From time to time, you’ll see an article telling you how much money you could have made if you’d invested in Bitcoin 10 years ago…
Any guesses?
If you’d invested $1,000 in Bitcoin 10 years ago, how much money do you think you’d have now?
Think about it!
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As you’re well aware, Bitcoin has been all over the place recently.
We saw it climb into space, then crater, and then start climbing again! Over the last month, Bitcoin is up roughly 14%, and as I write this, it’s over $39,000 per coin.
So, what could you have had if you’d invested $1,000 in Bitcoin 10 years ago?
Well, according to this article, you’d have about $2.78 million dollars! A growth of 278,476%!
And even if you’d just invested five years ago, you’d be up to $58,900. That’s a pretty healthy growth rate all by itself.
The thing about investments like bitcoin is, they’re hard to find. If everyone knew that something was going to climb almost 300,000% in a decade, who wouldn’t put their money in it?
But the risk of not knowing is precisely what makes the investing so difficult!
And these articles bug me a little, because there’s never going to be an article about what you could make in 10 years by trading and growing even 20% per year.
That idea isn’t sexy. But it’s a lot more realistic.
Traders get obsessed with finding the next bitcoin. That’s why we see emerging investments like cannabis and sports betting get so hot so fast.
The problem is, very few of those, in fact, I’m willing to say none of those are going to grow anything like how crypto boomed.
And the next thing that does boom like crypto? Chances are, you’ll never see it coming.
So what’s the solution?
Well, it’s not my job to tell you how to handle your money, but I think traders are a lot smarter to focus on patterns with realistic, achievable, repeatable gains, even if those gains are small.
Focus 90% to 95% of your efforts there.
And if you want to spend a little time and a little money trying to chase the next Bitcoin, do it!
But do it recognizing that you’re going to strike out most of the time. It’s a lot like playing the lottery.
So, in other words, it’s not that you shouldn’t hunt for the next giant investment option, but in the meantime, there’s a lot of great money to be made with the same old, same old…
Even if CNBC is never going to write an article about it.
Have a happy Monday!
Chat soon,
Markay
Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances. You may lose more than you invest. We recommend that you seek independent advice and ensure you fully understand the risks involved before trading. The information on this website is intended as educational in nature and we do not recommend that you buy or sell any specific financial instrument.
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