So, I've been getting asked this question a lot lately by friends and family... "should I invest in Bitcoin?"
Maybe it's because I was open about it when I started buying it in 2014 (even though that was several years into it, I know).
Maybe it's because, through the last few years, I've thrown in the word Bitcoin into conversations or jokes. Somehow that makes me an expert on the subject matter today?
Whatever the case...
My answer recently has been this:
Consider the amount of money that you might spend on lotto, casinos, office pool gambles, etc. Essentially all scenarios where you're probably pissing money away. Calculate a reasonbly accurate total of how much that comes out to on a yearly basis. Take that sum, stop all those activities where you're pissing away money, and invest that money into a portfolio of Bitcoin and a few other cryptocurrencies. It's essentially a bet. One that will keep going for quite a while.
Will you lose money? You might!
But the longer I've held on, the more I've become convinced that there is value in this technology and this innovation. It's an educated guess, but I have a conviction that it will pay off.
Everyone says invest only what you're willing to lose.
That's why I recommend investing what you would normally just gamble away since that's money you would have probably lost anyways.
nice post
Yeah, I'd agree. Definitely, don't invest more than you're willing to use. And for the beginners, Bitcoin is probably the safest bet.
However, once you learn the ropes of the market and become more comfortable, you can expand your horizons and invest in other, perhaps riskier, cryptocurrencies.
That is great advise.
I mean about putting money people normally "waste" into something that may grow.
When my son set up a mining rig for BTC in 2010, I nearly jumped into the concept & was going to invest $10,000. Instead I bought a car!
Sadly for me that 10,000 today would be worth 600+ Million!
Hind sight is useless, unless we learn from it!