There are two certainties in cryptocurrency. The longer that you have been in this market, you are guaranteed to feel like you are at the top of the world, and then there will be days when you feel like your at the bottom of it. The market changes quickly. In one instant your portfolio has large gains, and the next could be deep in the red. There is no escaping it. The only question is if you will be able to survive in the market long enough to be able to change your life financially.
Today we are continuing my ongoing series; Crypto Tales, where I share stories from my personal journey while investing in the cryptocurrency market. Knowledge is power, and in this market, one correct or incorrect decision can be the difference between you being successful or losing everything. It’s my hope that you can learn from my experiences to better prepare yourself for the future.
Let me share with you how I lost out on millions of dollars in crypto.
While it didn’t seem like it at the time, the truth is that I was very lucky to get into the crypto market early. In retrospect, Bitcoin was incredibly cheap and I wish I would have boughten even more. Upon entering the market, Bitcoin was the only crypto asset that I had heard of before and so that was what I bought first. As I was building my position in BTC, I wished that it wasn’t so expensive. It was always my goal to accumulate as much BTC as possible, and its price was preventing me from reaching my goals. That is when my attention began to look in the direction of altcoins.
I know always known that altcoins moved up or down at a faster rate than Bitcoin. If you were lucky, they could be a great tool to help you to accumulate even more BTC. That was the moment that I began looking into Dogecoin. At the time its price was near $0.002. I was looking for a “home-run” play for my portfolio and thought this crypto could have some potential. However, people forget how Dogecoin was looked upon back then. While it is still a meme coin today, it is much more respected than it was then. Most people believed it was a waste of money and that was evident by even one of the co-creators of Dogecoin calling it junk.
I decided to put nearly a thousand dollars into it just to see what would happen. But unfortunately, nothing happened and the price moved sideways for years. Finally, the hype began building up for the Bitcoin halving that was about to take place in 2020. My FOMO was building, with my goal still being to accumulate as much Bitcoin as possible. This resulted in me deciding to convert my DODGE into Bitcoin. A move that actually worked out very well in the beginning. Throughout 2020, Bitcoin was one of the largest gainers in the crypto market.
But as 2021 began, meme coins became the hottest narrative in the crypto market with Dogecoin leading the way. With Elon Musk as a stout defender of DODGE, its price continued to defy all expectations. Throughout most of its history, people thought that it would be impossible for Dogecoin to reach a price of even $0.01. But, during this period we saw its price eventually go all the way up to $0.70. If I would have just held onto my Dogecoin for just a few more months, my DOGE holdings would have been worth several millions of dollars.
I won’t lie, in the beginning, it was painful to think about. My mind often thought about the ways I could have used that money. Being able to buy my dream house, retiring early, moving to a tropical island, starting my own business. The list goes on and on. But, I learned to accept what happened and also needed to keep in mind that I actually did very well with that trade into Bitcoin.
The key point is this, the longer you are in crypto there will be several opportunities that you just barely miss out on that could have changed your life. But you need to keep moving and looking ahead into the future because there will always be more opportunities. Cryptocurrency is a market that keeps on giving. However, if your mind is stuck in the past, you will definitely miss out on the next opportunity.
How about you? What big crypto opportunity did you miss out on?
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As always, thank you for reading!
