Talk me out of this

A couple of months ago, more or less on a whim, I started sinking $50 a week into Bitcoin.

Yeah, I know. Stay with me here.

You are not reading that incorrectly.

That is up nearly five percent today, nearly twelve percent this week, and nearly fifty percent in a month. Those are fucking insane numbers. Ridiculous numbers. Stupid numbers. “That can’t be right” numbers.

I have actually invested $342.16. My personal actual rate of return over the last seven weeks or so is 40.9%. I assume there would be some transaction fees or something and taxes to set aside once I sell, but that’s ludicrous.

I am seriously and genuinely considering getting a zero-APR advance from one of my credit cards to sink into Bitcoin for a month, at which point I’ll sell off whatever the advance was, pay it off, and let the profits coast for a little longer. I’m not talking about an enormous amount of money, relatively speaking; nothing that would bankrupt me or even put me into real trouble if the market crashes, and one way or another I probably want out of this (or do I?) before Trump takes office and wrecks the economy. But 40% of, say, $5000 is two thousand dollars in a month. Even if the rate of return drops by half that’s still a thousand dollars for doing nothing. When I started thinking about this a week or so ago, the one-month number was around thirty percent.

There’s got to be a correction of some sort coming soon, right? Nothing stays on this high of a trajectory for long, and Bitcoin is proof positive that money (and the investment market) is nearly entirely fake anyway. But … shit.

Am I gonna end up $2,000,000 in debt in two years, and this is the post that led to my downfall?

Somebody tell my wife about this post so she can forbid me to invest in this stupid, imaginary product, please.


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2 thoughts on “Talk me out of this

  1. I barely understand bitcoin and as a result firmly believe it is a complete scam, but someone I know in real life has posted on social media that she earned enough from bitcoin investing and mining to buy a new BMW SUV. I can’t decide if her social media account has been hacked or if it is real, and I don’t know how long it took.

    I think you *could* make money, but i have no idea what the probability of success might be.

    For context (?), I talked to my finance guy two days after the election, and he had to do some work to keep me from stuffing everything under the mattress.

    Liked by 1 person

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