Finally Breakeven In Cryptocurrency With Bitcoins

Today, 1st November 2017, I successfully injected an additional SGD 10,000 into cryptocurrency, namely into Bitcoins through fiat-cryptocurrency exchange Quionex, which allows purchase of Bitcoins and Ethereum with American Dollars, Singapore Dollars and Japanese Yen.

So following my massive selling of all my ALTCoins to invest into Bitcoins, I had made a startling rookie cryptocurrency mistake: not focusing and being freely investing in whichever ICO/hype that came about.

My first phase of investment was SGD 75,000; which is about USD 53,000. After trying to invest into different ICO and tokens and ALTCoins, the amount whittled down to USD 46,000 - a USD 9,000 loss.

I decided to stop being all over the place, and focused.

I read more about Bitcoins, its history, its roadmap. I found three reasons why Bitcoin will be even better in 2018 and beyond.

I found and think that

  • Bitcoin is the gold standard of cryptocurrency
  • It is stable, mature, well known, well utilized
  • First to be mentioned and discussed
  • Easy to be regulated (not decentralized) and ledgered - important for regulations/regularity

The last point is the key point, because any cryptocurrency WILL BE MASSIVELY ADOPTED when governments approve it, and governments are more prone to approve something that CAN BE REGULATED rather than stuff that allows anonymous payments etc (which is good too, but not as popular as openly centralized stuff).

Just different.

As of today, with the additional SGD 10,000; I will need to ensure my Blockfolio shows consistently that the portfolio is worth a min of USD 60,700 to breakeven. Anything above that is profit.

Given my (limited) understanding of Bitcoin - I am thinking that Bitcoin is possibly able to grow in value to USD 50,000 all the way to crazily USD 1,000,000  per Bitcoin.

See my Bitcoin cryptocurrency investing strategy here.

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