Bitcoin has been in the news more than Donald Trump’s tweets.
It seems everyone has now heard of what once was an obscure tech thing.
Bitcoin has been reported as the largest Ponzi scheme in human history. It’s been labelled The Great Bitcoin Scam and guru investor Warren Buffet declared Bitcoin and cryptocurrencies ‘will come to a bad end.’
During my holidays I started reading about Bitcoin and even watching YouTube videos.
If you know me, you will know that I am not a huge fan of YouTube or Ted Talks. I prefer to read or listen so watching YouTube videos is out of character for me.
But then again when you’re on holidays you do all sorts of things that you don’t bother doing during the year. Like spending the day doing nothing other than reading crime novels while munching cream biscuits on the couch. Anyway, I digress.
While watching YouTube videos about cryptocurrencies I started thinking about investing in these ventures.
As I dug into the information I got somewhat intrigued and decided I’d to jump in.
Then I hit the wall.
The wall of buying.
It’s not easy to buy cryptocurrencies.
It’s nothing like logging in to Amazon, picking a product and off you go.
You have to register with a reputable dealer, provide different types of ID and even send a photo of yourself as per the one above. That’s me looking glorious in holiday mode.
Will I regret my speculative investment in Bitcoin? Maybe. Maybe not. I have some solid reasons for buying bitcoin.
8 Reasons Why I Invested in Bitcoin
1. I am an investor
For over 15 years Di and I have been active investors. We’ve invested in real estate and shares. We’ve made money and lost money.
One unexpected and fascinating benefit of becoming an intentional investor is that it has helped me develop the fruit of the Spirit.
Investors need to be patient, have self-control, grapple with greed and fear. This all helps to develop the fruit of the Spirit.
I think I am a better person because of my investment journey.
Have I become super wealthy through investing? No.
Have I learnt things about myself and others? Absolutely yes.
2. Investing makes me a better pastor and a more rounded consultant.
Investing has broadened my world and made me think bigger about life, Christ, church and people.
One of the main things I do in my consulting is help churches get stronger in their financial world.
I’ve helped churches increase their tithes, as well as raise more money for missions and buildings.
Investing has made me more aware of what money can do and the pitfalls of ignoring the biblical instructions around finance.
I think my Bitcoin experience will enrich my life journey.
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3. I’ve got money I can lose
My mum and dad and mum in law gave me cash for my birthday and Christmas this year so I’ve got $500 that I can spend on anything. Yes they are generous, aren’t they?
Investing that $500 in Bitcoin is more fun for me than buying another gadget or pair of jeans.
Why not have some fun with a speculative investment? And make no mistake about it, Bitcoin is a completely speculative investment.
I know I’m not buying blue-chip stocks like Commonwealth Bank or Wesfarmers.
I expect it to be a wild ride and that’s part of the fun of speculative investing.
If I lose the $500 it’s no big deal but if it goes well, I’ll make some extra money which is always handy.
4. I like working a plan
I’m not going into this investment without a plan. I’m spreading my risk by buying Bitcoin and a few other coins across the spectrum of cryptocurrencies. I’m buying mid-range as well as highly speculative coins.
5. Positive distractions sustain me
For decades I’ve worked in a highly stressful vocation as a pastor and now as a consultant. One of the methods I’ve used to survive and thrive over the years is positive distractions.
Positive distractions take me away from my day to day work, alleviate the pressure and allow me to escape the hassles.
Researching bitcoin and following the ebb and flow of cryptocurrencies will give me a new positive distraction.
6. I want to expand my financial world
Many years ago Di and I made the decision to expand our financial world and become initial investors.
We did this for two primary reasons.
One, we knew that the salary of a minister was never going to get us to the financial place that we desired. Please don’t mistake that as a complaint about ministers’ salaries. It’s just the reality of church salaries. It was our decision to follow the call of Christ knowing that there would be a financial price to pay.
Secondly, we wanted to boost our giving potential. We have a passion for kingdom projects and believed that investing would provide a vehicle to make us bigger givers.
Will I tithe on my Bitcoin profits? Of course. I think my pastor is now praying for them to skyrocket!
7. I wouldn’t mind getting super rich
If my cryptocurrencies climb the stratosphere I may get super rich. Will that change me? Ruin my life?
I don’t think so. My money habits have been locked in for years.
I tithe, give to missions, sponsor Compassion kids, live on less than 80% of what I earn, and save more than 10% of what I earn.
More money would mean a bigger tithe, increased generosity to missions, more Compassion kids, and who knows what else I could do with the excess.
8. I like to provoke people’s thinking
I’m not buying Bitcoin so I could have another topic on my blog. However, I do hope my venture into the unknown might cause you, my reader, to rethink money and what it means to you.
When I blogged last year about Hillsong Perth it enabled a lot of people (the post viral when Joel A’Bell shared it) to think deeper about the implications of a megachurch coming to town.
I don’t think this post will go viral (but if Joel is feeling generous I’d be happy to cope with the traffic) but it may help some people think differently about money.