Psychological Gold versus Bitcoin Mania

Win or lose in Bitcoin, you're faced with trouble.

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You are an intelligent person.  You know that bitcoin will end badly.  But still you wonder, what if you had invested in it, all that money!  Just sitting at home you could regale people about your foresight and strategy; how you had seen the new financial system before others.  How you spend your time now giving money to good causes; reading, doing things you really love.  Intelligent people often get swept up in manias, periods of illogical activity, just as much as less intelligent people. 

Psychologically speaking, the problem is, you can't really win either way.  If you lose money, you will feel like an idiot.  And if you have a problem, you will try and find more money to reinvest, to try and recoup the losses.  This process may go on for your whole life time.  People often re-emerge from Casinos, whether online or in reality, having lost track of time.  There are no clocks in casinos.  But we do have an irrational desire to try and chase our losses.  So that one speculative investment could lead you into a "complex" where you just stop thinking rationally. People re-mortgage houses, join the gold rush.  It doesn't end well.

This maybe a rather wonderful feeling, at least for a time.  Yet, there is a truth that seems to hold in both financial markets and psychological markets.  What goes up, must come down.  Perhaps it is actually more dangerous to win than to lose.  Psychologically speaking, those people who luck out, may be the unluckiest of all.  All the time with your head in the clouds can mean that your real life escapes you.  So, depressingly, with Bitcoin, you might find, win or lose, you mind is left in bits.  

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Ajay Khandelwal PhD

Ajay Khandelwal is an experienced psychotherapist and consultant. He welcomes contact and enquiries and is accepting new clients via zoom during the shut down.