Disclaimer: This is not financial advice. The following words describe my Bitcoin journey, what I’m doing with it, and why. I’m just an ordinary guy.
When I discovered Bitcoin in late 2011, it was worth $20. I didn’t buy any.
In 2015, while living in Chiang Mai, Thailand, I befriended a brit who had a business in the Bitcoin industry. We discussed Bitcoin often. The price was less than $500. I didn’t buy any.
In November 2021, Bitcoin skyrocketed above $68,000. It’s been dropping steadily ever since and has crashed a few times for good measure. Thanks to Scam Bankrun-Fraud, it crashed below $16K on November 9 and has been hovering around this price ever since.
Imagine buying something for $1,000 that is worth $825,000 11 years later, even after the value drops 76% from its all-time high. Welcome to Bitcoin.
Can Bitcoin be worth 825x its price today in the next 11 years? Yes, it’s possible. If this happens, it’ll be worth $13,612,500 by 2034.
Why do I mean by “100% all-in”?
I’m investing in Bitcoin and nothing else. The only caveat is I have a 401k with the company I work for and contribute what the company matches. If there weren’t a match, I wouldn’t have a 401k. I started a Roth IRA in July 2021 but am no longer contributing.
I started stacking sats in Q3 2021, shortly after my Dad brought it up in conversation (this was a surprise!). The price was between $40K and $60K. Even though the price has been dropping since I started to buy, I’m more bullish today than ever.
I started stacking sats in Q4 2021 for my nephews and nieces as gifts for Christmas and their birthdays. I plan to transfer ownership individually when they turn 18 or 21. My three oldest nephews, ages 7-9, are ecstatic about Bitcoin; I’ll explain my approach soon.
Why I’m 100% all-in
- Bitcoin is the Internet part 2. I first used the Internet via AOL in 1995. Imagine the value of the entire Internet in 1995 vs. today. Or, instead of imagining, buy the currency in its infancy that represents the digital age: Bitcoin.
- I’m young, unmarried, and don’t have kids; if any of these were reversed, I wouldn’t be 100% all-in.
- The supply of Bitcoin is fixed—only 21 million will ever exist, and there are already over 19 million in existence today. The value of Bitcoin will increase exponentially as the demand increases.
- Being all-in is exciting. It wouldn’t be as exciting if I was only 90% in.
Why I’m more bullish today than ever before
The following are reasons why I consistently buy Bitcoin and am more bullish on it today than ever (even after the FTX collapse), but they don’t pertain to me being all-in.
- Bitcoin is controlled by humanity, not one person or a small group. The network becomes more robust and secure with each passing day.
- The Bitcoin I own is 100% mine and can’t be stolen or hacked without my keys.
- Bitcoin infrastructure is growing. It’s much easier to buy, store, and exchange Bitcoin today than in 2011. In 2011, companies like Unchained Capital, Strike, Trezor, Ledger, and Coinbase didn’t exist. On October 24, 2022, Cash App announced that all 40M users can send and receive Bitcoin instantly via the Lightning Network.
- Investing in Bitcoin has led me to learn more about money, economics, and responsibility. It has me questioning what I thought I knew—this is a good thing, no matter the topic. Something major in the finance world is bound to change in my lifetime.
- More people are becoming interested in Bitcoin with each passing day. It’s only a matter of time before large institutions buy and more than half the people you know own some Bitcoin.
Will I always be 100% all-in?
No. I won’t always be young, and I may get married and have kids in the future.
What if the price drops to $0?
Then it drops to $0. But if this happens, it likely means the Internet has ceased to exist. I like my chances.
I don’t care about Ethereum. I don’t care about the price or value, what it does, or what it represents. I don’t bash it, nor do I promote it. Ethereum is like beer to me; the value is $0, so I don’t buy it.
The same is true for Dogecoin, Solana, Cardano, and others. These coins, along with Ethereum, are The Others. The Others aren’t your friends; they’re dangerous.
I have no reasons to buy The Others, but I have plenty of reasons to buy Bitcoin.
You do you. :)