I recently started investing in Cryptos. I use the word “investing” lightly as I don’t feel like my crypto portfolio is an investment in the sense of the word. To me, Cryptos are still the unknown, the wild west of investing if you will.
I’ve stayed out of Cryptos until recently, mainly because I consider myself a conservative investor rather than a trader or gambler. However I made a decision to invest a (relatively) small amount of capital into two Crypto Currencies, namely Polkadot (DOT) and Cardano (ADA). I bought these two Cryptos as a long-shot gamble. Yes, that’s right, just like Vegas 🙂
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Crypto Portfolio – £
Updated: 14th April 2021
“Why not Bitcoin” you may ask? Well, call me crazy, but I think I missed the boat with Bitcoin. The opportunity to buy it at $20 or $30 with the hope it will go to $1m has long since passed. Yes I could still buy it at $50k, with the hope it will go to $1m, but even if it did, it’s still only a 20x increase, and that in itself is a very long shot. I know you may laugh, but Crypto is still a very untested, volatile market (in my opinion) which is still too risky for a “serious investment”. Remember back in 2017 when Bitcoin was at $15k? Then a few months later in 2018 it was down at $3k? That right there is too volatile for my taste.
So, I decided to go with DOT & ADA for a few reasons;
- Technically they are both superior to Bitcoin. Rather than try to explain it here, take a look at this link which gives a good overview of DOT, & this link gives the same on ADA.
- Bitcoin, although the obvious mammoth of Cryptos, is limited in numbers (obviously a good thing for the price) and very slow to trade generally. It has a lot of flaws that may or may not matter in the long run.
- Both DOT & ADA Cryptos have shot from nothing to number 4 & 5 on the Crypto list by trade volume and market capitalization in just the last couple of years.
My “Vegas bet” albeit probably 1,000,000,000:1 odds, is this; What if, just what if, in a billion to one shot, current bitcoin investors saw how “clunky” Bitcoin was, and decided to pull money out of Bitcoin and put it in to DOT and/or ADA instead? What would that do to the price if just “some” of the $900+ billion currently invested in Bitcoin moved to these currencies?
Something like this is where it might start perhaps? Dubai crypto fund says to dump $750m worth of ‘pretty useless’ Bitcoin & Buy Cardano & Polkadot Instead.
Huge “if” and most unlikely, but picking 400 DOT and 1000 ADA up at £25 & £00.961p respectively is worth a punt in my estimation.
That’s my whole “Crypto Strategy” right now in a nutshell. I’m sure there are some of you out there that could school me in this sector, but for now, I’ll just leave this here and enjoy watching what happens.
Oh, while I remember, I started using Kraken for trading Crypto and I LOVE IT! Deposits from my bank in the UK show up there in seconds, and no hassle whatsoever. VERY low commissions, & placing orders from my phone or the web is dead easy, so I definitely suggest taking a look at them if you didn’t already. Before I had used Coinbase a bit, just to test, but their interface just felt kind of old & clunky, plus their commissions are quite high now it seems.
Visit Kraken here and take a look if you ever decide to trade Cryptos.
You can also see the data points from the Google Sheet where I calculate everything.
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