Crypto has changed. Time to change my game.
Has anyone seen my Binance password? Did I send it to you guys?
I had to change computers, but then I remember writing it on a notepad… I think it was yellow. But then we tidied up the garage…
I’m sure I’ll find it. In the meantime, it seems like Uncle Jon’s luck’s come good again.
Crypto has been on a tear-away, and my holdings, which I’ve just been sitting on, are now worth over $400,000.
Aren’t I a lucky boy?
And my secret to crypto riches?
My patented strategy. Do nothing. Hodl. Forget your password. Make profits.
Now, if you’ve been following my blog for a while, you know I have a funny relationship to crypto. I’ve been writing about since 2015. I bought in in 2017.
That was a ride. I bought in at $7K. Then $10K. Then $14K.
… then I took the rollercoaster all the way down to $5K. At which point I just put them in the drawer and said, I reckon I’ll just hodl these and see how it pans out.
Because, ultimately, I’m a believer in the tech.
When I got into the tech, I was amazed. Having a system that solves the Byzantium General’s problem is radically new and radically awesome.
I could see that Bitcoin, as the first use-case of that solution, opened a door onto a decentralised future – or a future where more and more of life went decentralised.
And that’s amazing.
That said, there’s something that’s new, and something that’s new and profitable.
And it’s a tricky space to see through all the hype.
One of the reasons why I love property is because I get property. I understand it. It’s pretty predictable.
But I’m the first to admit, the crypto token universe looks pretty weird sometimes.
And while my Bitcoin holdings have gone moon, some of the other tokens I bought into in 2017 – tokens that were the darlings of the market back then – they’re now worth just cents in the dollar.
And why did I buy them?
I don’t know. Somebody told me it was a good idea. I got a hot tip. They had ‘momentum’.
I made all the classic mistakes.
(And yet I’ve made lots of money, so what do you make of that?)
And so people don’t know if I’m bullish or bearish.
But it’s not as simple as that.
I’m pro-education.
I’m pro-investing on the back of tried-and-true systems, under the guidance of someone who knows what they’re doing.
I’m a busy man. My business and property interests have my flat-strapped. I don’t have time to research the crypto market.
And it worries me all these people piling into crypto who don’t either. They’re just trading on the back of what their mate reckons.
That strategies works on the way up, and kills you on the way down.
So don’t think I’m anti-crypto or pro-crypto. I’m not. I’m pro making money.
And that happens when you have system, expertise and experience.
It’s true in any asset class.
And so now I’m taking another look at crypto. But that doesn’t start with throwing money at coins and hoping for the best (that’s so 2017).
It starts with education.
Time for Uncle Jon to go back to school.
JG
Musashi says
Jon,
Education really is the key. Just like you, I’ve gone through the ups and downs over several years and had my fair share of crypto battle wounds (so to speak).
From my experience, there’s still a lot of opportunity that the blockchain space has in store for each and everyone of us. Having allocated a small amount of money from my SMSF back in 2016, it is now worth tens of thousands of percent since.
Last year, I noticed my (8-year old) son, accumulated about $240 from recycling bottles so I decided to invest it for him and it’s now worth around $41,976 today (15.03.21) – still held. The investment objective is to help him fund for his college and ideally a nice car for when he gets older.
We still collect recycling bottles and his bank account from recycling is only about $150. Glad the crypto investments is working well for him.
I then allocated a small amount of $250 for my (21-year old) daughter in crypto, which is now worth $32,217 today (15.03.21) – still held. The investment purpose is to help her pay for her university and perhaps, to also pay for a nice car and house deposit.
Both of these investments, invested in the last 10 months.
There’s definitely money to be made if anyone’s done their research correctly and fully believe in what they’re investing in.
With all the ‘money printing’ going on worldwide, one cannot disagree that the macro environment is looking bleak and you need to have an alternative for a value play investment. I fully believe that crypto is one of them.
Thanks for your article and well done on your investments.