I put my savings into Bitcoin

After a lot thinking, reading, and researching, last week I completed putting my savings into Bitcoin. I did it over a span multiple weeks (following the dollar-cost averaging strategy). I haven't told people that they know me about this, and not planning to (for security reasons). Here is my thinking about why I did it and things that I considered:

• I'm debt free and have no responsibilities (not married, no kids, etc.), so for me the time is right.
• I came across crypto first back in 2017, I was interested in the technical side more than the finical side. Bought a little back then, never sold it. Seen it dropped more than 50% in the short term and gained more than 200% in the long term. In the long term, it increases.
• I'm in it for the long term (minimum: 10 years, maximum: forever).
• There will be never more than 21 million Bitcoin. That's scarcity, scarcity has value.
• Bitcoin adoption is increasing rapidly.
• Everything in life has a risk factor, for me holding a fiat currency in a bank that is losing value and purchasing power due to inflation is riskier than buying Bitcoin.
• I did my homework about crypto and security back in 2017 (private keys, cold storage, etc.), so jumping in is technically easy.
• I kept 1 year worth of expenses in fiat.
• I have a full time job so even if the price goes to zero I can start over.
• I'm a skilled software engineer so even if I lose my job I can find another one or do freelancing.

After all, maybe I will be wrong, and yes, maybe I will lose it all, but I'm willing to take my chances. The important thing for me is that I feel good about my decision.

Disclaimer: this is not a finial advice by any mean, I'm just sharing my experience. Everyone's life and circumstances are different, and never put what you cannot afford to lose.

Submitted June 25, 2021 at 08:09PM by LonelyInTheNewLand https://ift.tt/2U0V8R4