I Just Lost Everything With Bitcoin | 1 Year Update

So I invested some money into bitcoin and I’ve always been pretty honest with you guys about all of the investments and my strategies. So since today is my 8 month anniversary.

1. What I think about bitcoin

Create by an unknown person back in 2009 that they called Satoshi Nakamoto

December 11, 2017: it went as high as 20k ( so one bitcoin = 20k dollars)
– I remember because everyone back then told me to invest
– My barber literally borrowed money to invest
– Friends called me asking for money to invest
– Even religious people told me that this biblical ( and it would only go up from here )
So I started questions:
– Why does the price go up: Influenced by supply and demand and how much bitcoin is available, and also minner can also influence the price
– How high can it go: It fluates and it’s impossible to predict exactly what it’ll do
– Who regulates it: No one

My response:
– It’s odd to me that people think that something that’s based on demand and supply can be the strong currency ( imagine going to a store and buying something one say for $5 and the next day its worth 15k
– Imagine trying to put your retirement fund into something unpredictable
– So in the end, it just looked like, very few people knew what they were doing and it’s like playing the lottery and the people that knew a little thought they knew everything.

Only 21 million bitcoin can be in circulation and that is set to reach its cap by 2140. ( so you and I won’t be around to see what happens) – currently, there are 18.5 million.
– Once all the bitcoin has been minded, it means that miners will no longer get paid, which means they won’t do it anymore. ( and because miner help with the verification of bitcoin transactions, it could lead to a collapse) – unless something changes ( the fees for each transaction may go, which sort of defeats the purpose)

2. Why I Invested in bitcoin and how much money I made
– 8 months ago I kept seeing all of these comments
– Asking me Tommy what you think about bitcoin, and bitcoin bot comment telling everyone to invest in bitcoin
– So I decided to run an experiment where I invested into bitcoin for a week ( in that week I lost some money) – and people told me to hold on for an entire longer so here we are

Results:

– I bought Bitcoin at $10,095.94
– One year later I’ve lost 14.87% of my money

But:
– I guarantee you’ll see comments saying
– You need to just hold on a bit longer
– Or you need to invest into Lit coin or the Akon coin
( these are all going to be speculations)

3. What I’m doing instead
– I’ve invested a total of 40k into ETFs and a few selective stocks based on facts and not hype
– Robinhood: in a year has made me 19.40% return
– Cash app made me 18.84% return
– Acorns 5.22%
– Sofi: I’ve gained $3.38 dollars ( because I’m investing in undervalued companies right now)

Basically:
– Making smart investments work, it might not be 20k% return but it’s a good solid return ( even while everything is going on right now)

4. How long will I hold it

– It’s a fun ride to ride
– But the odds are against
– So just understand what your getting yourself into ( its like penny stock investors)

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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