t is the biggest thrill I have had in months. I spent most of yesterday on a website called blockchain.com watching the value of my Bitcoin soar. By the end of the day I had £534 and all I had done was sit there. It is the easiest £534 I have ever made and yet I told myself that I had earned it, with astute judgment and the ability to hold my nerve. Thanks are also due to Elon Musk. The tech impresario caused this latest
Bitcoin boom by buying $1.5 billion of the cryptocurrency and saying he will accept it as payment in the future.
But now I am tense — do I quit while I am ahead and cash it in or bide my time in case it goes up again? I am paralysed by fear of missing out. What would Musk do?
It had such negligible value that I forgot about it until 2017 when Bitcoin’s value spiked.
After the rigmarole of resetting my password and a moment where I wondered if my life was about to change — like the feeling you get before you check your lottery ticket — I found out I had £251.31. Now it has more than doubled, so if I wait another four years will it double again? I wonder if it is greedy to think like this but in this case is greed good?
It is impossible to know what my Bitcoins will do. What makes this currency both exciting and frustrating is that it doesn’t obey the rules of more mainstream investments.
It is volatile — meaning that rash decisions can reap quick rewards. Yes, it is more of a risk than your average ISA but no one ever became a millionaire from that. Bitcoin is the Keith Richards of money — not to be relied upon but there if you want an adrenalin-fuelled rollercoaster of an experience.
And that is thin on the ground as we reach what feels like day nine million and four of lockdown.
So for now I am leaving my Bitcoin in my virtual wallet, if only for the hope of some more drama. At least I have less at stake than Musk.
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