BTC 1 year chart
Today was a rather quiet day. After the massive gains on Monaco over the last two days I struggled to find a suitable Altcoin to trade today.
I was busy with my personal life today and I didnt actually have that much time to sit in front of the screen to search for opportunities.
I therefore made the decision to stay in Bitcoin for the day and Its proved a decent decision.
Closing balance yesterday - which is obviously my opening balance for today was 0.00749030 BTC
I have made zero trades today and therefore my closing Bitcoin balance is the exact same - 0.00749030
Today the price of bitcoin has risen somewhere between 12% and 13.5% depending on what exchange you look at.
According to https://99bitcoins.com/satoshi-usd-converter/ my current dollar balance is now $99.61
for all intents and purposes i'm calling that $100
an increase of 12.7% on the previous day
A total increase of 40% since the beginning on 01/12/2017
For the stats freaks let me break down my progress
Starting value - $56.94
Required end value for 10x - $569.40 (1000%)
Time value of money formula
Fv = Pv (1+R)^t
Rearranging he formula and plugging in the values to find the required rate of return to 10x in 31 days returns a daily percentage of approximately 7.7%
After 6 days at 7.7% i should be +46.2% my initial investment
I am currently 40% above my inital with a rate of 6.67% per day. On track to end the month with a profit of 740% (7.4x)
To compare this traditional investments - the highest interest rate i found with a bank savings account was 5%....PER YEAR!!
If you are on the periphery, wondering whether or not you should buy some Bitcoin or another crypto ask yourself this.
Had you spend £100 5 years ago when Bitcoin was worth 10p. Would your life be any different from how it is now.
Had you heard of Bitcoin before you seen this blog? If so has inaction meant that you "missed the boat"
Now that bitcoin is starting to enter the mainstream news. Are you still going to "think about buying some" or are you going to do it?
If you are between the ages of 18 and 30 there is a good chance that you are fairly tech-literate. the biggest barrier today is that "I dont know how it works" Its simple and you can ask me anything if you are unsure.
Right now and I would guess until mid 2018 is probably the last chance that you will have to start buying this at a semi reasonable price. By the time your mum, dad, grandparents, colleagues, facebook groups, Instagram accounts, Snapchat channels etc your other friends start talking about it and buying it... you are too late.
There is no guarantee you will make short term profits. The price of bitcoin has risen from 900$ to $13000 in the space of a year. A price correction is due. But when that correction happens, nobody knows. It could be tomorrow, next week, month... the price may stagnate around 12-14k for a year and then go down. Nobody knows. But what is for certain is that after that correction happens, the next wave up will be even bigger than the last.
Tonight and tomorrow I will be looking for some trading opportunities brought up by the bitcoin increase today. What often happens is that altcoins drop as people FOMO (fear of missing out) into bitcoin. some of these alts will bounce back up to their previous levels and I'll be looking for the best ones.
If you find any let me know.
Until tomorrow...