Notes From My Journal
My Unexpected Bitcoin Windfall And Lingering Doubts
I’ve never been able to get a convincing answer to this question about cryptocurrencies: Why would the US government allow any currency to replace the dollar when it has the means to prevent it? (Which it certainly does.)
That kept me from buying Bitcoin in its early days. But then, in February of 2018, I woke up with a severe case of FOMO, and brought $18,000 worth of Bitcoin, Ethereum, and Litecoin. Three years later, my stake, according to my Coinbase report, is worth $99,648.
The value of my account dipped soon after I bought it. (I sometimes have that effect on stocks and bonds, too!)
The big increase in Bitcoin happened since March of last year. (Actually, since the beginning of the year, Bitcoin skyrocketed almost 1000%, but that was from the low… Still, a 3-year increase of 500% is nothing to sneeze at.) It is up 75% in 2021 alone, and some economists see it reaching $200,000 in the near future. Anyone who bought just $5 worth of Bitcoin (about 16 coins) at the end of 2010, would have approximately $800,000 worth of it today!
Perhaps I should be thinking, “Why didn’t I buy more?!”
I’m not. Instead, I’m thinking: “How long can this last?”
If you’d like to see my rationale for buying cryptos when I did, go here.