The Friend Who FOMOs (Bitcoin)
Posted November 25, 2024
Chris Campbell
I had coffee with an old friend yesterday.
He bought Bitcoin at - and I mean this literally - the all-time high.
I had to bite my tongue.
Not because buying Bitcoin is wrong.
It’s not!
But his timing is notoriously bad.
I call him the “FOMO friend”.
He plowed into cannabis stocks in late-2018.
He jumped into NFTs when he saw a Bored Ape NFT sell for something crazy: like $50 million.
He jumped into Gamestop at $77.
You get it.
So…
You might be wondering: “Does this mean you think the top’s in on Bitcoin?”
No.
BUT…
The money is already starting to shift.
What Comes Next
There's this weird dance that happens in crypto.
Bitcoin moves first.
It grabs all the headlines. Your Uber driver starts talking about it. Your mom asks if she should buy some. And everyone forgets that anything else exists.
This is exactly when smart money starts positioning for what comes next.
Think about it: When Bitcoin starts going parabolic, what happens? All that fresh money and attention floods into crypto.
Eventually, that money starts looking for higher returns.
This is where it gets interesting. While everyone's obsessing over Bitcoin, smart players are quietly accumulating the next wave of winners.
They're looking for projects that hold strong even when Bitcoin dips.
Pro-tip: When everything else drops 40% but one or two projects only drops 10% - that might be telling you something.
The Real Winners
But here's the thing to remember: The real winners are never the copycats.
They're never the projects trying to be "the next Bitcoin." Or the “next Ethereum”. Or the “next Solana”. Or whatever.
They're the ones solving actual problems that have to be solved.
Everyone learned this lesson the hard way during the dot-com boom.
The biggest returns came from identifying the infrastructure plays that had to exist for the internet to work…
Not from buying Yahoo! when it started surging to all-time highs.
The same thing's happening now.
While everyone's arguing about prices, entire new markets are being built right under their noses.
Look, nobody is perfect on timing. Markets have a way of humbling everyone.
But I've been around long enough to know this: The biggest opportunities rarely come from chasing what's already pumping.
They come from positioning yourself in front of what's inevitably coming next.