Back in 2013, when Bitcoin wasn’t as mainstream as it is today, against all wisdom, I invested $1449 into bitcoin, which, at the time, was quite a bit of money to me. I bought 21 Bitcoin, at a price of $69 per coin. I thought this was what was going to make me super rich and all my dreams come true!
After being glued to the Bitcoin price chart, which I really had no idea what it meant, I seen that the price of it was starting to go up, and I was in the money. Within a month or two, Bitcoin had shot up above $200 per coin, I was in a nice profit of $2751. I started to tell people at work about this, but they had no clue what I was talking about, or else said it was a joke and all fake money, but, that fake money was actually making me bank!
I kept reading stories, like Warren Buffet said BTC will hit $10,000 a coin, and other stories like bitcoin is going to crash, I was getting nervous and excited at the same time, and didn’t know what to do either way. I decided I will hold it, and sell out at $500 per coin. I had over 50 Litecoin at this stage too, and it was gaining momentum. I thought, this is it, I could be really rich!
There had to be an end in sight somewhere though, but where is it, and will I get stung by it? I was counting on the greater fool theory, by the time the value of BTC starts to plummet, I will already have sold all my coins to some other idiot wanting to get rich overnight.
Bitcoin hits $500 a coin, and me being me, got greedy and decided to wait until it hit $1000 a coin, so I held my coins, price seemed to stop moving, and I was getting nervous again, why is price not moving, is it not going to keep going up, remember, I had no idea about investing at this time, so looking at a chart really meant nothing to me. Should I sell out, or keep holding I kept asking myself. Finally, I decided to sell out at just under $500, I thought that was it, the end of the run, I have made a good decision to get out while I am in the money, its not going to go up any more, why would it? Selling out where I did, I still made a nice return on my investment, but nothing compared to what I could have!
Then Bitcoin started moving again, $1000, $2000, now its at fucking $17,000! I lost out on so much money! Why the hell did I sell out? Why did I just not have some patience and hold on, I could have had a well funded retirement account and house by now if I just held the bloody coins! This makes my heart sink writing this, but, I can’t do anything about it now, so time to move on and focus on something else.
Motto of the story, patience is key when investing. Trading Bitcoin has lead me into a whole other world of investing, and without being introduced to Bitcoin back in the day, I don’t think I would have started trading Forex and investing my money.
You win some, you loose some.