Maybe I wish I got more?
I researched cryptocurrency in early 2017 and I set up a wallet to store my first Bitcoin. The idea of decentralized currency created a media buzz that turned the focus to the exchange rather than the blockchain technology itself. New “companies” popped up all over with their ICO (Initial Coin Offering)—remember those?!
BTC is now valued ~$10k—over 2x its value from earlier this year and 10x from when I got my first coin. My transaction in March of 2017 was a very small amount. Mining bitcoin had diminishing success after 2017 and I did not exchange any USD for BTC after my initial transaction. So, do I look back and wish I had gotten more? A10x or 15x return would be great!
Of course I have thought about what if I exchanged a large amount in March 2017 instead of a small amount and I could cash. But I do not do short-term trading and my intention with Bitcoin was not to “invest” in cryptocurrency. Betting on the exchange is too speculative for me.
To enforce my position of avoiding speculative bets, I follow a rule-of-thumb that you should be willing to put up at least 10% of your net worth on any new investment. I am not confident enough in the BTC exchange to place that bet. Maybe I would have been lucky but luck runs out and when you are investing long-term you need to play the right odds.
So the Bitcoin exchange is too speculative of an “investment” for me but blockchain technology is an interesting subject. Blockchain will be an important part of our future and - like with many new technologies - its actual implication can be difficult to project.
Update 2021-07-15: Can you imagine if I held on until $BTC reached highs of over $60k?! What about all of the people who bought at $50k+ and are now seeing the value in the $30k’s? What will it do in the next year? Who knows?! What a fool’s game!