Last updated on August 6th, 2023 at 07:17 am
A cryptocurrency investor has shared his experience on how he purchased his first bitcoin in 2013 when some of his friends were “freaking out”
In a thread, the Reddit user Legacy, didn’t say when exactly he made a purchase and how much he invested seven years ago, but we could deduce excitement from his story, where he also gives workable cryptocurrency investment tips.
The price of bitcoin was $13.00 in December 2012 through 2013 when it grew to $266 by April 11, 2013 and took a reserve mode by May the same year to $130.
By June 2013, the price of bitcoin slowly dropped to $70 in June before rising to $110 in July and rose from $150 in October to $200 in November, reaching $1,242 on 29 November 2013.
The price crashed to $600, before making a rebounded to $1,000, crashed again to the $500 range. Stabilized to the $650–$800 range before 2013 ended.
If he invested $10,000 in bitcoin when the price of BTC against the US dollar was $13 early 2013, that translates to at least 769BTC in his wallet.
That means his $10K BTC investment in 2013 is now worth $12,970,231 in 2020. if he were to be a Nigerian, he would be smiling at N6,417,889,440 on his balance.
One of the several Bitcoin predictions says the most valuable digital asset could reach $341,000 by 2025
What about challenges in BTC trading
According to him, buying in 2013 was one of the best decisions he ever took, “I bought my first coin of btc in 2013. I see people freaking out. The best lesson I’ve learned all these years
The Redditor who hinted that he also bought for his daughter said advised other investors not to be greedy.
“I buy for my daughter NOT ME” saying he bought stable and use profits for alt, “This way as altcoin drops you didn’t lose the investment just the profit.”
He said it’s better to buy bitcoin and ethereum, then “roll profits down to alt”
He disclosed in his thread that the journey has not been smooth, stating that he has lost a lot and made lots of gains so fat.
He said he didn’t buy to get rich, “I buy because I want decentralized currency for my daughter. This is a revolution not a stock market”
He stated that he learnt investment strategies from his grandfather who he said “taught me when I was very young “don’t ever lend money or invest it unless you can live with never getting it back”
“Buy bitcoin because you believe” in decentralised currency, he said. The thread has generated more than 200 comments at the time of this report.
At the time of this report, bitcoin was $17,016.70 after sliding below $17K from over $19 (the price it set on November 24, 2020).
Kindly share your story with us: When did you buy your first bitcoin?