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You’ve heard the tabloids, social media and every celebrity from the A to D list talk about how cryptocurrency has flipped traditional investment channels.
You’ve heard terms like blockchain, digital currency, and bitcoin being thrown around, and truth be told, you’ve been too afraid to ask in case you were very late to the table.
I know, because I was there at the beginning of 2021.
For years I held ETFs, securities from previous employee share schemes and term deposits. Being brought up in a household where investing was considered no different to gambling, It was my guilty escape.
Although there was steady growth in my portfolio – my Apple shares nearly tripled over four years, growing from USD16.69 to USD43.75, I was looking for the golden ticket, the Midas moment, the GameStop Shares moment when their share prices rose 2000% in less than 30 days.
Now I’ve read up on the ridiculous returns brought in by Bitcoin and Etherium, but in my little-to-no educated experience, I felt they were overvalued. I was looking for the new show in town, so I headed to where all lost millennials return to when in need of inspiration: reddit.
And what I found was a completely new kind of investing community, buzzing about a new cryptocurrency called DogeCoin. DogeCoin was the new kid on the block with a booming community, united and loud. And their aim was like mine: get DogeCoin recognised – and even placed on the moon by their iconic leader Elon Musk (literally!).
I downloaded a cryptocurrency trading platform (after 15 minutes of trawling YouTube reviews), called Binance and headed to purchase what I considered a relatively small investment of $500 at AUD0.066 each.
I was now the proud owner of over 7,700 Dogecoins – but little did I know I was in for one hell of a ride.
I ended up selling 80% of my Dogecoin value, at AUD0.83 – and realised $5,113. So in seven weeks, I made 10 times my original investment – and I still had 20 per cent of my Dogecoins left in my digital pocket.
The rise was as fast as Elon’s rocket. And as I watched, I was also waiting for the fall. Every morning I jumped out of bed, reached for the phone…and found I’d made a few hundred dollars more just by hanging on for this amazing, white-knuckle ride.
There was a dip a few weeks in on the 20th of April (coined, Doge Day by it’s global fanbase), which I ignored and held onto my coins. This behaviour came from my experience with owning Apple Inc and Wisetech Global shares – following a major keynote, or significant press release, share prices tend to dip due to short term investors selling their positions at what they believe would be the seasonal peak.
Now, a word of warning. It could easily have gone the other way. Ethereum and dogecoin surged then plunged 50 per cent at one point in the past couple of weeks. Even in the past 24 hours, Bitcoin fell 8.6 per cent to $A40,172 and now has beyond recovered at $A43,407.
The lesson: only put out there what you can accord to lose.
I know that some real estate agents say they will accept crypto for rent and some charities are accepting them as donations, but don’t be fooled: at this stage, at least, it’s only a form of investment and its build on wild sentiment and licking your finger to work out which way the wind is blowing.
Our advice: read reviews on crypto trading platforms first. Then look yourself in the mirror and say: Am I really up for this?
There are a few key things to know when considering crypto.
- There is NO such thing as an “overvalued” cryptocurrency. The sky is literally the limit.
- There is also NO such thing as an earnings outlook for cryptocurrencies. It is all hype!
- Prices are extremely volatile. Buckle app, stay on top of your app to know when you’d want to sell or buy more!
- Elon Musk is the Donald Trump of crypto – a word, a tweet can mean millions of dollars in movement. So you either love him or you hate him – depending on whether you’re winning or losing.
- HODL! (hold on to dear life!). Yes, that’s actually a crypto term. It means you may be hurtling down a rollercoaster with your heart in your mouth, but don’t press “sell!” until you know you want to bail out. You can go up again just as quickly.
- Don’t forget about capital gains tax (for the optimists among you) I know it’s not a currency accepted by governments, but we all know that the certainties in life are death and taxes..