I Invested $1,000 into Bitcoin, Here’s What Happened
I’m writing this to showcase my experience with bitcoin for anyone thinking about investing in cryptocurrency.
Bitcoin has certainly had it’s ups and downs.
On November 10, 2021, bitcoin hit its all time high of $68,789.
Social media was going crazy.
“Bitcoin is the real deal.”
“Bitcoin could hit 100k by the end of the year”
Crypto was the hottest investing trend towards the end of 2021.
1 year later, in November of 2022, bitcoin dropped below $16,000.
Bitcoin had lost around 75% of its value over the course of 1 year.
When did I buy bitcoin?
- Nov 27, 2021 — $100.00 (54,705.08)
- Nov 27, 2021 — $99.00 (54,691.59)
- Dec 3, 2021 — $299.98 (56,469.81)
- Dec 7, 2021 — $250.00 (51,562.03)
- Dec 7, 2021 — $250.09 (51,115.77)
Total Amount Invested: $999.07
Average Price: $53,708.86
Why did I buy bitcoin?
Crypto was a hot topic of discussion in November of 2021.
The price of bitcoin was increasing exponentially.
I fell for the oldest trick in the book and hopped on the bitcoin bandwagon.
Did I understand how crypto investing worked?
Not at all.
Did I know what I was getting myself into?
Nope.
Do I regret my decision?
Not in the slightest.
You see, I was (and still am) a young investor.
I have learned a lot by trading stocks and getting involved with the stock market.
Cryptocurrency is no different.
I learned a lot about risk and reward after seeing the sharp decline of bitcoin in 2022.
Luckily for me, bitcoin has made a slight comeback in 2023.
Will I buy bitcoin ever again?
Heck no.
I still have no clue how crypto works, nor do I care to invest the time and energy to learn how it works.
I have made the financial decision to hold my $1,000 of bitcoin.
When do I plan on selling it?
Not for a long time.
It is in my best interest to let that money sit and possibly earn a lot more than $1,000 in the future.
However, I may lose that entire $1,000.
But I’m okay with that.
I think keeping the bitcoin in my investing portfolio is in my best interest.
Don’t invest in anything you don’t understand.
If you are thinking about jumping on the bitcoin train, I highly recommend slowing yourself down.
Do thorough research before investing.
In fact, do thorough research on your thorough research to ensure that you fully understand how crypto works.
After that, do even more research.
I made the mistake of taking action before doing much research at all.
It’s important to make every dollar work for you within your portfolio.
However, it’s important to set each dollar up for success.
By not fully understanding what your money is being invested in, you can’t expect your dollars to work very hard for you.
Thank You for reading! :)
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