I’ve joined the world of crypto investing (finally) after watching from the side-lines. It’s probably too late (or is it?) for me to get in on the action, but I thought I would give it a go with small investment bursts.
If you look at the value of Bitcoin it certainly is too late for me – my Kraken app tells me that even though it’s plunged 11.26% in value in a day the world’s most popular – or should I say well-known crypto – is now worth £36,882.30 (R787,565.49).
That’s just for one Bitcoin – it’s not worth that collectively, of course. How I kick myself that I didn’t dabble in Bitcoin in the early days. Back in 2010 it was trading at $0.0008 (R0.013), according to Investopedia.
Ether, another popular well-known crypto is also too expensive for someone like me – at well over £3,000 per Ether crypto I’m left dabbling in digital assets that are worth less than a tenner (in British pound terms as I live in the UK now). Well, at least that’s what I feel comfortable parting with given that I’ve been told by people (who think they are) in the know that cryptocurrencies are a scam or at best a gamble.
So where did that leave me? With quite a few options really. I made a list of all the ones I could buy on my chosen platform (Kraken). It doesn’t allow me to buy ones in
Out of the list of coins I qualified to buy the ones that stood out were Cardano, Polkadot (cute name, isn’t it), Dogecoin, Uniswap, Dai, Cosmos – the list just goes on. There’s even one called Sushi – my favourite kind of food!
I’m not sure why I settled on Cardano. I started doing some research on some of the coins I was considering and I remember reading that Cardano was expanding into Africa in the hope of offering people there an alternative to traditional banking.
Democratising banking is a move I’m in support of, so I suppose that just stuck in my mind when I was making my choice. Dogecoin was in the headlines at the time too because Elon Musk had tweeted about investing in it. But I thought at the time – why follow the masses who are now certainly throwing their money at it.
I invested €10 (R182) (£8.55) into Cardano on the 4 November – so a month ago. And how has it performed in a month? Shockingly! It’s plunged down in value by 29.13%. Not a good look, is it? In the last 24 hours it’s gone down by 9.90% and is now trading at £1.08, apparently because of some big sell off.
I look further back into Cardano’s past performance to see if there’s some glimmer of hope. My app tells me it’s gone up by 461.54% over the past year. The usual money expert mantra jumps into my brain ‘past performance is not an indication of future performance…’
But I’m going to ignore that. Surely at £1.08 Cardano is now cheap as chips. I’m putting another tenner down – it’s not like I’m gambling my kids’ tertiary fund money! Wish me luck.
*Don’t attempt this at home (well, only if you really want and have the financial means to). My blog posts should not be considered as investment advice. I’m just sharing my own journey into the world of crypto. My pension is sorted, I have a rainy-day fund, an ISA, and savings set aside for the kids.
My crypto ‘investment’ is more of a dabble – me having fun if you like. But please do share your own experiences of crypto investing/trading, which I hope are better than mine!
Picture source: Pixabay