04 Jan My first million dollar day
I just had my first +$1 million dollar day yesterday, so I thought this would be a good time to post my story.
I made a million dollars yesterday by just holding BTC… crazy
The first mention of bitcoin in my email history is from June 6 2011, me chatting with a friend about it:
me: it has the potential to be huge
me: I was thinking of buying some at $9 on wednesday night
me: now it’s up over $19
I probably read about it on Hacker News.
I tried buying, but it was too hard to figure out and too much work. So I watched in pain as it eventually went over $1000 and I had nothing.
After time it leveled off and I made a plan to buy 100 coins in the $200-$400 range. Amazingly I convinced my wife of this plan and I was able to get them for an average price of $350 or so.
My plan was to hold at least until $10k – I thought that if it made a new all-time high over $1k, it would go to the next order of magnitude. My goal was to hopefully turn my investment into $1m. I had no idea then that a in a few years I would make that much in a single day.
But, I sold half when Fred Wilson posted a warning about Bitcoin: https://avc.com/2016/01/bitcoin-is-dead-long-live-bitcoin/
He posted at the exact wrong time – when you should be buying. After it started to go back up, I bought back the 50 for a higher price and vowed never to trust anyone else over my own gut feelings.
Through business I accumulated 20 or so more coins, which I sold around $10k. I held the rest (around 100) and also was able to double my holdings during this last bear market. I figured again that if Bitcoin could break above $20k to a new all-time high, it would go to $100k. These round numbers are too psychologically relevant to ignore.
Also, when it is trading in all-time high prices, not many people are selling and there is much more demand. Eventually I think there will be panic buying – people all over the world will realize they need bitcoin and don’t have any. Everyone on the sidelines now will eventually panic and buy it. I wouldn’t be surprised to see the price move very fast over $100k to $200k.
“Sit on your hands,” that is what I keep telling myself. The hard part now is not getting too tempted to sell. It’s going a lot higher.