Every few months or a year Mr Calamity comes at me going on about Bitcoin. How its the place to be, making millionaires left, right & centre and if only we saved/invested rather than eating quite so many takeaways.
So I had been saving for a while now, just keeping what I could in a different bank account, transferring a couple of times per month what I thought I could get away with (then taking it back if needed!), but I decided to throw caution to the wind and agree to try this out.
We agreed £400 as an initial investment and opted for Coinbase as that looked like a fairly simple set up.
It took around 30 minutes to set up the account, the most tricky part was linking the bank account. Also if you use the app you need to switch to web browser for certain parts or they don’t work.
We decided to split the £400 between Bitcoin and Etherium. I actually wanted some VeChain (heard about it on Mumsnet !!) but I wasn’t able to buy that on Coinbase.
The site took a cut and it worked out around £196 of each.
What I didn’t know at the time was that we actually jumped in on Bitcoins highest high price of all time (do I sound bitter!?)
Almost immediately Bitcoin started to drop. At first we were checking every few hours but it got too painful. After a few days though Ethereum started to really go crazy and was making up for the loss.
2 weeks in and our £400 was worth £724. Which was an amazing return, I was delighted with how it was doing. So delighted in fact that I let Mr Calamity pop a bit more in (this time using Binance as had more options to buy smaller coins).
So the high was brilliant, but it unfortunately didn’t last. Apparently Elon Musk made a tweet about something. Then China said something else and I don’t even know what happened after that but our £400 is now £354. From £400 its not a massively loss but it is really hard not to dwell on the £724 that it was.
We haven’t sold. Mr Calamity tells me this we are in for the long haul and that it will all turn around. I will update each month on how our investment is doing anyways, but for May we are currently at a £46 loss.