I Realized My Stubbornness Against Cryptocurrencies Was Ridiculous and Unnecessary
A crucial mindset shift let me judge crypto from another perspective.
Since the beginning of my money management journey, I have always been interested in the longevity of my investment. A good investment option for me will bring me closer to my goal with minimal risk. Hence, I love index funds and ETFs.
I had always been that guy who tells people don't buy cryptos because they are pure speculation.
But my “dislike” was not a groundless accusation.
I see cryptocurrency as pure gambling (and a massive Fonzi Scheme)
With ETFs and index funds, you put your bet on real companies, generating real money.
With cryptocurrencies, you put your bet on how high/low the next buyer will buy your virtual coins.
This is why I saw cryptocurrency as pure gambling; there is nothing that makes sense about crypto, of course, in my opinion.
I see cryptocurrency as a bubble
When people keep buying at a higher and higher price, I immediately surmise that this bubble will eventually pop.
But everyone knows this famous quote:
The market can remain irrational longer than you can remain solvent.
— John Maynard Keynes
The market he referred to was the stock market. But the crypto market is just as crazy, if not a lot more, as the stock market.
I see cryptocurrency as a get-rich-quick scheme
With the extreme ups, people get rich so quickly that they can boast about it.
People will start feeling FOMO and eventually pump up the price even more to an all-time high.
Who benefits the most? The influencers and the early adopters. Since they have more power and influence, they create this stigma that if you want to beat inflation, get rich, and buy a house (Hi Tim Denning), crypto is the answer.
And here comes the massive downturn. Where lambo?
A mindset shift that made me buy cryptos
I hold my opinion that cryptos are not good investment vehicles. The crypto market is pure speculation, filled with a constant switch between euphoria and pessimism.
It is not investing if you need to stay updated with Elon Musk’s Twitter activity.
I will keep my investment allocation to conventional methods, but I will start spending money on cryptos.
I now see crypto as collections
Instead of viewing it from the perspective of an investor, I see cryptos from the perspective of a collector.
I see crypto like a Charizard card. It is not important. It doesn’t have any inherent value. But I want to buy it, and I can buy it.
Seeing crypto as a collection dramatically lifted the burden of having to win/avoid losses.
I don't care about the price movement. I just want to have it.
I don't need someone to buy it at a higher price, and if someone is willing to, then it is good for me.
I now see crypto as unnecessary spending
Instead of viewing crypto as an investment vehicle, I now see crypto as mindless, unnecessary, extravagant spendings.
I like shoes, clothes, games, and they are not any more important and more valuable than cryptos.
I put too much effort into justifying my crypto activity according to my investment strategies. But I don't have to. It is not an investment. It is just my ordinary, mindless, whimsical purchase. It is not more than that.
I now see crypto as a ???-year-long subscription to an entertainment platform
I subscribed to YouTube premium and Netflix, and while they are entertaining, they are not as fun as looking at people going crazy over crypto.
Call me a mad man, but I love to see twitter full of memes when the crash hit earlier in May 2021.
If I participate in the crypto market, I will have the “luxury” to witness the intense debate of people talking about bitcoin, the comedy of meme coins, and the horror of putting one’s life-saving in something so unclear, equivalent to transferring money to a random bank account.
All of these are included in a package of just (insert your deposit on crypto) dollars for (insert your holding time). Isn't it fun?
I now see crypto as a movement against the effed-up financial system
I am 21-year-old. The only thing that constantly nags my mind is how I can retire safely and happily without burdening my children.
People around my age are also stressed by the fact that everything is expensive. Buying a house for your family. Purchasing a new car. Sending kids to school. Why the hell everything keeps getting more and more expensive?
And what does the government do? Print more money out of thin air. Ridiculous.
I now see crypto as a participation for a different (maybe better) future
I use Amazon Kindle a lot, and in the country, I am residing, I cannot directly purchase books using my currency. I must convert to USD.
Well, the conversion is not the problem. The problem is how much I must pay extra to banks just to buy a freaking e-book.
It seems like it is just too easy for banks to charge us here and there. It is actually ridiculous and irritating.
With crypto, we have an alternative. A system-less, decentralized, people-minded, efficient alternative. Sounds good, doesn't it?
I don't care about what coins will persist in the future. I am just relieved that we are moving away from the archaic and profit-hungry financial system.
Maybe in 10 or 20 years, we will witness another shift from crypto. And that is when this mindset will make you a big winner.
Seeing crypto from a fun, less serious perspective makes me a better person — not only financially.
I can now open my mind that crypto can be the future.
I can now see from the perspective of people who win a lot from crypto--and urging other people to buy to keep pump the price to another all-time high.
I can now see how lacking the conventional financial system is.
I can now see how fucked up we are (the young generations) financially. And if we have an alternative, it is better for us.
But I can see them without the risk of going crazy because crypto is just a fun game for me. Not investment. Not gamble. Just pure fun.
