Bitcoin Strategy 1:
Buy Your Age
Is Bitcoin price too high, very high? Too expensive? Everything is relative. Is Amazon price too high? But it was too high when it was $32 too, isn’t it? Facebook was too high at $22. Then it went below $16. Now it’s over $100.
At over $1000 USD. Bitcoin could be seen as high. While take a quick look at the past development and disaster of Bitcoin exchanges that caused those – the lessons are learned as opposed to traditional markets, where the lessons are never learned and often doubled-down to put in more funny money. Think central banks, think the 1% vs 99%, think 2008 Bank Bailouts.
If $1000 seems expensive, then start with some other point as the goal post.
Your age. If you are a 30 year old person, think of the goal as getting 30 bitcoins as your insurance, as your investment, as your bet, as your store of value.
If you are 50 years old, then 50 bitcoins.
With a goal post, you can commit a time frame to achieve it, figure out how to allocate your current savings. Get things going. Buy the first micro-coins. Spread out buying on the 1st of every month. So on and so forth.
This strategy was partly coming from my inaction when I first started contributing into Kiva. (see Kiva.org) I did one loan and after 1 year (or accurately, 9 months) I got my money bank. Then I wanted to loan further since the money usually comes back after a fixed period, though there are chance that some loans are defaulted. Still, it is better than letting my cash sit inside Paypal. So I moved my Paypal money into Kiva, and started to pick projects that I wanted to support in Kiva. I started with a pig farm in Bali, Indonesia, since I like visiting Bali. The western part of Bali island is greatly poorer than the richer south such as Kuta, Sanur, Nusa Dua. Those are the tourists magnet, due to the beaches, hotels, restaurants. In Western Bali, there are hardly any hotels, there is one sea temple (Pura Rambut Siwi) that had only 1 visitor (myself), as compared to the other 2 more prominent sea temples, that clocks thousands of daily visitors. These are the 3 important sea temples.
After tallying about 10 loans, I withdrew some of the funds out back to Paypal. Then to my bank account. Then I still received further Paypal payments that made me think again, whether I did enough. And why not do a bit more Kiva-ing, since waiting to use the Paypal funds or when the USD goes up is an uncertainty.
Then I concocted up a simple oath, or strategy – just make 1 loan per year of my life. After a few months, it was quite easily achieved. When the loans are repaid, and the balance went back up, I put a tenfold quest into that oath. 10 loans per year of my life!