We're currently experiencing a Bitcoin and cryptocurrency bull market. Bitcoin has recently reached record highs and crazy numbers are coming out of the crypto space (like this digital art piece which sold for a whopping $69 million).
This leads many to wonder if there are quick riches to be made in this space.
Are things as simple as that? Is there really some quick and easy cash to be made? If so, what steps should we take to ensure that we don't overplay our hand?
In this episode of the ikario podcast, Shane & Abhi shed some much-needed light on the topic to help you make strong financial decisions and avoid the traps and pitfalls many will undoubtedly fall into.
And as usual, we take a slightly different approach. So here is the ikario perspective on Bitcoin, investing and what it means for those seeking financial freedom.
In this episode...
Some of the points covered in today's conversation:
- The one thing that Abhi and Shane did right when it comes to Bitcoin/Cryptocurrency
- What are NFT's (Non-Fungible Tokens) and why are they important?
- What's the biggest mistake most people make when investing in cryptocurrency?
- Why Shane believes in blockchain technology.
- The pushback Cryptocurrency will get from governments - and how it can be resilient against it.
- Why Bitcoin is the most trusted form of cryptocurrency.
- Why you shouldn't invest money that you aren't willing to lose.
- The importance of building up a "savings cushion" before you worry about investing.
- What to look for when it comes to finding quality information.
- The unreliability of emotion and intuition when it comes to making good investment decisions.
- What is fiat currency (a.k.a. regular money) - and how does it differ to cryptocurrency?
- Why accepting the mainstream view on wealth is almost a guarantee that you will stay poor.
- Does cryptocurrency have as much of a negative impact on the environment as many people claim?
- Why the greatest thing you can get out of this crypto boom (in the short term) is knowledge, not money.
Links & Resources
- ikario Podcast EP007 - How To Get Your Shit Together, Financially
- Tim Ferriss has a good set of introductory episodes: this one about Bitcoin and this one about Ethereum.
- Unchained Podcast
- Bankless Podcast
- More on the environmental impact of cryptocurrencies: Why This Environmentalist Doesn’t Blame Creators for the Carbon Footprint of NFTs
Learn more about money:
- Book: The Ascent of Money, Niall Ferguson
- Article: You Don't Understand Bitcoin Because You Think Money is Real
- History of fiat money and Bitcoin
- Cashflow by Robert Kiyosaki (Board game)