Question: if you’d bought $1,000 worth of Bitcoin in July 2010, how much would it be worth today?
The answer? … ‘(e)’
Yep, $143 million (that’s nearly enough money to buy a decent three-bedder in Toorak).
Staggering figures, but true — it was trading at 6 cents a share back then, and now it’s $8,580 … oh hang on, in the time I’ve driven home, read the kids a story, put them to bed (twice) and come back to my computer, a Bitcoin is worth $9,051!
That means our $1,000 is now worth $150.8 million.
In other words, we’ve made $7 million bucks while I was frigging around reading Bob the Builder. (“Can we build it?” — Bob, with seven million large, “yes we can!” … just not in Toorak).
Now, let’s be honest, you wouldn’t be a dinki-di, red-blooded, chop-eating Aussie if my little quiz didn’t get your … err … bitcoins going, right?
After all, we’re the biggest punters on the planet.
The Economist magazine says:
“Australia is the most lucrative gambling market in the world: according to H2 Gambling Capital (H2G), a consultancy, betting losses per resident adult in Australia amounted to $990 last year … some 40% higher than Singapore, the runner-up, and around double the average in other Western countries.”
And that’s why there are plenty of stock-jockeys trying to get you to ‘invest’. Case in point, here are a few headlines from investment newsletters talking up ‘cryptocurrencies’ (like Bitcoin):
“$642,245 for every $10,000 invested?”
“This could turn $500 into $42k.”
“A potential 629% gain if you buy on tomorrow’s opening.”
(Note the artful disclaimers in each headline: the question mark, ‘could’, and ‘potential’).
Fair dinkum, these claims would make Tom Waterhouse blush.
Don’t get me wrong — at this time of the year I love a day at the races. (In fact, a few years ago I scored a selfie with Brynne in the Birdcage, while her old man stood off to the side giving me the stink eye.) But at the racetrack, everyone knows it’s a punt.
Bottom line? Don’t confuse cryptocurrencies with investing — they, too, are just a punt.
Tread Your Own Path!