Member-only story
Is Your Crypto Obsession Taking Over Your Life?
Is it worth it in the long run?
Non-members can read the full story here.
You see the astronomical gains that people have made over the years from BTC, ETC, XRP… (insert coin/token here).
The crypto market’s bullish once again. Maybe, just maybe, there will be another chance to buy that gem that will do a solid 30, 50 and perhaps an elusive 100x during the next bull run.
So, you decide to go all in (or allocate any major % of your income/net worth) for a while, and eventually, it all gets quite addictive.
Before continuing, I do not recommend this, particularly if you are highly dependent on crypto to make it or break it in life, but each to their own.
However, let’s play devil’s advocate here. Let’s say there’s a moderate-to-high probability that this will set you up nicely for the rest of your life.
How much would you be willing to sacrifice? Moreover, will it be worth it in the end?
We will return to these questions shortly.
Human after all
Let’s face it, 99% of us (an arbitrary number) have at least one vice. This can become an obsession for certain people and lead to nasty addictions.
When it comes to investing, people (i.e., adults) are definitely wetting themselves over certain asset classes.
In Australia, especially in Sydney and Melbourne, if it’s not crypto, it’s real estate.
What’s my point? Many people are obsessed with some product, tangible or otherwise; crypto is often perceived to be some type of cult or religion.
Crypto, real estate, trading cards, gambling, NFTs, Belle Delphine’s bath water (how time flies)… the list goes on.
We all have vices, and if people consider Bitcoin and certain altcoins to (still) be gambling, then so be it.
There’s something that my mum told me which has stuck with me:
“I don’t smoke; don’t drink; don’t do…substances; barely go out; live a frugal life and have saved money, so I like to play the lottery.”
Following a similar logic, I have chosen to forego many luxuries and…
