What’s happening with crypto?
On FOMO and FUD
My plan was to dollar cost average (DCA) into my favorite cryptos and crypto businesses.
I’d done the FOMO(1) thing back in the November of 2021 when it looked like Bitcoin was on a climb that wouldn’t stop, and Plan B’s case (3) for it hitting $100,000 looked sound.
BTW I still like Plan B’s analysis, and believe investors have to get their heads around the fact nobody can have a perfect crystal ball. It’s all ultimately up to individuals to place their bets and take their changes so long as nothing illegal is going on.
When I rolled out of bed this morning, though, I felt like it was November 2021 again. And I should have been way bolder in the months between then and now instead of succumbing to FUD (2).
Good thing I’ve been brushing up on my stoic philosophy (4) recently.
It felt weird going to work thinking about that green candle climbing up, out of my reach, wrecking my DCA (5) plans.
Feeling a little better now crypto is behaving more normally, and coming down again after a pump.
How weird is that, when an investment FALLING makes you feel more comfortable about the world unfolding as it should?
(1) Fear of missing out. (Mar 28, 2022). Wikipedia. https://en.wikipedia.org/wiki/Fear_of_missing_out
(2) Fear, Uncertainly and Doubt. (Mar 28, 2022). Wikipedia. https://en.wikipedia.org/wiki/Fear,_uncertainty,_and_doubt
(3) Redman, J. (Nov 29, 2021). Plan B Says Bitcoin Price Still ‘on Track Towards $100K’ Despite Missing November’s Price Prediction. Market Updates on Bitcoin.com. https://news.bitcoin.com/plan-b-says-bitcoin-price-still-on-track-towards-100k-despite-missing-novembers-price-prediction/
(4) Massimo, P. ( Mar 26, 2021). Think like a Stoic: Ancient Wisdom for Today’s World. https://www.goodreads.com/book/show/57604423-think-like-a-stoic
(5) Hayes, A. (Mar 13, 2–22). Dollar-Cost Averaging (DCA). Investopedia.com https://www.investopedia.com/terms/d/dollarcostaveraging.asp