Whenever I mention bitcoin I get as much hate as I get when I mention Donald Trump. People get very passionate about things they believe in and the contrarian in me tends to speak when I shouldn’t. I recently read a study that said that only 5% of the people in America are considered millionaires. That percentage is less when you separate that state on a per person basis not per household. That percentage is even less when you reduce it down to first generational millionaires.
What I take from this is that the majority of people aren’t rich and as a rule I always avoid doing the things that the majority of people are doing. Maybe one of these days I’ll be less vocal about that but for now its my social media and I’ll tweet what I want to. Right now bitcoin is the thing that everyone is doing and that has created a herd and maybe even a mob mentality. It won’t end well.
I hate herds
I hate herds. I hate them at amusement parks, I hate them at malls, I hate them. Especially when it comes to investing. When there is a herd I always run the other way. It is likely that I’ll miss out on some good stuff but Ill also avoid being trampled. By the time everyone is promoting what I was on while they were on other things, ill be on to the other things. I see around corner and I find value before there is value.
So, when people say that I hate bitcoin or I don’t get it or I’m jealous. They are wrong. I just can’t get jiggy with investing in what EVERYONE else is investing. I also can’t get jiggy with investing in things that non investors invest in. I don’t run with rookies and I don’t run with employees. That’s not a knock on either its just not in line with my goals.
Other things that scare me
Another thing that scares me is the recent push toward landlording. I believe that before long all the opportunities will be long gone and if we are lucky things will just skid to a halt as opposed to a massive correction that could ruin everything. I see this happening with multi family housing and home prices but that is a crash that would benefit most folks so I’m rooting for it.
In regards to bitcoin and all other speculative assets, what scares me is the lack of value and the rush to buy only because its going up in price. That is the work of the crowds and the ill informed. If you want to call me a hater call me a hater of that, not a hater of bitcoin. These are fundamental investment principles that apply to all markets. Its not bitcoin hate.
Just my thoughts,