Crypto Sold my house and put it all into bitcoin.

Late 2019 sold my PPOR and put all the money into bitcoin. Big risk I know, but I have no doubt in my mind bitcoin is going to be the best performing asset in the next 10 years. If been buying bitcoin since 2017 when the price was $7k. After the house was settled I bought the last lot at $12k. Let’s see how this plays out!

 

I'll bite... Care to elaborate on the below ?

" but I have no doubt in my mind bitcoin is going to be the best performing asset in the next 10 years."

 

Haha. I knew someone would! I have researched bitcoin back to front and been down the rabbit hole and back. IMO bitcoin is not going anywhere. It continues to strengthen and with the majority of bitcoin already in existence and supply cut in half roughly every 4 years it has no place to go but up. A lot of the older generation are kidding themselves if they think the young up and comers are going to follow the old ways. Bitcoin is the future and one of the greatest technological breakthroughs of our lifetime. The amount of money being spent on infrastructure makes me think I’m not alone in this thinking. For instance their are now satellites in orbit that allow you to run a bitcoin node without internet meaning no government can stop you!

 

I also have a small amount parked in an interest account with BlockFi earning 6% interest.

 

Bit coin is a commodity it is currency. I think they are risky and havent had much gain for over 2 years, 7k to 12k is not that great in 3 years 70% Other commodities have performed better in the last year or 2. The technology it uses is cloud computing the revolutionary technology is the Cloud, the software that provides recurring revenue and the companies that provide components are more reliable and profitable. Companies I have been banging on about for years and had 1000% returns on ALU, XRO, APX . PME. Even in the last few weeks. DDR 44%, APT 400%,SHOP 30%, zoom 100%, last few days KGN 20%, BVS 13%, PPH 40%. I have backed SaaS and I dont see why cloud computing which facilitates efficient fast funding and data on demand wont continue to be the best performing stocks. I agree people who think the old ways of doing things using capital intensive business models are kidding themselves if they dont think profits will decline. Blows me away how people will look backwards and invest in companies using 100 year old methods and metrics, or even share price instead of the size of the pie.

 

I don’t think bitcoin has found its place in the commodity/currency space, it could be either.
We’ll have to wait and see which perform better over the next few years! I think bitcoin you think stocks. Time will tell.

 

Oh well cloud computing Twillo is up 40% overnight, still think it is much better than bitcoin and much more stable

 

You can’t just keep cherry picking 10 different stocks! IMO bitcoin has a lot more wealth to swallow than what the cloud computing space does. Let’s keep an eye on both of the next few years.

 

Good luck with your gamble, hope it works out.

 

Maybe pick the top couple you’re most bullish on and we’ll see how they perform against bitcoin.

 

Not something I would personally do but doesn't mean you may not win big. Have to be prepared to lose it all as well IMHO.

"Never invest in a business you cannot understand" Warren Buffett

 

Thanks. It’s like betting in Winx in my opinion!

 

This reminds me of a friend I had years ago. He went on and on about this company, telling me how it was guaranteed, going to be a ten bagger in no time, how I’d be an idiot not to invest in it, etc. etc. He invested over $100k in it, his brother about the same, and I invested $5k, which was a lot to me at the time. Anyway, we all lost all our money.

Hope you have better luck.

 

Yeah I’m fully prepared. Chances of losing all are low though. Something big would need to happen to go to zero! There are over 2000 cryptocurrencies (99.9% are rubbish) and even the biggest proven scams still have not gone to zero!

 

Time will tell! should be an interesting journey anyhow.

 

Just to update my portfolio is currently up 55% with the latest price rise. I’m expecting a pull back at some stage after halving. If stocks end up crashing I expect an even greater pullback. I do have some cash on the sidelines waiting.

 

Really?

You got guts man! As long as you're prepared to hold through the swings (-50% vs +1000%) I have a feeling you'll do really well.

Good stuff! Go hard or go home!!! Please keep us updated...

 

Yeah I know they’ll be wild swings, i can see another big drop on the horizon, but I’m not selling. I may sell a portion late next year, but majority are for 5yrs+ or just sold to fund living expenses.

 

Wow, very risky.

I bought into the hype in late 2017, bought $10k mix of the top 10 crypto's, currently worth only $1k. I gambled only what I could afford to lose... and I been patiently waiting, hoping to just get my money back......so I sure hope you are right.

Have you considered taking your original investment off the table, just keeping your 50% profit invested..... turning it into a risk free play.....?

 

I'm with you mate. Sold a house nearly a year ago and put most into bitcoin.
I see it as a great hedge and diversification play. Case in point - equities market has crashed due to the fall out of coronavirus but btc has carried my portfolio and am up 20% total.
Everybody has an opinion on btc and the majority are negative. 99% do not understand it so I consider their views irrelevant. For those that do understand it the majority are actually bullish on the tech.
Time will tell of course. I personally believe in the tech and have put my money where my mouth is by investing a huge percentage chunk of the portfolio into btc.