A friend reached out to me. He wants to purchase $20k (10 million naira) worth of bitcoin. He asked for my advice since I am the most knowledgeable person within ourselves when it comes to matters about cryptocurrency ( I have the Leo community to thank for that).
So my friend wanted to know the right time to enter the market. I asked what his expectations were given that he was planning on buying a lot. He didn't give any concrete answer which led me to refer him to someone else.
I am usually wary of giving any form of financial advice. Also, I have noticed that a lot of people getting into crypto these days are doing so for profit. I do not identify with this crowd and I do not know how to cater to them.
Most of my crypto experience is relegated to hive and the countless conversations I have had on the platform about the beauty that is blockchain technology and that's how I create value (earned crypto). I have never had to set aside fiat to buy crypto. Most of what I own I earned.
I find it sort of ironic how fiat and crypto are interchangeable to a lot of people but I also understand the reason for this reality and how it could change with stable coins that aren't pegged to any fiat currency. Until then people can swap their worthless fiat for crypto, like Elon Musk a month ago.
Speaking about Elon. I find it rather laughable how people talk about how much he has made in profit since his $1.5 purchase (well tesla did the purchase). It only profits if he sells, so the question is: will he sell?
Think in sats, not fiat
It is funny how fiat is still dominant in the crypto industry. I do understand why but it defeats the purpose of crypto. Until we start thinking in sats not fiat, mass adoption is only just a dream.
There is a 20% market correction, so what? You lost 20% in dollars (or whatever currency you use in your country), not in bitcoin or any crypto you hold. You did not lose custody of your token. In fact, you lost nothing if I am being completely honest. You traded fiat for crypto, that's even a luxury at this point because a lot of people still value fiat. That might not be the case in the nearest future.
When I invest in my property I am not thinking in terms of the value (in fiat) but the utility it provides me (shelter and protection). I think we should view crypto in the same light. What does a piece of the fungible or non-fungible digital asset afford you? The answer is ownership.
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