RE: When did this happen?

1 Min Read
238 words

Regarding 1 in 3 Australians dabbling in crypto, it helps to recall that not everybody has an investment mindset. I have an anecdote to help me illustrate.

One of my co-workers does have an interest in finance in investing. However, he is learning about it in his 40s whereas I have been interested since I was in my teens. I've coached him through buying stocks. Eventually, he also dipped his toes into crypto. The thing is, like him, many people start off with $20 or maybe $100. At that level a 5% loss is not a big deal. On the other hand, a 5% gain is not a big deal either. Even a 20% change is not that significant.

It has taken him the better part of a year to realize that the numbers get exciting when you have larger bags. Gaining or losing 5% of $1000 or $5000 has different emotions than a $20 investment.

So, yes. Perhaps 1 in 3 Australians have dabbled. But, that doesn't mean that it was significant amounts. Many people start feeling anxiety if they have more than $100 "in the game". They feel much safer having money in the bank. Us LEOs know better. Yet, our mental template doesn't work with dabblers.

It's pathological with me, lately. I keep looking around for places to cut the budget to buy more crypto. This isn't how most people operate.

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