Crypto Gone Mad
In a world gone crypto-mad, those that didn’t buy during Bitcoin’s early days feel like they’ve missed out. Many buy because they feel they might miss out, and others simply can’t put a sense in any of it. Either way, the good news is that there will always be opportunities. You haven’t missed out.
What about the 100,000 who have made over $1 million in Bitcoin?
And there will always be those that are lucky. These are your rags-to-riches stories. Jack borrowed $3,000 from his mother and decided to finish it all on Bitcoin when it was worth $5 per coin in 2011. Fast-forward to today, and Jack is a millionaire.
It’s great news for people who hold on, but that usually is a Herculean task. Try holding onto a speculative investment until it rises by 16,000 percent. Common sense says to sell out and take your profit once it’s doubled or tripled. It’s not very easy at all.
The truth is, the crypto sector has been going wild because everyone wants to get rich quickly. So, is it an investment or a gamble? Investments are long-term, while gambling is short-term. It’s up to the individual user to decide whether he is a gambler or an investor.
It all depends on whether you are buying it for the sole purpose of trying to get rich quickly. Then it falls into gambling. In any case, the industry is booming, fueled by success stories, and the obvious fact is that no one hears about the people who lost money.