Sunday 1 January 2017

Am I crazy (or smart) for wanting to put 80-90% of my savings in bitcoin?


My situation may be somewhat different than others here, so I wanted to explain first why I am thinking about doing this.I am in my 20s, I moved back into my families house after school. I haven't found a full time "career" job yet but I'm looking. They are letting me live for free. I am responsible for paying for all of my personal bills myself (food, car, phone, student loan, ect) but I don't have to pay for rent or utilities. Occasionally I may get a free meal during family dinners/special occasions but that's it.I got into Bitcoin a year ago and bought 2.5 BTC. I didn't really know what I was doing, but I wanted to at least have a little. When the price went up around the summer I considered putting more in, but still wasn't sure about the long term prospects of it so was a little afraid to. Then, when the price shot up about a month ago, I really starting researching articles, reading this sub daily, ect.Confident that it was worth further investing, I put another 5 grand into it. That leaves me with about $4500 in savings. At this point I am considering putting another $2000-3000 into it. This would leave me with about $1000-2000 in savings. I am worried that the price is going to shoot up past $1000 soon, and then after that, who knows what will happen. Many analysts predict a 2-3x increase in BTC value by the end of 2017. They could be wrong, nothing is certain in the BTC world, but I am fairly confident the BTC price is going to increase, at worst stay the same or only drop a little.Best case - BTC triples in value by the end of 2017 and I make a $20k profit for basically doing nothingWorst case - BTC drops to $0 in a month and I lose all my savings, except for $1000-2000 which will get me by for a year (and that's if I don't find a job by then)$10,000 is not life changing money, it would suck to lose almost all of it but it wouldn't put me out on the streets. However, if in 3-10 years it grew to $100,000 or more I would be kicking myself for not investing as much as I possibly could at the time.TL;DR - I am young and live rent free with minimal bills, should I go "all in" with BTC right now while the price is still fairly low and huge profits could be made in 3-10 years? It would nearly deplete my savings but my quality of life wouldn't change much for the foreseeable future even if I lost 80-90% of it tomorrow. via /r/Bitcoin http://bit.ly/2hGVRB9

No comments :

Post a Comment