Thinking back to last years crypto-rollercoaster of a ride, I remember getting involved with cryptocurrencies much more directly around March or April and the reaction people had to me telling them it was the future and that I planned to invest heavily. I remember them saying, 'don't be stupid, that's a ponzi scheme' or 'its a bubble, those bitcoins are worthless' or 'you're going to lose all your money and you deserve it because you are stupid.'
I shrugged all these people off, they hadn't read what I had, they didn't do any research to back up these statements and I believed in my own research far to much to ignore this expanding trend.
Now, in 2018 it's no longer possible to ignore Bitcoin. It is a hot topic discussed everyday by financial markets. People are reminded of Bitcoin regularly as they turn on their TV or tune into financial media. There are even two Bitcoin futures contracts and a large number of ETF applications.
Believers in cryptocurrencies made a killing and were incredibly well rewarded last year. I should know, I was one of these believers fortunately enough.
There are those who shout bubble, but have been shouting bubble since Bitcoin was below $100 and are becoming reminiscent of people walking the streets with 'the end is nigh' placards. In between are those who are merely dabbling, those who are reluctant but feel compelled to be involved, to those who quite frankly seem to like the adrenaline rush.
Critics said it was a bubble at $100 and now they are probably saying it even louder off the tops of mountains desperately trying to get people to agree with them. It may very well be a bubble but don't try to tell me blockchain is a bubble. Don't try to tell me that what we are looking at here isn't web 3.0.
It's ok to be doubtful but don't be stupid. Do your research.
So where are people now in terms of adoption of Bitcoin?
Lets look at these stages and see if we can figure it out...
Denial. There are still some who just ignore Bitcoin. They don't hate it, they just don't see it as relevant. Anything else that has a total market cap this large would resonate for them, but they continue to believe that they can function perfectly well, while ignoring cryptocurrencies, despite them having an ever more obvious influence on markets.
Well, I think this stage will continue even as Bitcoin keeps mooning towards the unknown pie in the sky. Denial is still present but it is getting hard to deny everyday the fact that crytocurrencies in general are not here to stay.
Anger. Anyone still starting bitcoin articles with Tulips in the title is just angry. The person carefully crafting charts plotting other historical bubbles against Bitcoin is angry. Googling Sir Isaac Newton to see how much he lost in the South Sea Bubble is just anger. Talking about how 'its only paper' money or forwarding articles detailing how you might be worth $X million on paper but that you can't spend a bitcoin is just stuck in anger and not helping themselves.
Certainly I have felt angry I didn't buy Bitcoin as soon as I learned about it. Angry with myself for not researching it better and taking a chance. What's a hundred bucks when I waste it on a few nights out so frequently? I would imagine many people are in this stage right now in regard to their feelings with Bitcoin. The people that aren't invested but wish they had are most likely angry with themselves and everyone else for letting this happen without them.
Bargaining. Grudgingly admitting that 'blockchain' the technology might be useful but that doesn't mean Bitcoin will be. Arguing that Bitcoin is the MySpace of digital currencies and when the Facebook is created, you will buy that. Deciding that if Bitcoin goes back below $1,000 you will buy - just in case.
Sure there will be some compromise here but even if you are only willing to admit that 'blockchain' is here to stay, what do you say about missing the boat on 1$ BTC and having to buy it for almost $17,000 today?
Depression. I can't believe I missed Bitcoin. Then I missed Litecoin. Then I missed Etherium. Then I missed Ripple. UGH!!!! How much ripple does everyone have? Am I the only person who doesn't own crypto? How could I have missed this!! Why did I listen to so and so - they clearly were too old for this. I should have listened to those other guys. I can't believe I missed the opportunity of a lifetime.
Well, I hope people understand this is looking like it will turn out to be a long game. Millionaires will still be made. Its not too late to get into cryptocurrencies but in regards to BTC, it may not be the best performing asset or have as much headroom as other cryptocurrencies when it comes to potential future growth...
Acceptance. It really isn't too late. If you think about it, there are only futures on Bitcoin. ETFs haven't launched. I know Joe - the old fool - doesn't even have a Coinbase account and still thinks a wallet is made of leather! Yeah, I might have missed some of this, but there is a lot more opportunity to come. I might have missed the first wave or second wave, but it was really risky back then. Now, it seems so obvious in hindsight and it really isn't that late.
My mates are getting on the bandwagon now, no longer are they doubting me. We are working together, one of my good buddies always says 'teamwork makes the dream work' and he couldn't be more right!
So in conclusion I'd just like to ask you one simple question.
Do any of these stages apply to you? If so, which one and why?
Source:
The Five Stages Of Not Owning Bitcoin Grief - Forbes
Image Source:
Forbes