Why I Don't Invest In Bitcoin | The Psychology Issue

In this video I talk about why I don't invest into bitcoin/cryptocurrency. Although it's possible that money can be made, I make some points here that might get you thinking.
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So bitcoin is on the rise again as this pandemic is triggering panic & fear around the world. People are saying cash is trash & digital currency is the future. From $5000 from the March lows to $18,000+ at the time of this recording. There is a lot of talk going around about how bitcoin is going to go to $100,000 and beyond. The FOMO is yet again very real.

At $114,000 each bitcoin - Satoshi Nakamoto, the presumed developer of bitcoin, would become the world's richest human being. If bitcoin replaces gold as a store of value, bitcoins market cap would be above $7 trillion, AKA ($500,000 each) and that would make Satoshi twice as rich as Jeff Bezos.

1) I don’t need to take the risk, capital preservation is more important to me at this point in my career: Look, I was able to grow a net worth of over a million dollars by the age of 25 without having any success with get rich quick schemes. Infact, I did it by working my *ass* off and continuing to re-invest most of my income since I was 17 years old. Whether it be in my eCommerce resale business, the stock market, or just into myself. Look at this studio I created, this was a $40,000 studio including my supercomputer that you cant see - this is an investment into my youtube and personal brand career.

I have like 300 active subscribers, it would make no sense on paper to do this. But I’m not afraid to dig deep within myself and make this work because its my passion and it makes me happy to educate people about personal finances, investing, & entrepreneurship. What also makes me really happy is if you were to smash the like button and subscribe if you want to see more content around making money & creating wealth.

So being a 26 year old with over a million dollar net worth. What’s the rush to become rich? When you make some money you quickly realize that you're not going to be happy just making a ton of money. It’s about finding true happiness in life and if you can make money as a byproduct that would be the ideal situation right?

2) IMO, it’s a poor investment from a psychological standpoint: If you look at the grand scale of traders/investors of cryptocurrency you might notice that the large majority wanna make a quick buck. It’s not about hedging against inflation or rebelling against the corrupt government, its not about being a part of this new age revolution of security and control over your money - it’s about getting a 1000x ROI and buying a lamborghini. Try to tell me that’s not true? From a psychology standpoint, this is a terrible way to create wealth. It leads to making poor decisions and overall netting poor results, this is factual by statistics, not my opinion. When you have nothing to look forward to with your investment, your ability to sustain & hold that investment dramatically reduces. Instead, you start to panic sell when it drops and you start to panic buy when it goes up AKA FOMO.
If you compare this to something like Tesla for example, a company that innovates and produces tangible results - you are happy to hold an investment like that. I bought Tesla shares about a year ago and have absolutely zero interest in selling and have zero anxiety when prices fluctuate. I’m happy to have made that investment because I see a future where they can continue to grow and garner more and more investors. You actually get something tangible to look forward to. It makes your investment opportunity fun, therefore assisting & aiding with the psychology of investing.

Afterall, making money is NOT just about math, which is where 90% of people in personal finance screw up. It’s very much about long term psychology.

#bitcoin #crypto #investing
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Disclaimer: The content in any of my videos shall not be construed as tax, legal, or financial advice. Information may become outdated or inaccurate, it is your responsibility to verify the information presented. I am not a financial advisor and the information provided is not intended to be used for financial advice. If you need advice, please contact a qualified CPA, attorney, or the appropriate professional for your specific subject.

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