Is it true that fortune favors the bold in crypto? I have considered to go Saylor and sell my car and take out a loan to buy bitcoin but uncertainty is holding me back to go all in. When it comes to investing in what we believe in I wonder if fear is limiting us or if it’s a healthy inhibitor.
Are we living life to its fullest if we are always taking cautious decisions? This is question worth asking even for crypto investors. Crypto investors should ask themselves what risk they are willing to take when choosing a crypto asset. Because most existing crypto projects will die or have already died in the current bear market choosing a project outside top 100 might even be idiotic. Or genius if one waits 2 years until the next bull-market. Not even the genius can see the future clearly. There is a risk of losing face when one chooses in life. It’s the same in crypto.
The maverick president Nayib Bukele was the first head of state to make the historic choice of adopting Bitcoin as legal tender in El Salvador. So far it is the only country to have given a digital wallet and a small amount of Bitcoin to all its citizens. Rumor has it that Panama, Brazil, Mexico and Argentina are also considering in taking the Bitcoin leap. It is somewhat surprising that El Salvador considers Bitcoin to be a currency that people would like to spend. Bitcoin may be seen more as a store of value than a currency and there are other digital assets that are more suitable for cash transactions. However, more and more countries with a problematic financial situation are considering in adopting Bitcoin as legal tender.
Millions of people will be able to use banking services via crypto projects. Venture capital and institutions are putting more money into the metaverse than they did in the same phase of the development of artificial intelligence. African countries are in the early stage of using a blockchain to store academic records. In the future we will store proof of land ownership, medical records, and our passport identification on a blockchain. Banks are already preparing to use a blockchain to transfer money across nations instead of the clumsy Swift system. There are economic, philosophical, social, health and safety reasons why the blockchain technology is important to the world. Things are happening to say the least. The positive aspects of crypto far triumphs over the negative.
We can choose to believe in the good that can come from technological development or fear change and stay in the not perfect world. At the moment, bad actors in the crypto industry are crashing because they have used leverage and been driven by greed. When crypto exchanges borrow billions with no collateral they are digging their own grave. The industry seems to be cleaning its own water and the good guys and girls will survive.
However, the current fiat system is clearly needing cardiopulmonary resuscitation as inflation is slowly killing us. The value of our money is decreasing so fast that many have to borrow to survive. We can only work a certain amount of time and our economic worth is being devalued. Can you hear my frustration? A deflationary currency such as Bitcoin along with other digital assets can be the future. No, we do not know that future. I would argue that the crypto industry is so far into adoption that it’s inevitable that it will be part of our future in some way shape or form.
I might be wrong in choosing which crypto asset that will survive for many years to come. But I think fortune favors the bold in crypto because it is such a transformative technology. I try to go further than my fear. But we do not have to go all in on crypto to be a part of the crypto race. One thing is clear. In life, we must choose what to believe in.