The bold Millenial who invested $4000 into Bitcoin and turned them into $25 million
What is the first thing that comes into your mind when someone mentions investments? A real estate? A business? Rare materials? What about Bitcoin? Ridiculous, you may think. How could I ever profit from something that isn’t real at all? James Peterson once thought the same. Until one day his entire life changed forever.
In 2010, James was a young software engineer with great ambitions. Born in California and familiar with computer technologies, he managed to land a job in a respectable technology company in Silicon Valley. By working with computer and cryptography enthusiasts, he was one of the first to learn about Bitcoin and its supposed qualities.
“I was skeptical at first. The idea of a completely digital currency taken to a global level was kind of a long shot for me. I talked about it with my co-workers, but never paid much attention to it”, James recalls. However, several months later, James learned that Bitcoin’s value tenfold from $0.008 to $0.08 in just five days, setting a new world record. Although intrigued, James decided he needed more time and further analysis before giving it a try.
By late 2010, James decided he has seen enough and was ready to join the game. “One part of me kept telling me to be cautious, while the other suggested I should seize the opportunity and invest as much as possible as soon as possible. Eventually, I decided to invest $4,000 and bought myself exactly 26,000 BTC.”
As more and more people found out about Bitcoin’s potential and inner workings, its price continued to grow, and James found himself frantically checking the graphs on a daily basis. “It was like a roller coaster, one day it would drop by two thirds, and the next it would skyrocket and triple its original value. But after couple of months of stall, I lost my enthusiasm and focused on big projects and building my career as a software engineer.”
Time went on, and James eventually forgot about his investment, which slowly but gradually continued to grow. Until the winter of 2013, when Bitcoin hit the mainstream news after its prices soared once again. “I was driving home, listening to the radio and hear the radio broadcaster saying Bitcoin rose to $400. I was blown away. An experiment that once cost $0.015 was now worth hundreds of dollars!”
James decided to catch on and sold 2000 Bitcoins from his early stock, earning himself $800,000. To his, and everyone else’s surprise, the prices continued to double day by day until they peaked at $1000 in January 2014. Advised by his co-workers and financial consultants, James decided to sell 4000 more BTC, earning himself a staggering $4 million.
“I actually became a millionaire! It was absolutely insane.” Just like many others before him, James was mesmerized by his instant fortune. He quit his job and, together with his girlfriend, set out on a luxurious round-the-world journey he had always dreamed of.
“I bought a small yacht and asked Susan to join me on a trip around the world. We stayed in expensive hotels, enjoying the views and meeting some powerful and influential people along the way. It was like a dream coming true.” As James enjoyed his new, lavish lifestyle, prices of Bitcoin continued to zigzag, causing much turbulence and unpredictable results.
“Sure, I was making huge money, but being fully aware of Bitcoin’s unpredictable pattern, I decided to gradually sell my stocks and earned nearly $20 million over the course of just four years.” However, he decided to keep 1,000 BTC. When asked when, or if he will ever sell them, he replies: “I thought about it, but I decided to hold onto them until the price reaches $150,000. I know it’s a long shot, but I’m positive it will, eventually, reach that point. It will take some time and a lot of work, getting governments and banks to accept it as a legitimate payment method and a true currency. But one day, it will happen.”
Some might question whether James should have sold the majority of his stocks in the first place, given the fact that if he waited a bit more, he could’ve doubled it. But he doesn’t think that way. “Why would I wait? I’m 29 now and I want to enjoy life while I’m young. Also, with $25 million on my bank accounts and a 1000 BTC in my digital wallet, I have more than enough money to start a new life, get married and even open my own business. Everyone wants money, but what they forget is that it’s not about how much you have, but what you do with it and I intend to enjoy it while I’m still young.”
For some, James is a model. For others, he is the epitome of Millennials, a generation of youngsters raised in the 90’s interested only in their well-being and having as much fun as possible. Whatever the case, James is a living proof that even in these crazy and uncertain times, there is still room for young daredevils who can make a fortune out of nothing. So, instead of judging them, perhaps we should try to learn from them. Or from their mistakes, at least.