Fellow humans,
As we bring 2023 to an end, let’s take some time to review the Bitcoin market from January thru today. As an investor, tracking information and analyzing data is invaluable. The set it and forget it method is meant for the lazy. We need to understand history in order to maximize our potential for the future.
The price for one bitcoin (BTC) was $16,666 on January 1, 2023. Not bad for some magical internet money that was released by an anonymous creator in January 2009, right? Fun fact — the first time bitcoin was known to be used as a currency was May 22, 2010. Laszlo Hanyecz spent 10,000 bitcoins for two pizzas, which put the market value of bitcoin around 1/2 penny per BTC in May 2010.
Can you imagine having the foresight and taking the risk of buying 25,000 BTC for $100 back in 2010? That investment would be worth $1.099 billion today.
The price for one bitcoin is $43,960 today. Bitcoin’s market value grew by 164% in less than 12 months. Again, not bad for some magical internet money that was released by an anonymous creator in January 2009. Don’t overthink Bitcoin. It’s not designed to solve every financial problem. Maybe you can’t pay your utility bills with BTC, but if you added some bitcoin to your portfolio back in January, then you did very well this year. In a bear market. Before the Bitcoin Halving.
If you think it’s too late to invest in bitcoin, then you have not been paying attention to my message. Unless the global, decentralized software is corrupted (extremely unlikely), it’s literally never too late to start investing in bitcoin.
Don’t let the world think for you. One of my greatest challenges during bull markets is interacting with people who have little to no idea what they’re talking about regarding Bitcoin. If somebody discusses Bitcoin with me, then I can tell within 5 minutes if they’ve done their own research, or if they’re simply repeating media headlines. Don’t be a parrot. Don’t be a sheep of the world. Do your own research and make your own logical conclusions.
Last December, I’ve published a piece for how to manage money, which is still relevant and helpful information. Everybody has struggled with money at some point, especially me. I’ve wasted countless dollars. We can either continue failing, or we can turn our financial lives around. The choice is always ours.
Back in August, I’ve published a piece to breakdown investing strategies for those with little to no experience. You don’t need to be poor forever. Living paycheck to paycheck doesn’t need to be your fate. Teach yourself how to invest, it’s not rocket science! Trust me, if I can learn and succeed, you can too.
Every day is a clean slate. Yes, we still might be paying for our past decisions, but we don’t need to make things worse. God has empowered us in many ways to make our lives better. Then with any success, we can make the lives better for those around us. Don’t let time pass by without progress. Procrastination will make your life meaningless. Believe in God, work harder than you ever have, love your fellow humans, and learn Bitcoin. Seize the opportunity.
Until next time,
Sal Norge
P.S. — My price prediction for bitcoin was way off, which is a good thing!
“Keep falsehood and lies far from me; give me neither poverty nor riches, but give me only my daily bread. Otherwise, I may have too much and disown you and say, ‘Who is the Lord?’ Or I may become poor and steal, and so dishonor the name of my God.” -PROVERBS 30:8-9
I am not very wise. Never financial advice. Do your research!