Throughout the years I have written countless articles about how Bitcoin will change your life for the better once you’ve begun investing in it. Improving your financial skills, budgeting, saving, investing, and giving you real hope for the future. These are all incredible things. However, something we need to discuss more often is how investing in Bitcoin can change you for the worse.
I firmly believe that Bitcoin is the future and will make anyone investing in it currently very successful. With that said, that doesn’t mean everything will always be perfect. Investing in this market through the up and down swings will be one of the most emotionally challenging experiences you will ever go through. It may change you in ways that you weren’t expecting. These are the personal experiences that I have gone through.
Not Appreciating What You Have
While investing in Bitcoin it can be so easy to lose grasp of the whole picture. We have gotten caught up in the 4 year Bitcoin halving cycles and the price appreciation that follows soon after. It seems that we are always in a rush to accumulate as much as we possibly can before prices get ahead. We often will feel that we learned the “Bitcoin secret” before corporations and mainstream, and therefore we are always grinding to take advantage of this opportunity while it lasts.
This market is a market where so many people have become rich and many of us feel we are in direct competition with those people. Trying to match their portfolio, or even surpass it. We all set our own personal accumulation goals, but once we have achieved them we are still not satisfied and want even more. This market will put you in an emotional state of always wanting more.
It’s important to always remember that we are very fortunate to have disposable income to invest in this market. To own an asset that we can actually take full self-custody of, that has no counter-party risk. An asset that you will probably need much less than you think to become well-off if this industry continues to grow. We are lucky and we always need to remember that.
Becoming Cheap & Not Enjoying the Moment
Similarly, investing in Bitcoin might also make you cheap and not enjoy the current moment. We have all been told how this market could cause the largest transfer of wealth the world has ever seen, and we start to believe it. Therefore we begin wanting to find ways to invest as much as we possibly can.
This will result in your ober-thinking every purchase you make. We could go to a restaurant tonight, or we could use put that money towards Bitcoin. We could go on that luxurious trip to Hawaii, but how much would that be worth in ten years if we bought Bitcoin instead? These are the types of thoughts that may begin popping into your head.
While there is nothing wrong with becoming frugal, I actually think it is a great thing. However, too much of it isn’t good. It will put you in a mindset of only thinking about the future, instead of enjoying the now. While planning for the future is important, always remember that it isn’t guaranteed and we should strive to enjoy each day.
Disillusioned
I have been very fortunate to make more money with Bitcoin than I ever thought would be possible in my life. However, this has caused me to become quite disillusioned. Bitcoin and crypto is the most volatile asset class that you can be investing in. On the most volatile of days, I have seen my portfolio go up or down by tens and even hundreds of thousands of dollars.
Eventually, it got to a point where it doesn’t even feel like money to me anymore. Especially since I never cash out. They are just numbers on a screen.
Taking this into account and also the fact that I live as frugally as I possibly can accumulate even more. All of this results in me still feeling poor, even though technically I have “made it.” And so there is always an inner battle that I’m trying to fight. Always try to appreciate what I have, enjoy the moment a little more, and try my best not to become disillusioned. At the end of the day, however, Bitcoin has definitely changed my life for the better. But that doesn’t mean it doesn’t present new challenges.
How about you? How did Bitcoin and crypto change you?
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As always, thank you for reading!
