The Road To Here
Having jumped into the world of Bitcoin investment, I recently reflected on how I was bitten by the BTC bug and influenced into making the decision to buy and hold some BTC. So I pieced together the following timeline of events on how I got to here:
My random road to BTC investment reminds me of the speech that Steve Jobs gave at the 2005 Stanford University commencement ceremony. He told of how his learnings in multiple, seemingly unrelated, topic areas led to the serendipitous creation of the revolutionary MacIntosh computer.
By a large margin, the Wences Cesares interview had the greatest impact on my decision to invest in Bitcoin. Incredibly, Wences mentioned Graeber’s book on debt, which I had read before I even knew what Bitcoin was. He also told his story of growing up in Argentina and how his family lost everything they owned multiple times because of rampant inflation due to incompetent government handling of the Argentinian peso. In the worst of times, whenever his family received a paycheck they would rush to the store and buy as much food as they could before prices increased – sometimes on an hourly basis. As they were putting items in their shopping cart, store employees were simultaneously walking down the aisles with their pricing guns and jacking up the prices.
We fat cats in the US and other relatively stable financial environments can’t relate much to the wildly volatile living conditions in Argentina and other countries in the same rickety boat. However, as the near financial meltdown in 2008 hinted at, we might not be as insulated from a catastrophic black swan financial event as our so-called leaders imply we are.
The bitcoin economy may collapse and my investment in BTC may end up dropping to zero, but since I’m adhering somewhat to Taleb’s 80-20 investment guidance, it won’t put me out on the streets begging for food if it does. In the best case, the BTC/USD price ratio will keep steadily rising and BTC’s price volatility will decrease over time. If those trends come to pass, then I win and unfortunate people in countries run by bozos have a chance of winning too. For them, BTC may become a stable hedge to insulate their accumulated wealth against crash-prone fiat currencies issued by their irresponsible governments.