Go Broke for Bitcoin
In the world of Bitcoin we have a big problem. While we didn’t create the problem, it’s something we’re going to have to address. If we’re out here extolling the virtues of sound money we need to do so all the way down the stack.
Sound money only matters if you personally have a sound balance sheet
I’m talking of course about the problem of telling people,“bitcoin will solve your problems”. Bitcoin is an incredible revolution. It is all the things we say about it and more. What it’s not though, is a cure all for personal financial troubles. Bitcoin won’t stop people from racking up credit card debt and it certainly won’t pay off those balances.
A balanced checkbook before a ledger balance
In this industry we need to do a better job of teaching personal financial responsibility. This is a long term endeavor. It requires more than just telling people to buy Bitcoin. We need to do a better job of talking to people with respect to where they are. Anyone in a position to buy Bitcoin responsibly has plenty of ways to get it. Cash, Lolli, Fold and many more companies make it easy to acquire the money of the future. Where we are falling short is addressing people who don’t have extra cash to responsibly invest.
Much of the marketing in this industry assumes that its audience is already financially stable, or worse yet, doesn’t care. If we’re even hinting to people that they should buy Bitcoin so it will surge in value and pay off their debts we’re no better than real estate flipping scams. It’s predatory behavior, and it has to stop. Our money is better and our marketing should be too.
The Financial Control Spectrum
All people exist on what I call the Financial Control Spectrum. This spectrum goes from being in debt and having no budget, all the way to holding Bitcoin private keys on an air gapped computer. Telling everyone to just buy Bitcoin misses the point. People on the left side of this spectrum need to learn to control their checkbook before controlling their private keys.
So how do we create a message that resonates with people on the left of the spectrum? How can we show people with no control of their finances that they can achieve complete control of their money? First we can accept them into our tribe where they are. We can show them there is a path to get to true financial freedom. Not in the F.I.R.E. sense, but in the sound money sense. We can tell them that getting on the path to Bitcoin helps you take full control of your wealth.
You’ll never be as broke as the federal government
There are countless programs that promise financial freedom and a path out of debt. Most of these programs offer get rich quick schemes and dance around the fact that financial freedom is a journey not a destination. I think we can do better by offering a path out of the entire financial system. The way we do this is by inspiring hope, and making the journey fun.
The first step is admitting that you’re not in the financial shape you’d like. That you’re broke. The good news is that when you’re into Bitcoin you realize you’ll never be as broke as the federal government. The other good news is that you’re not alone. Most people are on the left side of the financial control spectrum, but spend their money trying to look like they’re not.
Join the BrokeParty
Living broke is fun. Most people who become truly wealthy realize that happiness and joy are found within themselves. They often choose more internally fulfilling lives. This means a focus on physical & mental health, family, and spirituality. Things that can be practiced while broke.
Why is this theme so common? Why is it that achieving outlier financial success is such a strong predictor of re-discovering the simple things in life? It’s because when one stops needing “stuff”, either by choice or having acquired it, they realize the hole they were trying to fill is deeper.
All of life’s treasures are free. Joining the party and going broke is the first step to freedom, financial and emotional. Embracing brokeness provides the clarity of vision to actually achieve financially security. It allows someone to measure all decisions against what is truly important.
If you want to go far, go together
This is a radical stance to take in today’s world. Shunning the desire to appear wealthy will draw criticism from every direction. What is needed to stay on the path is a community of people who support each other. This is where the Bitcoin community comes in.
Let’s tell people that Bitcoin is about a totally different take on life. Tell them that it’s a change in the world worth fighting for. That they too can choose to Go Broke.
Go Broke to focus on what’s truly important. Go Broke to take more control over your life. Go Broke so they can begin their exit from the traditional financial world.
Tell them to Go Broke for Bitcoin.
Thank you to Brad Michelson & Rory Murray for input on this article
