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When you consider how hot it is right now, Bitcoin is essentially the Hansel of the investment world. At the time of this writing, the cryptocurrency has had an increase in value of over $9,000 over the past month (but when you consider how finicky it can be, there’s a chance this statement might be $3,000 by the time you read)
While plenty of people are bullish about the cryptocurrency, it’s no secret that it’s incredibly volatile (some investors have equated it to gambling despite the fact that the house doesn’t always win in this instance). It briefly lost 15% of its value last night after the Coinbase— which is currently the most popular trading platform among the masses and which I spend far too much time on each day tracking market fluctuations— announced it would allow investors to bet on Bitcoin Cash, which saw a sudden 50% surge before trading was suspended.
If you’ve invested in any cryptocurrency in the past few weeks, you’ve probably seen some gain on your investment, and if you continue to hold (or should I say HODL), there’s a chance you can recoup your money and more.
Allistar Milne is a British entrepreneur and investor who managed to cash in on the dot-com bubble before it burst, which means he’s no stranger to the nuances of the free market. He was also an early investor in Bitcoin— which I assume means he has more money than God— and he hopped on Twitter yesterday to offer some sage advice to people who have already made money on the cryptocurrency (in addition to those who might profit in the future).
'Old man' advice for the newly Bitcoin/crypto rich ….
1/14— Alistair Milne (@alistairmilne) December 18, 2017
Life is a marathon of ups & downs, not a sprint. Always think about downsides and protect yourself … for the future you's sake
3/14— Alistair Milne (@alistairmilne) December 18, 2017
It is boring, but buying a property should give you peace of mind for life … i.e. it is priceless security. If you can, do it. Be ultra-conservative about any borrowing
5/14— Alistair Milne (@alistairmilne) December 18, 2017
Securing yourself allows you to continue to take risks in life and pursue things that truly excite you. You will be liberated to consider possibilities & options that others can't
7/14— Alistair Milne (@alistairmilne) December 18, 2017
Bitcoin may go to $50k, but that doesn't matter – you will never regret setting yourself up for life
9/14— Alistair Milne (@alistairmilne) December 18, 2017
Avoid believing that your wealth makes you extremely smart. It doesn't. Stay grounded, remember where you started and treat everyone as equals
11/14— Alistair Milne (@alistairmilne) December 18, 2017
Invest in yourself (your health, knowledge, etc.)
Your health is your most valuable asset
13/14— Alistair Milne (@alistairmilne) December 18, 2017
Remember to give to those less fortunate than you
14/14— Alistair Milne (@alistairmilne) December 18, 2017
As tempting as it might be to let it ride, it’s worth reflecting on whether or not you want to be the person who spends the rest of their life looking back about could have been as the result of a potential crash.