2022 hasn’t exactly been a banner year for cryptocurrencies. Everything from Bitcoin to Ether has made value disappear into, well, the ether. So, of course, 2022 was the year I made my big “investment” in Bitcoin.
Okay fine. It was more of a stunt investment than a real one. By the end of 2021, PayPal announced it would start providing a Bitcoin wallet. You can transfer your PayPal money to Bitcoin. I could not resist it.
So on January 1, 2022, I bought a whopping $50 worth of Bitcoin† As I have documented, it was not a smooth process. There were fees and Bitcoin’s vaunted anonymity went out the window to meet PayPal’s verification requirements. Yet I have experienced it all. Dear reader, I did it for you.
But that doesn’t matter, because I would become crypto rich. Not really. After all, fifty dollars can only grow so much. In my case, it grew -14% in a week. Yes, it lost value†
After three weeks, I was 28.11% lower† And that’s the last time I let you know how that investment performed.
As of today, we are exactly six months into my quest to find my way to Bitcoin billions. So how am I? It. Is. Not. Beautiful.
Yes, I am 60.31% lower than where I started. Now, to be honest, I only lost $30.85. And that’s fine with me because I’m getting quite a bit of good article content out of this, which was my intention. At the end of 2022 I will do another article.
But what if I had been a serious investor with visions of crypto-capitalism raging through my skull? If I had invested $500 instead of $50, I would have lost $300. If I had invested $5,000 instead of $50, I would have lost $3,000. And if I had invested $50,000 because I wanted to see a big return, I would have a “bottling spirit$30,000!
So yes. Bitcoins. How so?
Look, it can all turn around at once. After all, Bitcoin is imaginary fake money that are just pieces in a blockchain. But as I said back in January, I wouldn’t advise you to bet your money on Bitcoin (or any other cryptocurrency for that matter) — unless you’re okay with losing your shirt†
Seriously, this is a cursory guess. If you’re comfortable with gambling and know exactly where you stand, that’s one thing. But you must be prepared, willing and able to lose your entire investment. If you’re not able to take the hit, don’t take the chance.
And unless there’s really exciting Bitcoin news between now and then, I’ll see you right after New Years with my last count of this investment experiment in 2022.
Live long. And prosper.
So what about you? Have you made crypto investments? Did I encourage or discourage you? Let us know your thoughts in the comments below.
You can follow my daily project updates on social media. Be sure to follow me on Twitter @DavidGewirtzon Facebook at Facebook.com/DavidGewirtzon Instagram at Instagram.com/DavidGewirtzand on YouTube at YouTube.com/DavidGewirtzTV†