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Why I Bought Bitcoin Even if I Suspect It’s Complete Bullshit
A little bit of FOMO and a lot of FOBW (Fear of Being Wrong)
Bitcoin’s true believers hail Bitcoin as the “new gold” that threatens to sweep away the stuffy banking infrastructure, populated by evil bankster vampire octopuses who profit by charging a toll on all trade going through the system they control with a chokehold.
Between light and darkness, I chose the dark.
I didn’t want to have anything to do with Bitcoin. I’d studied past bubbles like the tulip bubble and the South Sea Company bubble. I lived through the dotcom bubble. I could smell a bubble before I saw it and Bitcoin was a bubble. Or so I thought.
After some introspection, I realise I might have been mistaken in calling a bubble.
You see, I studied economics in grad school. There’s an old joke about economists’ skill in making predictions:
Economists have predicted nine of the last five recessions.
I identified three flawed reasons for my aversion to Bitcoin.
I’ve also thought of a way to profit from Bitcoin’s upside potential while limiting the hit to my portfolio if it does turn out to be a bubble.
