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Peter McCormack shares his experience in Bitcoin trading between 2017 and 2018
During a conversation with Joe Weisenthal and Tracy Alloway, Peter McCormack, a popular crypto-investor, shared his experience after trading Bitcoin between 2017 and 2018. Peter McCormack also has his podcast called What did Bitcoin do.
He said he learned about Bitcoin in 2013, when he was trading CFDs. Later in December 2016 it invested about $ 32,000 and its portfolio value rose to $ 1.2 million when Bitcoin skyrocketed and other altcoins increased in January 2018.
He said he was not stressed at all for this situation. In fact, he said it was fun and opened several doors for him. In addition, he said that he created many opportunities for him since he started a podcast and met many people on the way.
Peter McCormack commented on Bitcoin:
"It's just innovation, it's the beginning of something new. […] I was part of the dot.com era when it started, I worked in a dot-com and I spent 20 years in digital advertising. I lived and I had similar feelings. A new way of making money and building things has fallen ".
He went on to say that he thought Bitcoin was something new and something interesting. However, he did not invest in digital goods because he thought he would make a lot of money. He thought it was an opportunity to make money, but he never thought he could reach $ 20,000.
Throughout the trip up to $ 20,000 he bought other digital resources like Monero (XMR) because it was a private currency, he bought Dash because it offered a different technology than Bitcoin. He also bought XRP and Ethereum (ETH) because each of them offered something different.
However, over time, he began to learn more about the fundamentals of each of these coins and redefined his investment strategy. Now, your opinion has changed a lot.
He also mentioned something very important. McCormack said that when he saw the market plummet over 30% in January 2018, he believed it would resume growth as in 2017. However, it did not rebound in 2018.
McCormack said he bought a new car, flew in first class and even took his children on vacation, among other things.
Although in terms of price performance Bitcoin and cryptocurrencies he did not have a good 2018, he said he learned a lot about protecting a wallet. McCormack also said that he invested in mining devices at the start of the year. It has allocated $ 400,000 to ASIC which is currently worth something and has lost a lot of money. Nevertheless, he is very positive about the future of Bitcoin and does not regret anything he has done.
He said he sold all the coins he had because he had two children to look after, left some funds in Bitcoin and kept a small amount of Monero (XMR). However, he is not worried about the future because he has a very popular podcast that is profitable and helps him live.
McCormack has a curiosity with Bitcoin and other virtual currencies and has never been worried about having funds in Bitcoin.
He explained that criptovalute trading is very easy to trade with respect to gold or shares. This happened because there is a flexible regulatory environment and because it can be done using a smartphone or desktop computer.
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