The Five Stages Of Not Owning Bitcoin Grief...
As we enter into 2018 it is clearly impossible to ignore Bitcoin or any cryptocurrency for that matter. They have broken into everyday discussions on financial markets. Not only does Bitcoin now regularly flash across your TV screen on financial media but there are two Bitcoin futures contracts and a large number of ETF applications. There are clearly true believers in cryptocurrencies and they were incredibly well rewarded last year. 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.
As I have been trying to think about where people are in terms of adoption of Bitcoin, I thought of the Kubler-Ross model (link).
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.
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.
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.
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