My Bitcoin ‘funding’: After precisely six months, how a lot did I achieve or lose?

2022 hasn’t precisely been a banner 12 months for cryptocurrency. Every thing from Bitcoin to Ether has had worth vanish into, properly, the ether. So, after all, 2022 was the 12 months I made my large “funding” into Bitcoin.

Okay, wonderful. It was extra of a stunt funding than an actual one. In direction of the tip of 2021, PayPal introduced it was going to offer a Bitcoin pockets. You may switch your PayPal funds to Bitcoin. I couldn’t resist.

So, on January 1, 2022, I purchased a whopping $50 value of Bitcoin. As I documented, it was not a easy course of. There have been charges, and Bitcoin’s vaunted anonymity went out the window with a purpose to meet PayPal’s verification necessities. Besides, I went via all of it. Expensive Reader, I did it for you.

However that is okay as a result of I used to be gonna turn into crypto-rich. Probably not. In any case, fifty bucks can solely develop a lot. In my case, it grew -14% in every week. Yeah, it misplaced worth.

After three weeks, I used to be down 28.11%. And that is the final time I up to date you on how that funding has carried out.

As of at this time, we’re precisely six months into my foray to bootstrap my method to Bitcoin billions. So how am I doing? It. Is. Not. Fairly.

Yep, I am 60.31% under the place I began. Now, to be honest, I’ve solely misplaced $30.85. And that is wonderful for me as a result of I am getting various good article content material out of this, which was my intent. I will do one other article on the finish of 2022.

However what if I had been a severe investor with visions of crypto capitalism careening via my skull? If I had invested $500 as a substitute of $50, I’d have misplaced $300. If I might invested $5,000 as a substitute of $50, I might have misplaced $3,000. And if I might invested $50,000 as a result of I wished to see large returns, I might have misplaced a “thoughts bottling” $30,000!

So, yeah. Bitcoin. Yay?

Additionally: Let me be blunt: Do not buy crypto until you are totally ready to lose your shirt

Look, it may all flip round on a dime. In any case, Bitcoin is imaginary faux cash that is simply bits in a blockchain. However as I discussed again in January, I would not suggest betting your bucks on Bitcoin (or every other cryptocurrency, for that matter) — until you are okay with dropping your shirt.

Severely, it is a risky gamble. Should you’re snug playing and you already know precisely what you are in for, that is one factor. However you could be ready, prepared, and capable of lose your total funding. Should you’re not capable of take the hit, do not take the possibility.

And, until there’s some actually thrilling Bitcoin information between every now and then, I will see you proper after New 12 months’s with my closing tally on this 2022 funding experiment.

Stay lengthy. And prosper.

So, what about you? Have you ever made any crypto investments? Have I inspired or dissuaded you? Tell us your ideas within the feedback under.

You’ll be able to observe my day-to-day undertaking updates on social media. You’ll want to observe me on Twitter at @DavidGewirtz, on Fb at Fb.com/DavidGewirtz, on Instagram at Instagram.com/DavidGewirtz, and on YouTube at YouTube.com/DavidGewirtzTV.