Nobody cares when or what price you first bought Bitcoin. Many people use this as a refrain to establish their legitimacy, but it highlights a paucity of other things which to discuss. It’s an “I” centric statement that degrades the overall discussion around Bitcoin.
Laughably, people boast as late as 2013. Cool, you’re an “early adopter.” You bought Bitcoin along with the likes of Mark Karpeles and other Bitcoin “visionaries.”
People evoke the purchase date of their first bitcoins as if they have an upper leg on people who heard about it at a later date, even though most of us heard about it the same way: word of mouth. One of our smart friends told us about it, and, finally, we decided to check it out.
Tell some of the world’s largest banks and corporations, who entered the blockchain space publicly in 2015, that when you entered Bitcoin is important. It’s not. What matters is what you’ve done. And, possibly, how much money you’ve got to do it. Presumably, when people mention how early they bought Bitcoin, they are implying they purchased when coins were still inexpensive.
Neither the price of bitcoin, nor when you bought, matters. Bitcoin’s value in fiat terms is arbitrary. Traders might take advantage of Bitcoin price fluctuations, but those with the best ideas and organizational models or work ethic will benefit in the long term. Many will just have been lucky.
Some Bitcoiners call for $1 million bitcoins. Even if it happens, it won’t have mattered that they called it. They don’t have crystal balls.
Cool. Bitcoin is worth $1 million dollars. What are all others goods and services, then, priced in dollar terms? If other assets grow at the same rate, the sum gain is zero. Bitcoin price increase in fiat currency terms is not a guarantee of much. Bitcoin’s truest value is not determined in relation to fiat currency, but other assets.
So, checking the bitcoin price shouldn’t become an obsession. Work on staying relaxed and in the moment, in the grand scheme of your life. Forget about big price increases or decreases. History would record this time period as the time of the greatest financial innovation – largely thanks to blockchain technology. In the end, it won’t matter when – nor at what price – you entered in the Bitcoin space. What will matter is the work you do in it and in other facets of your life one moment at a time.
Disclaimer: The views expressed in the article are solely that of the author and do not represent those of, nor should they be attributed to CCN.com.
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Last modified: May 21, 2020 10:28 AM UTC