UoM075: Investing in Crypto vs Playing the Lottery - @unframeofmind

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Earlier this week, some lucky winner of the Mega Millions lottery won the $1.5 Billion jackpot. Congratulation amigo—winner o’ fortunes! Your life is going to change (for better or worse is yet to be determined).

Mo money. Mo problems, right?

To win would be amazing news for anyone who contributed to the overall pool of money; hoping that their lucky number would come up. I even put a few bucks in myself (that’s $20 I’ll never see again).

While one person was lucky enough to have purchased the winning number combination—with odds of 1 in 302,575,350—that left millions of Americans holding the bag. The average American spends around $223 USD/Year on lottery tickets. If any of these Americans had purchased $223 worth of Bitcoin each year since August 15th of 2010 (based on approximate price of BTC every August 15th), they would now be worth an estimated $24,594,000 (at current BTC price: $6,487).

I know it’s not quite the $1.5B that you were hoping for when you bought those lottery tickets over the years, but hey, it’s certainly better than the zero in your hands right now.

Don’t beat yourself up about it though. It’s not too late. Hindsight is always 20/20. I wish I had pulled the trigger and bought some when I first discovered cryptocurrencies and the powerful, world-changing technology that powered them.

There are still a ton of crypto projects out there that are sitting now where BTC was then. Of course, this is NOT to be taken as investment advice. Please be sure to do your own research into the projects you decide to participate in.

Now, all that being said: I don’t mean to equivocate investing in crypto with buying a lottery ticket. That only serves to reduce the idea of buying crypto to mere gambling; which it clearly is not. I just enjoy playing with the numbers to see what the potential could have been. There is an understanding that the value of technology overall has not yet been fully realized. To simply reduce cryptocurrencies and blockchain technology to a comparison against the lottery, the whole unrealized value argument is easily dismissed by critics of the space.

All I’m saying is that there are much smarter ways to spend that hard-earned money than to waste it in the government program called the Lottery. It’s the thirst for the unearned that drives people to lose their minds. Fortunately, I only lost 20 bucks.

Again, the average American spends $225/year on lottery tickets. You don’t want to be average, do you?

Let them enjoy the worthless and valueless lottery tickets!