I first got interested in bitcoin in early 2016. Back then it was trading at $350 to $450 per bitcoin. This month it broke above $5500! I am in pain! – Why? Because I listened to the voice of caution and never got involved back then. I only acquired a minute fraction of a bitcoin this week.
Hindsight is painful – agony in this case.
When I started researching bitcoin in 2016, I didn’t even think that I’d be a dabbling stock trader a year later. That wasn’t even on my radar! I was just interested in bitcoin because it was something new that seemed pretty revolutionary. The idea of a decentralised currency encapsulated some of my moral values and hopes for mankind’s future.
Back then I was more risk-averse than I am today. I didn’t have a trader’s mindset. I have never been a gambler. No-one around me knew about bitcoin or was a financial trader of any sort. So, there was no-one with whom I could have had a serious conversation about the potential future of bitcoin.
Of course, now I am kicking myself for not even investing in a single coin in 2016. But I’m not being fair to myself. In stock trading they advise that you shouldn’t trade unless you understand what you’re doing, unless the set-up complies with your strategy. Back in 2016 it would have been a pure gamble for me to get into bitcoin. I didn’t have a clue about trading or investing. I didn’t have the right mindset. Knowing all this, it is still painful to think that I have missed the big run.
Ah well, at least I had fun yesterday trading my bitcoin fractions on GDAX.