Bitcoin: Buy Now, Believe Later
When you know the inevitable is about to happen, you know that you have to start sometime and somehow. Let it be now.
For the impatient, my overall recommendation (for anyone with a net worth of over $100) is as follows: buy $100 worth of Bitcoin and do not touch it for 5-years. Seriously, hold it no matter what.
For some people, investing in cryptocurrency sounds big and scary. To make sure they are not making a huge mistake, they’ll want to put in 100s of hours of research before risking $100.
In fact, flipping the order to purchase (a small amount) before your research has a crucial advantage. It’ll force you to pay attention, which will start your journey down the digital currency rabbit hole. You will inevitably become more and more curious as you see what happens to the price.
Sure, Bitcoin could all break and go to zero. However, the average US adult spends over $300/year on lottery tickets with a 99.99% chance of not making any money in the long term. By comparison, Bitcoin is orders of magnitude better than purchasing that next Powerball ticket or scratch off.
So take 5 minutes, get a Cash App or Coinbase account (PayPal rolling out soon), and take the plunge.
And if you want a detailed analysis before you jump, check out The Case for Bitcoin.
The future of money is rapidly changing right in front of us. Don’t procrastinate by taking years to learn without acting. After all, the best education comes from actual experience. Getting literal skin in the game will force you to prioritize and pay attention.
For those wanting more, I’m considering writing additional pieces on this subject matter. Reach out with questions, and I’ll see how much demand there is for this.
But I’ll end with the same advice as the title: buy now, believe later. Start with a small $100 amount and then pay attention to what happens in 1-5 years.
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About Rick Manelius
Quick Stats: CTO of Contact Mapping. Author of Winning the Lottery Within. Graduated from MIT in '03 (BS) and '09 (PhD). Life hacker and peak performance enthusiast. This blog is my experiment in creative writing, self-expression, and sharing what I've learned along my journey. For more information, read my full bio here or contact me.