Has it happened to you yet? If not, it will soon during this bull market. That unexpected moment of sublime satisfaction you never thought you would see will suddenly appear, offering vindication for all your previous failures. The hour of triumph you’ve patiently waited for will arrive…
YESSSSSS!!! Your supreme intelligence has FINALLY been acknowledged! Surely, you will immediately be crowned king of all economic things and be rewarded with the finest meats and cheeses in all the land! After basking in your brilliance for a few moments, you realize that (maybe) you actually need to reply to this person. But, how DO you respond when a friend, colleague, or family member finally reaches out with some interest in Bitcoin?
Sure, you can go full Elon and just fire back a “G.F.Y.”, and for the specific situation above that might be the right move. And while an “I told you so” can be satisfying in the short term, is it really what is best for you, for this person, and for Bitcoin? I would suggest replicating the Bitcoin Hodl mentality and lowering your time preference. This typically leads to a more thoughtful decision. Before we explore how best to engage, let’s discuss a couple of approaches you might not want to take.
Have Fun Staying Poor?
This is the one that we all secretly think about when no one is looking. Like Lebron on a breakaway, it is just so tempting to posterize that person who once scoffed at Bitcoin and even ridiculed you for believing in it. However, usually this approach benefits no one in the long term, including you. Don’t believe me? Imagine the alternate universe where this exchange occurred:
What if Eric would have blown Michael off at the moment he was ready to hear and learn about Bitcoin? Imagine what we all would have lost without his contributions to Bitcoin over the last several years. Luckily, Eric didn’t do that. He kept explaining and teaching, and we are all better off for it.
Anger Management
Ok, so you have decided to brush the little devil off your shoulder and do what is right for Bitcoin. BUT, you are not just going to let this person’s past mistakes and lack of foresight go totally unpunished, right? I mean, they should at least have to admit you were right and grovel a little, don’t you think?
While this might not slam the door in the same way the “Have Fun Staying Poor” approach does, it still probably reduces their openness to taking in new information and creates resentment in your relationship. Why limit the impact of this opportunity with pettiness and risk turning them off to Bitcoin again? Forget the past and pretend it is the first conversation you are having with them about Bitcoin. Remember, this is you winning. Like Vince Lombardi said, “When you go into the end zone, act like you’ve been there before”.
Stay Humble in the Bull Market
Do you remember the first time you heard about Bitcoin? Did you immediately run out and start stacking sats? I did not, and you probably didn’t either. I first heard about Bitcoin from a friend’s brother-in-law at a party on white paper day in 2015 (formerly known as Halloween).
While I did not dismiss it, I just sort of smiled along and then forgot about it. About a year later, I heard about Bitcoin again and reached back out to him to ask a few questions. I was finally ready, and the teacher appeared. He was very patient and generous with his time, and that got me started on the path to a better life through Bitcoin.
Fool Me Once…
Before you leap head first into your lecture series about what money is, you might want to check to make sure the person is being genuine and that they are not just wasting your time. You also want to maximize the impact of your response so that it increases their interest. How do you accomplish both goals at once? By asking a question.
A simple reply such as “That’s great that you want to learn about Bitcoin. What questions can I answer for you?” can help you learn a lot about their motivation. It checks both the “genuine interest” box and the “making it relevant” box.
We might assume that they are only reaching out because of Number Go Up (and they probably are), but maybe they saw something about energy usage, or Bitcoin as a tool for freedom that caught their attention. Take a few extra seconds to find out what is peaking their interest, focus on what is most important to them, and you’ll find your conversation is much more effective. Like Dale Carnegie used to say, “Bait the hook to suit the fish”.
Zeal Of The Convert
Once you have answered their questions, they might be ready to take a small step into Bitcoin…or maybe a large one. This might be where you can help them the most. Why? Because if you thought debunking FUD was tough, just wait until you try to delay FOMO.
Remember, they have not experienced bitcoin’s volatility, and if they do not really understand what to expect, they might easily get shaken out in the first 30% pullback we have during this bull market. If they are thinking about irresponsibly overextending themselves or going into debt to buy bitcoin, help them at least consider a more moderate approach.
Share some of your own experiences and mistakes to help them make thoughtful choices about their allocation. It is ultimately their money, but in this situation your experience can be their most valuable asset. The goal isn’t to get them into Bitcoin; it is to help them stay in Bitcoin for the long term.
Pay It Forward
At one time, you likely dismissed Bitcoin. You may have even laughed at the person who first introduced you to this silly magic internet money. They stuck with you then, and now it’s your turn.
As the bull market accelerates, you will have the chance to reach down and help them take their first steps up the ladder of sovereignty. You can be the teacher that appears for a new student who is finally ready to get off zero. When that person reaches out to you with an open mind, I encourage you to give them the only thing more precious than Bitcoin – your time. You have the chance to change their life forever. Make the most of it. And hey, you can still have a little fun at their expense…
Be sure to join the conversation live on Twitter tomorrow as author Hector Alvero breaks down the art of the orange pilling.
