Podcast: Getting rich from $200, my year in crypto (Week 12/52)

The much-publicised November 2020 rocketing of Bitcoin (and other) cryptocurrencies means my $200 is now worth $325; that’s a +62.5% profit in three months.

That’s a phenomenal return in By anyone’s book, it’s a phenomenal return. What I’ve done now is fallen into the classic trader’s trap – taking $80 of my ‘profit’ and reinvesting it in more cryptocurrency. This time I’ve gone for fledging currencies that may, or most likely may not, make it. I chose them all after reading upon them, and my money bought me:

  • 300 Cardano (ADA) – Good tech, enthusiastic crowd.
  • 500 Tron (TRX) – Personal interest in entertainment (not very investor savvy move by me though!).
  • 54,713 BitTorrent (BTT) – Insanely cheap. Those coins cost me $20. It feels like a fun gamble.

The good news is I’m already +10% up on these as they ride the Bitcoin wave.

As you can see, my methods are not exactly scientific; I am learning as I go along and using small amounts I can afford to lose. Industry expert Jeff Hancock offers more professional advice to newcomers on how to invest in cryptocurrency in my latest podcast.

Jeff Hancock from coinpass on how to get into cryptocurrencies

I’m in for the long haul, but how am I doing? Read the latest here.

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