Sneaking this position in before the end of the month. Although if I had done this at the start of the month I would already be up ~30%.
Position: Bitcoin value will increase.
Investment: AUD$50
Current price for 1 Bitcoin: AUD$19,591
Volume of Bitcoin purchased: 0.00233786*
*This is the amount in my wallet after purchasing from the exchange and transferring it off the exchange and into my own bitcoin wallet.
Reasoning
Governments around the world are targeting higher inflation levels, primarily through money creation. Cryptocurrencies (of which Bitcoin was the first and largest) are deflationary because there is a fixed supply.
There have been reports of PayPal incorporating cryptocurrencies into it’s platform. If this happens the audience (and demand) for Bitcoin will expand dramatically.
Lesson 1 – strike early and take action. Do not procrastinate.
Bitcoin was AUD$15,100 at the start of the month and is now AUD$19,600 as at October 31st. That’s 30% in value I have missed out on because I was twiddling my thumbs.
