The surprising wealth-building secret of a
globe-trotting vagabond
An intriguing document has just crossed my desk.
It was talking about a new kind of digital money called “Bitcoin”. As I read it, I immediately realized what a potential breakthrough this new technology could be.
But of course I was skeptical. Unsure if it would really work in practice.
I decided to buy a few bitcoins just in case it was for real and would go on to become successful.
After all, one bitcoin was worth just a few cents...
So I went online to see where I could buy some.
But there was a problem.
There was no marketplace to buy or sell bitcoin. Bitcoin was too new. Such exchanges simply didn’t exist yet.
I knew there was a process for “mining” bitcoin.
But I didn’t want to spend days setting up an extra computer. And then install the software, figure out how it actually worked and keep watching over my mining computer.
It was too much of a hassle just to get my hands on some bitcoin that were worth almost nothing at the time.
So I decided to keep an eye on Bitcoin and monitor its progress.
Fast forward to February 2011.
I had gotten busy with other projects and suddenly remembered to check on Bitcoin.
I was shocked to see that the price was over $1.
I had missed the boat
Bitcoin had sykrocketed up well over 1,000%.
I instantly regretted that I didn’t take it more seriously right away and didn’t go through the effort to acquire some coins when I first heard about the technology.
Then I had an epiphany.
The new Bitcoin technology was keeping its promise. Unless it got hacked or someone would find a fatal vulnerability in its software code it would probably continue to do well.
So I took the plunge and bought a small amount of bitcoin at around $2-3.
Bitcoin kept rising higher and by March 2013 I decided to take some first profits and sold 180 bitcoin at $37.
It seemed like a prudent move at the time.
After all, the price of bitcoin was up over 1,000% from where I bought it and had risen a crazy amount from its early days in 2009/2010.
I was also still worried that the Bitcoin network might get hacked.
So I pocketed a few thousand dollars only to watch Bitcoin shoot up to $181.
Meanwhile, the average person hearing about Bitcoin thought they had missed the boat too!
They looked at Bitcoin and saw a strange new form of money that went from mere pennies to well over a hundred dollars.
Clearly the big money had already been made. It’s too late to get in now... or so they thought.
That same year Bitcoin continued its relentless rise breaking $1,000.
In those early days I always thought of a thousand dollars per bitcoin as a magic round number and probably a good time to take some more profits of the table.
That’s why I sold another 148 bitcoin from my stash for close to one thousand dollars each.
And that was...
My first six figure crypto payday
And once again, the average person thought they had already missed the boat because bitcoin came from nothing and was now valued at over $1,000.
This spectacular rise to over one thousand dollars turned out to be too much too fast.
Bitcoin crashed over 80% all the way back down to $200.
Proof! For the average person... Bitcoin was done.
Dead.
A scam.
But nothing could be further from the truth.
Markets move in cycles. Nothing goes up or down in a straight line.
And this new asset class cryptocurrencies - is still tiny. And its volatility is still much higher than volatility for a mature asset class like bonds, stocks or commodities.
When the pendulum reached its extreme the bitcoin market once again changed direction.
In January 2017 Bitcoin was back at $1,000. (Keep in mind that was only 4 years ago.)
Once again the average person thought they had missed the boat.
We all know what came next.
Bitcoin shot up to $20,000.
Bitcoin was all over the mainstream media and millions of people learned about this new form of money for the very first time.
And as you can probably guess, the average person who had just heard about Bitcoin thought they had already missed the boat.
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