My Investments - Cryptocurrencies

If ever there was a word or an adjective to describe inconsistent blogging, it would be my name. Well, that is just what it is and I have no excuses to give. Every time I sit to write, I just can't help but blame myself for the inconsistency. If anyone could turn this around, I trust myself to do just that. 

The topic of today's article is about my investments. There's no better time to talk crypto than now. From my last article on this subject, you would have heard me say markets would offer opportunities to buy at good prices. Since early June of this year, I had positioned my bank account to buy regular dollar amounts of Bitcoin weekly. It's safe to say, that with BTC above $90000, my portfolio is doing quite well percentage-wise. As I stated months ago, I was huge on altcoins because I wasn't capitalized enough to tackle BTC head-on. However, I know the power of compound interest and with BTC, I believed and still believe that we are just getting started. In the next paragraph, I will explain why I hold this belief. Besides crypto, I haven't really dived into stocks but this is where my other investments are. I have been reading about stock markets and despite still struggling with day trading (trading psychology), self-improvement and personal growth have been my biggest investment. This is not the kind of investment you see immediate results, because it is an incremental and progressive change that starts to take effect slowly as one improves. It has been my biggest obstacle because I have had to confront demons that lie deep within me. This is a tormenting path but I'm glad to still be on the journey after 3 years. No investment beats this and I honestly believe so. 

I once stated that Bitcoin price was greatly determined by the US economy. I know this must have been a bold statement to make. But if you think about it, there's substance to my statement. We saw what interest rate cuts and Trump winning the election did to the crypto and stock markets. When cash is pushed into the system and future trade policies appear to foster growth, market participants enjoy taking risks. When a president promises to end wars and conflicts around the world, you find that market participants moving their capital from safe-haven assets into risky financial assets like stocks and crypto because they yield greater profits. It is just basic economics. But these are not the only reasons why Bitcoin and other cryptos are rising in price. I had already used history to illustrate how the prices of other cryptos follow that of Bitcoin. Early January 2024, many Bitcoin ETFs were introduced and began trading on major US stock exchanges. It turned out that Black Rock, JP Morgan and other major institutions had been buying Bitcoin. Mind you, the CEOs of these companies had been fervent critics of cryptocurrencies. This represented a major shift in the way Bitcoin was perceived and these same CEOs have been recently coming out and acknowledging how wrong there had been. Also, we have states and countries talking about BTC reserves. I said the events of January meant Bitcoin was now mainstream and we are seeing this unfold. If you take a long-term perspective, it is easy to see that we have merely begun. 

                                          Image generated by: MS copilot

The state of Pennsylvania in the US plans to invest 10% of its treasuries into BTC. That is right around $15 billion worth of BTC. If Trump follows through with his intention of making the US the heartbeat of crypto by establishing a BTC reserve, this will signal a confirmation of a 100% institutional acquisition. This will send shockwaves around the global financial markets because other nations will want to acquire theirs. Larrry Fink painted a scenario where he saw Bitcoin's potential to be used in international trade and not just as digital gold but as an alternative and safer asset class.  This is why his company Black Rock has been buying up BTC at a rapid rate. I invest time in reading these things because I believe that, I shouldn't be hearing from people but actively going out there and using the available and often free resources to improve myself as much as I can. I have always believed that every hustler has a payday and hold this belief strongly as I await my payday. Do this too so we can meet on the other side. 

Inconsistency takes effort to beat and there are no excuses to give. Challenges will come but one must rise above them. I came into this crypto thing as a complete novice but I believe I have learnt a lot. Let me tell you something, I once sent 1000 euros worth of Ethereum from Binance to Coinbase using the Binance block chain network. It turned out Coinbase did and still does not support the Binance chain, so I lost all that crypto worth 1000 euros. I have lost wallets holding up to about $1500 in crypto. These were not out of carelessness but rather as a result of my learning and trying to implement what I was learning. I have been learning sometimes the hard way but I just don't quit. Give it a go too. If you fail, then you have learned one way not to fail, and if you win, all good.

Just in case you were wondering which cryptos I have; there are BTC (60%), ETH (10%), XRP (20%), and SOL (10%). BTC is the only crypto I buy regularly. For the rest, I wait for any 10% correction and buy more at once. The only stock I hold is Tesla (TSLA).

Thank You.