I admit that I am a Bitcoin Newbie
Jumping into the world of Bitcoin was a big step for me.
It was also a step I waited way to long to take.
I remember people telling me about Bitcoin when it was under $600. Yikes, I now feel like I may have missed the boat.
Even though I did not get in super early, I did start buying when Bitcoin was around $3,600. As I write this article Bitcoin is trading for over $7,000, so I have a smile on my face today.
I have been in Bitcoin for a month, and almost doubled my money. Yes I am smiling for sure.
When the price of Bitcoin reaches $100,000 it would of been great to say I bought In for under $600.
I may never be able to say that but I will be able to say I bought Bitcoin for under $5000 which will still sound great when Bitcoin reaches $100,000.
That statement was meant to show how I feel, and that I think it is still the early days for Bitcoin and other cryptocurrencies.
I personally think that we are in for a long but very bumpy ride over the next few years.
A ride that will have its highs and its lows, but will always end up moving to the positive over time.
While I am not a financial advisor, I feel I am capable of seeing the big picture.
I can make a gambling decision from information I have been able to gather.
One of the biggest reasons I am willing to take a gamble on Bitcoin is the upside versus the downside.
If Bitcoin dropped all the way to zero I would lose $3,600 per Bitcoin, but if it reaches $100,000 I would be up so much that it is crazy.
I know reaching the price of $100,000 sounds crazy and it may end up being a crazy statement.
If you take the fact that in 8 years Bitcoin went from fifty cents to over $7,000, and that is an increase of over 10,000 times.
If I use that same multiplier to my $3,600 Bitcoin it would be worth more than 37 million.
WTF, 37 million, no way!
You are probably correct but the math says to me that $100,000 is not all that crazy of a thought after all.
So my downside is losing the entire $3,600 but my upside has a possibility of being gigantic.
I am taking a gamble and making a bet. I think Bitcoin will win some big money for me.
Then again I am now and have always been willing to take a bet, and I always think I am going to win. I am not betting more than I can afford to loose as you should only invest what you can afford to loose.
These are just my thoughts.
What do you think?
Is Bitcoin going to continue to go up?
DISCLAIMER: This article should not be taken as is, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.