The ideas of opting out of Fiat and opting-in to crypto have been coursing through my veins ever since I first got into this space about 4-4 1/2 years ago.
Over these past several years, I’ve come to learn a lot about investing in crypto. Not necessarily in the sense of how to maximize profits, but instead in the sense of how to first of all identify true efficacy and maximize for it.
The title I came up with for this post is a bit clickbaity — it may give the impression that I’m no longer buying or investing in crypto at all.
In reality, I am still buying crypto and I am still actively invested/investing in it. The thing that I’ve stopped recently is my buying of crypto directly with Fiat.
After 4ish years of buying, trading and ultimately stacking crypto, I now feel like my fiat and crypto positions are well balanced. If we saw a significant drop in crypto, then I would consider taking some Fiat and rebalancing my portfolio… but only under extreme circumstances.
Outside of this, I have plenty of crypto and I feel that this chunk of my net worth has been satisfactorily “opted-in”.
Efficacy in Investing
Drawing this back to my point about defining efficacy — I’ve come to set new targets for my goal in the crypto space. When I got started, it was all about speculation and earning a ton of money on this crazy new asset class.
Since then, I’ve learned to think about it as more than just an asset. Crypto is a tool, a currency, a value storage mechanism, a way to opt-in to a better system, etc.
With new goals in mind, my objective has become more and more focused on earning crypto and setting up various channels to make that possible. Earning USD in one bucket and crypto in another became on of my great challenges.
Proponents of crypto such as Andreas Antonopolous talk about this all the time:
In order for crypto to reach mass adoption, we need to teach people how to opt-in to crypto… not buy it. Speculation and asset accumulation is great for traders and people who want to get rich. They are not, however, all that relevant to the people who want to opt-out of their local fiat system and opt-in to something that is better.
If you look at crypto as a whole — as a living ecosystem that is continually evolving, improving and offering more and better tools & financial services to the entire globe — then you’ll see the need for this kind of education to take place. Financial literacy is more important now than ever before.. and it’s not just literacy in traditional markets and general currency practices.
We need to strip these ideas down to their fundamental core and leverage cryptocurrencies and crypto financial tools to teach everyone — on a global scale — about a better way to live.
I talked with Taskmaster4450 on the podcast last week about income/wealth inequality and how it is only getting worse and worse thanks to technological innovation and monetary stimulus to the moon. This has become a mainstream conversation as of late in light of all the FED activities with the USD.
We’re seeing a widening of the gap and with Bitcoin (and crypto), we now have the opportunity to do something about it.
So while I talk about not buying any more crypto, what I really mean is that I’ve already opted-in. I’ve brought a lot of my net worth, time and focus into this space and it’s not going anywhere. Now it’s time for me to earn crypto and utilize it as it should be utilized but more importantly; it’s time for me and others to use ourselves as examples.
I’ll bring Hive into this conversation, because I sincerely believe that it is one of the most valuable cryptocurrencies that anyone in the space could get involved with. Hive gives us the ability to create a social atmosphere where we can educate the average person about crypto while simultaneously teaching them to use a platform that already resembles the old social platforms that they are used to.
To be completely honest, I don’t know if I would have been so heavily into crypto if it wasn’t for stumbling upon Hive 3 1/2 years ago. At that point, I was already significantly invested in BTC & ETH, but finding Hive and utilizing all the social features and figuring out that I could earn crypto for doing something I enjoyed (content creation) is what took it all to the next level.
Fast forward 2 years and I started LeoFinance and realized that not only could you create content and build your personal brand on Hive, but you could actually build second-layer ecosystem on top of it. The tools on Hive are unparalleled in all of crypto.. and trust me: I’ve looked around.
There are no other crypto platforms that provide as much utility while simultaneously providing as much versatility and community as Hive. It’s a truly unique platform to build on — whether you’re a content creator, a business owner, a community operator, an investor, etc.
Just as the tools are unparalleled so is the level of access to a better financial ecosystem. Hive isn’t perfect, but it’s something that anyone can opt-in to and start earning crypto. It can go a long way in changing the mindset of the masses to think about crypto as something they earn — like Fiat (i.e. USD) — instead of something they buy and speculate on.
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