My 65 Year Old Dad's Foray into Bitcoin

By Cje95 | Texas Boy in a DC World | 19 Nov 2020


My dad is an old school investor. Huge on dividends companies that make money really counter a lot of what has gone on recently. For an example, he never understood why people would buy stock in Tesla for years when it was an unprofitable company and produced only 100,000 cars while GM would produce a 1,000,000 and make money while doing so. He has begun to change his ways though and nothing caught my attention to this more than a stock trade he did yesterday.

 

Bitcoin and stocks for the longest time were very far apart but now thanks to what happened in 2017 and Grayscale's Bitcoin Trust there are options out their for stock traders to invest in. They range from Canaan which produces the actual miners to Riot Blockchain which mines Bitcoin to Grayscale which holds Bitcoin. Now there are not a lot of companies publically traded like these three are but there are a few.

 

My dad also struggles with the idea of bitcoin is "backed by nothing so how does it not just one day wake up and go to zero" idea. I do see his point with this idea escpecially since one hes 65 and the world has not dealt or handled things like crypto before but also his investment strategies and how companies have functioned before. They always had something backing them up. 

Recently though my dad has seen my success into crypto and was curious about it all. I guess he had done some research in the meantime because he found Riot Blockchain all on his own! Now he did buy it in the high $5 range and rode it up to above $6. As of this writing I have not had the ability to talk to him about it given it’s poor performance today. He is a big options trader so I would bet he has option protection to not loose his butt on it.

 

I can’t wait to see what else my father does as he has become more and more interested in Bitcoin and the alts. He sees a need emerging for them and how with everything online it is a lot easier for the current generation to build out and adapt this into it. Hopefully next time though he will talk to me more before he buys crypto companies as Riot at the price it was..... well it was extremely high! The pull back of Bitcoin took a lot longer than I expected and even then it was not that bad. However for a publicly traded company that mines Bitcoin pullbacks are not ideal at all! 

 

I hope y’all enjoyed this article about my dad trying to adapt to “this young and dumb” generation! I will be sure to post more about the different things he does in this space. This is so out of his wheel house it’s kinda funny to see him try to understand the basics of it all!

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Cje95
Cje95

Graduated from Texas A&M in May of 2020 had dabbled in crypto since 2017 but dove in at the end of 2019. December of 2020 packed up and moved to D.C.! Huge sports fan, space nerd, and international newsreader! Follow me on Twitter @Cje95_


Texas Boy in a DC World
Texas Boy in a DC World

The adventure of moving from Houston, Texas to Washington, DC, and all the shenanigans that take place!

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