Are you ready for Bitcoin?

Who is this for

This is for people new to the space, with marginal investments or no investments who are wondering if this is right for them. This is a set of questions to have considered - and to have good answers for - before jumping in.

Why now

First question. Why now? Have you become interested in Bitcoin because you came to a new understanding about it based on doing your own research, or because the price has recently gone up? If not because the price has gone up, why weren't you buying at $1, $100, $1000, $10000? Why now?

This should be because of conviction coming from a new understanding and not because of the price action.

The price

Second question. How do you think about the price? Imagine you bought some Bitcoin and the price went down 5%, then 10%, then 20%, a volatile net-bleedout over the next month. Will you think that this was a mistake and sell to cut your losses? Will you consider this a blessing and wonder how you can acquire more Bitcoin?

You should be more worried that you won't have enough Bitcoin in a decade than you are worried about not having enough dollars. If this isn't your understanding, then you're probably lying to yourself in your answer to question one.

The influence of others

Third question. All your favorite influencers and chart analysts and your friends and family agree that it has become a bad investment because of whatever reason. Do you change your mind and exit?

You should have your own ideas of what you will do and when. The meme is to "buy low and sell high" but most people do the opposite because doing so requires going against consensus twice. If you care about consensus then this is the wrong asset for you.

Investing, generally, is interesting in that way, in that it requires you to go against consensus to be correct. All this while understanding that going against consensus doesn't make you correct. This is why its so hard. Bitcoin is no different - in fact, Bitcoin is this on steroids.