The past 12 month period will forever be known as the year that cryptocurrencies exploded onto the investment scene, refusing to be ignored any longer. Last year witnessed eye-popping gains across the cryptocurrency space and the world’s first Bitcoin futures contract. Bitcoin, the world’s first cryptocurrency, has been around since 2008. It was in that year that the Bitcoin white paper was released by a still unknown individual named Satoshi Nakamoto, detailing a new type of technology called blockchain, which now undergirds the world’s largest and most liquid digital currency. Since the advent of Bitcoin, a whole host of competing cryptocurrencies have been created, each with their own mission and purpose (often similarly detailed in a white paper.)
I personally began investing in cryptocurrencies back in early 2013 at the behest of my friend and colleague, Trace Mayer. Trace began investing in Bitcoin when it was trading for around $0.25. I interviewed Trace about the topic back in 2013 on our weekly podcast, Follow the Money Radio, and was fascinated by what I learned. I immediately followed up with my own research and began accumulating Bitcoin (and Ripple) just a few days later.
Many of our long-time FTM members also did their own due diligence in those early days and began taking on small positions in these cryptocurrencies. While there were a few peaks and valleys in the price of Bitcoin and Ripple in those early days, it was nothing like what we have witnessed in the past 12-18 months. Those who identified the promise of blockchain technology and began investing a small amount of money back in those early days have found themselves sitting atop a fortune, as the uptrend in cryptocurrencies caught the attention of the entire world. I have literally lost count of the number of people who have told me that their investment of a couple of thousand dollars back in 2013 turned them into millionaires in the waning months of 2017.
While I bought my first stock in 1996 and traded my first option in 2002, I didn’t invest in my first digital currency until early 2013. While it may sound strange, that qualifies me as one of the earliest major cryptocurrency investors! You see, many investors ignored digital currencies early on and failed to realize their enormous potential.
As a long-time cryptocurrency investor, I have learned that the name of the game with cryptocurrencies is to research, buy right, and HOLD. If I tried to flip cryptocurrencies like I flip stocks, I would have likely lost out on massive gains!
Since I began accumulating Bitcoin and Ripple back in 2013, I have never sold a single coin. And so far, that has been a very wise decision. My reason for holding is simple: I believe that the biggest cryptocurrency buying wave still lies ahead.