More people I know and meet randomly now have at least heard of bitcoin.
But most are waiting to invest. I’ve heard many things from people who haven’t bought any yet:
“It’s already so expensive!”
“I don’t get it.”
“I should buy some.”
Here’s why it’s dumb to wait to buy bitcoin:
1. There’s never been a better time than now to buy. You can’t reverse time. Bitcoin is not going to be $40 again. It probably won’t go to $100 either. You can’t predict the price, so it’s a horrible idea to try to time it. Think in terms of trading one asset class (the US dollar) for another, instead of making a risky investment. If you believe in the long term strength of the dollar, don’t buy any bitcoins. Otherwise, it’s just a shift of assets.
2. You don’t have to buy a whole bitcoin. You only have $100 to your name? Fine. Buy .43 of a bitcoin or whatever the rate is. That may be worth $430 next year! The idea is to start with whatever you have, and put even a little in at a time. Eventually, you will build a fortune.
3. Bitcoin is deflationary. That’s a good thing. This means that there are a limited number of bitcoins that will ever exist, so the value naturally rises as the bitcoin economy grows. Foolish to stay in an inflationary currency like the dollar that will naturally fall in value (aka inflation).
4. Your financial freedom depends on it. Government debt is not going away. How do you think politicians will pay the debt? Out of their own pockets? If you start going into bitcoin now, there is time to get out before the ship sinks on the US.
5.Bitcoin will allow you to be more flexible. Think of Nasim Taleb’s “Antifragile” book. Bitcoin allows you to prepare for even doomsday scenarios. If “they” come for your money, they can’t really get it by robbing your house. If you take security measures like a brain wallet, nobody can get your bitcoins! You can also send your money across borders for free and nobody can stop you or put limits on it. A win for humanity.
6.You can move into the future. Paper money? Think about it. We’re currently living in an outdated world when it comes to our money. Might as well step into the future now!
7.You can start privatizing at least some of your financial transactions. NSA, IRS, and other 3-letter bureaucracies are in the business of snooping. Bitcoin at least gives you a fighting chance to maintain some privacy.
8. You’ll have tremendous value in what you purchase. Use your bitcoins to buy groceries and household items (via Gyft cards at Target, Walmart, Whole Foods, etc.) and you are likely spending pennies on the dollar as bitcoin appreciates.
9. You’ll stop being ignorant on the topic of bitcoin. There’s a huge difference between reading about it and actually using it. Take a spin, pick up some bitcoins, and join the revolution!