It’s okay to change your mind

Boutros Boutros-Ghali, the Egyptian politician and the sixth Secretary- General of the United Nations was absolutely right when he said “It is only a foolish man that doesn’t change his mind.”  When you discover your position or decision has been wrong concerning an issue, you shouldn’t waste time changing your mind. That was what Ray Dalio and Carl Icahn did recently. Dalio, the owner of the world’s largest hedge fund revealed that he owns “some Bitcoin” and Icahn said Bitcoin and Ethereum are stores of value emphasizing that Ethereum has an added utility as a network, also hinting that he may invest about $1.5 billion in crypto. It’s interesting to know how these two fellows whose combine net worth is about $36 billion, have radically changed their stance on crypto. Both of them were Bitcoin critics, in fact, Icahn once compared crypto to the Mississippi Bubble. Michael Saylor, the CEO and founder of MicroStrategy is another person that changed his mind about Bitcoin. In December 19 2013, Michael tweeted that “Bitcoin days are numbered. It seems like just a matter of time before it suffers the same fate as online gambling.” About seven years later his company purchased over $1B worth of Bitcoin and he is now one of most popular Bitcoin bulls and evangelists. Most people that are now in crypto have had to change their minds at one time. Even, if you are not interested in crypto, it is wise to quickly change your mind whenever you discover what you have been wrong about the decision you have made.

“As an investor, you need to be ready to change your mind when new information presents itself.”  Christian Williams