Hello, I was first introduced to bitcoin in 2013 when the price of Bitcoin was hovering around $150 Canadian Dollars *kicking myself*. My high school friend at the time was a smart guy who was always thinking outside of the box. When he first told me of Bitcoin I had no idea what he was talking about but I trusted him so I researched further. The idea of the Blockchain and the freedom of the currency peaked my interest.
On January 25 2014 I bought my first Bitcoin for about $950 CAD, which at the time was my first investment in any market or currency. I drove down to the first Bitcoin ATM in my province of Canada located inside a coffee shop. With $950 CAD in cash I fed a substantial amount of my net worth into this ATM and out came a receipt with for 1st bitcoin!
When I told family, friends, coworkers about my investment I got a lot of confused stares and condescending comments. Not really interested in there point of view I thought "your loss". My confidence in Bitcoin was at all time high, the next few years tested that confidence.
The Price of Bitcoin has been volatile and for a new investor that can be uneasy.. to say the least. The price of Bitcoin in 2015 dropped to a low of about $275.. Yikes my investment dropped like a rock. I told my self Bitcoin's price will rise again and I attempted to not check the price and carry on with my life.. easier said than done.
2016 was an interesting year, the price started to bounce and my original $950 price point was hit! My confidence had been beaten but was still intact and I was once again bullish. The price kept climbing $1000.. $1200 wow I thought.
2017- 2018 were great times for early investors in Bitcoin, millionaires were made. My high school friend who originally told me about Bitcoin sold part of his portfolio and gained a small fortune. Well earned I thought for a such a forward thinking guy. For some FOMO( fear of missing out) was setting in and many bought in at the highs of $25000. Bitcoin was becoming mainstream and confidence in the Coin was peaking. I held my Bitcoin and hoped this was only the beginning.
The bullish attitude was short lived unfortunately for many. Like the Tulip craze in the mid 1600s or more recently the dotcom mania of the the early 2000s Bitcoins price peaked and started to dive. At its high of $25000 the price was cut in half in just over a month! Worse the price continued to drop along side mainstream confidence. One year after its peak the price bottomed out at $5000. While many millionaires were made in this year many millions were lost.
While still holding my single Bitcoin I was a small fish to say the least but still I was mentally and finically invested. When the price crashed to $5000, (5X my original investment) I was mad like many others. I thought why didn't I sell at the peak and walk away. Will I ever be able to make the gains that I did not capitalize on. Those thoughts lingered but I carried on with my normal life.
Soon the price began to tick up, wow I thought what an opportunity. June 2019 the price was at $16000 was this another run up I thought. As before the price began to drop and at the time I got nervous and in hindsight greedy. On July 2019 I sold 60% of my investment for a price of $12000. At the time was quite happy with my self and my family, friends and coworkers who doubted me now looked at me in a different light.. Maybe I wasn't out of my mind.
Until Sept 2020 the price hovered around $14000 and I thought to myself my timing was pretty good. Just as I was patting myself on the back the price began to sky rocket. Jumping to the original peak of $25000 in December 2020 then quickly being doubled to $50000 one month later. Again many millionaires were made.
Today at the time of writing this blog the price is at an all time high of $72000 CAD. Like the bullish attitude in December 2017 mainstream confidence is higher than ever. Will this steady incline continue or like we have seen many times in history will the bubble pop?
Like back in 2013, the idea of the Blockchain and the freedom of the currency still peaks my interest. Though I am confident in Bitcoin short term I do not believe this bullish behavior can continue for much longer, thus I am predicting a drop and level off. Long term I can only see Bitcoins price skyrocketing due to the mainstream adoption and its limited supply which is part of the DNA of Bitcoin.
To sum up my 8 year relationship with my favorite Crypto currency Bitcoin, I will not be selling my remaining portion of my original Bitcoin any time soon and I have and will continue to add to it.
Thank you for your time!
-dayOff
