Treasure of the Day
Thursday, June 20, 2019!
WHAT IS TODAY’S TREASURE?
An article from Vox about how a family of three put everything they had into Bitcoin.
HOW’D YOU DISCOVER IT?
Once again, the personalized Google News feed strikes again!
WHAT DO YOU LIKE ABOUT IT?
1. The interview format. After some narrative, there is a Q & A section. There’s something about an interview format that tends to humanize a discussion.
2. For the most part, a neutral tone. I think the article did a good job of just allowing a story to be told. For an article of this nature, it can be easy to take a side. The author let the story tell itself, which allows the reader to make the decision on how he or she feels about it. Considering how divisive the topic of cryptocurrency can be, I appreciated how the article avoided that trap.
HOW MIGHT THIS BE USEFUL FOR ME?
I think a good way to look at this article is to treat it as an individual case study. It gives a glimpse into the life of a family that took a huge leap of faith in Bitcoin.
Purely from a knowledge basis, I think it’s good to know why some people decide to go into cryptocurrencies like Bitcoin. It would appear that most cryptocurrency investors do it in the hopes of massive value increases and cashing out.
Yet, others like the Taihuttu family are not driven by the desire to cash out when the value of Bitcoin pops up. It’s more the decentralized lifestyle that they embrace. In a way, the article explores some psychological aspects in the decision to own Bitcoin.
ANY FINAL COMMENTS?
I used to own some cryptocurrency (no longer do), and it was an emotional rollercoaster. Even though cryptocurrency represented less than 1% of my total investments, tracking its value was maddeningly nerve-wracking.
Converting every asset into Bitcoin is… hmm… a bit crazy to me. History (especially the past couple of years) has taught us that the value of Bitcoin (and other cryptocurrencies) is very volatile.
Yet, reading this article allowed me to understand the Taihuttu family’s decision. That’s not to say that I would do the same. There are some major concerns I have with cryptocurrency (especially the security aspect of it). But, I’m gaining perspective and learning some of the diverse thought processes out there!
“I used to own some cryptocurrency (no longer do), and it was an emotional rollercoaster. Even though cryptocurrency represented less than 1% of my total investments, tracking its value was maddeningly nerve-wracking.”