What is your trigger for buying cryptocurrency? I bet for most of us, it's the potential for profit. Sometimes this is driven by rational decision making, and other times it is driven by the fear of missing out (FOMO). This week on the podcast, we talked about the individual pain that we felt that prompted us to explore cryptocurrencies as a medicine. For me (Keegan), even though I was 15 at the time of the 2008 financial crisis, I knew it was bad. The level of crony capitalism, and bailout manipulation that took place was unprecedented. When I stumbled upon bitcoin in 2013, I didn't learn that it was the remedy for this situation for two more years. In 2015, I bought my first bitcoin because I finally understood that bitcoin is resistant to corruption.
At this point, it doesn't matter what the price of bitcoin is, price is temporary. All that matters is that I've opted into a system of money that is not subject to being corrupted by humans. We now have a technology that allows us to offload one of the most important human inventions (money) onto something that can be trusted; Mathematics.
What is your Pain?
At the end of the day, humans are unlikely to make a change unless there is a major life event that prompts them to do so. This might be a marriage, a death in the family, a loss of a job, or government imposed hyper-inflation. For citizens living in countries where their currencies have been hyper-inflated (Argentina, Venezuela, Zimbabwe, Lebanon) their pain is extremely real, as it translates into not having enough money to feed their family. For me, it was unbearable to be participating in a monetary system by holding CAD, or USD that I perceive to be broken beyond reasonable repair.
Michael Saylor Fixed His Pain
We've been highlighting the company MicroStrategy for the last couple of months because their CEO is an exemplary beacon of logic when it comes to fixing monetary pain. Michael Saylor converted $425 million of the cash reserves of a publicly traded company into bitcoin. If you ask him why, he would say that holding the cash in USD is like holding a melting icecube. The money is actively being devalued and there is nothing he can do about it other than trade it for something that cannot have it's value inflated away. Michael Saylor decided to fix his pain, and the pain of his multi-billion dollar company, by purchasing bitcoin. The thing the average individual can take away from this is that we each need to think about our cash reserves as this melting icecube. This analogy doesn't just apply to Michael Saylor, it's the actual reality of what is happening to our money when governments decide to inflate the money supply by 10 - 20% in a single year.
Take it Slow; and Get Off Zero
When we've spoken to our friends, family, and colleagues about buying bitcoin, there is an inherent hesitation. It's because it is unknown. We're not saying that people should convert their life savings into bitcoin tomorrow. We're saying take a look. Examine the facts. Use Go Full Crypto as a resource for making your decisions. We are your resource for determining whether or not cryptocurrencies are the right medicine for your financial pain.
This Weeks Episode
This Weeks Guest - Emilie Benigno
We conducted another episode of Simple Questions, Smart People Ask with
our friend Emilie Benigno. She had several great questions that led us into discussions around the morals, and ethics around privacy of using cryptocurrencies for monetary transactions. Make sure to subscribe to us on Spotify, Apple, or Google to catch the latest episode as soon as it airs.
The Go Full Crypto Vision
We want to help people opt-into the world of cryptocurrency, one dollar at a time. In order to do this, people must need a reason. They need their own "why" behind discarding their government currency for the world currency of the future. Go Full Crypto is putting out content to help people discover the reason why they want to get involved in cryptocurrency.
If you like our content, and want to see us produce more, consider donating to our podcast. We are ad-free and would like to keep it that way.
BTC - 1H3mLLktD8hhaZCKfVKrgF2fRSYYbnsptC
ETH/ERC20 - 0x7E51bd8BBb9B85A477F3244a29290E2F579A2bAa
Watch the Episode