we have this thing called Bitcoin, a so-called digital gold. Like it's predecessor, it also has mobilized hundreds of thousands of people on a journey that requires a bit of courage and some faith. What will be the legacy of this digital gold rush though? Some of it will be good no doubt, but all of it? Not sure that's the way the world works.
Given my tendency to go all in on something, I've got to regularly step back and make sure I'm not getting too blinded by something shiny. One way I do that is to ask myself what my purpose for chasing something and is that what I ultimately want to be remembered for. Am I trying to get rich? Am I trying to escape a sinking ship? Am I trying to do some good in the world? Is it enriching my life and relationships or is it pulling me away from something I love? It's hard, but doing this helps me to maintain the proper perspective and priorities. Something to chew on.
Hope everyone has a great weekend!