The current lull in the price of bitcoin is an opportunity to reflect on lessons learned during these experiences.
Marriage during the dip can be maddening, yet enlightening. Here are some lessons I’ve learned from the last two bitcoin dips.
I have been married for just over a year, and few things have caused my wife and I as much friction as bitcoin. Financial fitness, or lack thereof, is one of the determining factors in relationships that either last or get trashed. So learning from your joint journey on the path to financial well-being is imperative for a rewarding relationship. However, if you’re like me and believe that Bitcoin could be the most important monetary invention in history, you’ve likely already experienced the stress it can put on your relationship.
As an unmarried chap for 31 years, finances were a simple equation with little to no funds left at the end of the month. In fact, as a full-time graduate student and part-time worker, it would have been a good month if I didn’t need to ask my parents for financial help, so investing wasn’t even a thought. Thus, combining my partner’s income with mine was a huge relief. But as Biggie Smalls so aptly said, “Mo Money Mo Problems.”
The first few months of our marriage were relatively quiet on the financial front. With no major investments to manage, we were fortunate enough to save up and become homeowners of a small condo in December 2020. Our mortgage became our biggest monthly expense by far, but we were able to manage and save a little at the end of the month. Bitcoin became a part of our lives in late February of this year, just two months after starting our house payments, so we certainly hadn’t found our rhythm with investing our extra money.
If you’ve been actively learning about bitcoin for a month or more, you can probably relate to the feelings of excitement and urgency that accompany falling down the rabbit hole. And if your partner isn’t as interested as you are, you can also likely relate to the tension that comes with developing your collective investment strategy. If checking the price multiple times a day is part of your routine, then you also understand the stress that goes with the dips.
For the purpose of this article, the dip will be defined as a bitcoin price drop that exceeds 10%.
A core principle among bitcoin HODLers is BTFD, which stands for “buy the freaking dip.” Now, this sounds extremely simple and reasonable, and it is, unless you’re walking on thin ice with your spouse.
In my particular case, I’ve pushed and prodded my wife to invest as much of our U.S. dollars into bitcoin as she can possibly stomach. So much so that she only agreed to make our last purchase if I agreed to make it the last bitcoin purchase for a whole year. And like a good husband and desperate bitcoin pleb, I agreed. This last purchase was during the recent dip on Thursday, April 22, 2021. And of course, promptly after I smashed the buy button, this happened:
So when I see that the price keeps dipping, I feel this man’s pain. I am confident knowing I did the right thing but tortured knowing I could have bought at a lower price. Alas, greater men than I have tried and failed to time the market successfully, and countless speculators have been rekt by aiming to leverage trades.
As a dedicated, albeit noobie, HODLer, I will not sell any of our bitcoin no matter how large the dip. But not adding to our position during an opportune time is difficult to say the least.
This last dip, prompted by a bomb from Elon Musk whose explosion was only rivaled by his last failed starship launch, has been more of the same as I watch while bitcoin whales and plebs alike gobble up cheap coins like Shiba Inus consume Pedigree.
Upon reflection, here are the top three lessons I’ve learned from the dips:
1. Listen To Your Partner
This is so much harder for me than it sounds. And a lot of my ability to apply this has to do with the media diet I consume. My daily diet has consisted of select Twitter influencers, online publications and podcasts. I currently subscribe to 12 bitcoin-related podcasts, and even the most level-headed hosts lead me to the same result: being extra hyped about investing in bitcoin. While I consider most of the content to be high quality and educational, the main takeaway from each episode is the same: I need more bitcoin! So it’s no wonder that my partner’s concerns about putting more money into bitcoin sound illogical to me. Her perspective is actually very prudent and likely saving our financial fannies from being unprepared in case we need to use some fiat for an emergency. Your partner’s risk tolerance will be unique to them and you will have to work together to land on a balance between your hustle and their hesitation. Listening more to your partner, and perhaps less to Bitcoin maximalists, will go a long way toward making sure you both have seats on your trip to the moon.
2. Trust The Process
The difficulty with being out of relationally agreed upon fiat during a dip is not knowing if the price will ever be this low again. This experience is intensified for me because I have never experienced the gains that bitcoin has afforded its earlier adopters. So I’ve decided that the best way to handle this dip is to sit on our stack and trust that “number go up technology” will ultimately win out. Bitcoin’s future prospects have never been brighter, and each passing day gets brighter for those who hold it in their portfolio. Here’s an article highlighting some of the most exciting aspects of this brighter future.
3. Be Grateful
Like the first lesson, this is easier said than done. The fact that I’m writing this article is undeniable proof that I lead an uber-privileged life and have “problems” that many would gladly take on. So stepping away from all the noise of the media is a vital part of remembering what I do have instead of obsessing over what I don’t. Going for a walk is one of the best ways to clear my mind and reflect on all the relationships and things I have to be grateful for. The other day my wife reminded me that value is so much more than numbers on a screen, and that the value of our relationship infinitely exceeds anything a monetary asset could afford us. In order to create more balance in my life, I will work on being grateful for one thing in my life every time I think or feel negatively about not buying this dip. Try this out and see how it helps.
This won’t be the last dip we see this year, and in all likelihood we’re still in the middle of a huge bull run. Here’s hoping this article helps you get through any episodes of dip drama that arise on the way.
This is a guest post by Josh Doña. Opinions expressed are entirely their own and do not necessarily reflect those of BTC, Inc. or Bitcoin Magazine.