An expensive lesson learned

I first acquainted myself with investments when i was 26

It was December 2017, and what was distinctive about that time was the Bitcoin wave.
Bitcoin had reached its all time high of just over 20.000$ pr. Bitcoin.

It seemed like a spaceship bound for the moon, Bitcoin just kept increasing in value, it did not seem like it was going to stop anytime soon.

“Funny” thing is, almost 5 years earlier i bought 6 bitcoins, just to try and pay for an electronic gadget online, from a Japanese website.

I Could have been rich

The 6 Bitcoins would have been worth an astonishing 120.000$ had i kept them for 5 years.
I Bought them for about 150$, so that would have been a lovely profit.

I bought again at the all time high, and i kept investing, as i believed all the FOMO.

Now was the right time to buy, as the market finally started to decline a bit.
A tons of post, and comments were written about the market, people writing it was just a big sale, and a perfect time for time for new investors to jump in.

Basically i believed the FOMO, and kept buying every time i got paid over the next couple of months.

At the time, it just seemed like whatever you got into, you were going to be a millionaire.

It did not go as planned

Here 10 months later,  September 2018, i have invested 4700EUR into various cryptocurrencies.
They are currently valued at around 1000EUR.
If i sold of  everything now, its 3700EUR down the drain.

Even though my investment is down a lot in valuation, It has thought me some really important lessons.

Dont believe all the hype you hear, or read online, do your own research.
Be patient, and think carefully when investing into something that is at is all time high.

Luckily i only invested with money i had saved up, and i knew it wouldn’t ruin me, if never saw the money again, so if something unexpected dosen’t happen with all the cryptocurrencies in the future, it has been an important and expensive lesson to have learned.

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