I Bought Tens of Thousands of Dollars of Bitcoin in a Single Day
I was being extremely reckless. Here’s what you can learn.
It was my Gordon Gecko moment. Being too sure of yourself can be a formula for financial ruin.
It all started when the interest rate on my savings account expired. It was only a measly 1%, but it was something. A little cash helps you sleep easier at night. I had to transfer the money out of the existing account.
The big problem: where do you put your money in a zero interest rate environment? The answer during these strange times is tough.
I thought I’d put the money from the expired savings account into another one. Unfortunately, there were no options for savings accounts that would pay more than 0.6% in interest — it used to be 5% here in Australia not so long ago. Inflation is currently at a minimum of 2% (this number is heavily debated and thought of to be much higher due to money printing).
0.6% interest on your savings is being bent over.
So, I decided to delay my decision. I transferred the money into my transaction account and said to myself, “I’ll figure it out later.” Delaying the decision wasn’t a good idea. Once the money landed in my transaction account a day later (slow, rusted banking…
