Zinger Key Points
- The Bitcoin Therapist shares his journey of investing in Dogecoin in the early days and then converting it to Bitcoin.
- He claims to have not lost money on any crypto tokens ever and plans to stick to Bitcoin in the future.
- Get New Picks of the Market's Top Stocks
Popular pseudonymous Bitcoin newsletter writer The Bitcoin Therapist shared how a “complete stroke of luck” catapulted him into the world of cryptocurrencies.
What Happened: The Therapist took to X (formerly Twitter) to tell his story, saying that he came across Bitcoin BTC/USD when he commenced his journey around 3.5 years ago through a Reddit forum.
The trader found Dogecoin DOGE/USD and invested a few thousand dollars, only to wake up the next day to find his money had tripled. He cashed out and started researching Bitcoin.
His conviction grew rapidly, and it took him a "few days before it clicked" In a few weeks he converted it all to Bitcoin and in a few months, he went “100% all in on Bitcoin.”
Ironically, the initial Dogecoin investment skyrocketed by 40x shortly after the exit to allocate funds to Bitcoin. However, the trader expresses gratitude for his first experience in crypto where he made a lot of money, unlike others who “get REKT,” a slang term for losing all your money.
"Ironic, but true. I haven't touched anything but Bitcoin since and I don't intend to," The Bitcoin Therapist writes.
Price Action: Since around 3.5 years ago, Bitcoin’s price has increased by 270% while Dogecoin has skyrocketed by 4,670%.
Why It Matters: In the evolving world of cryptocurrencies, such expert stories serve as a reminder that sometimes, a stroke of luck can lead to a transformative financial journey.
The investor quickly realized that the true goal was not making money off meme coins but rather achieving financial freedom through Bitcoin’s absolute scarcity. They learned that “making money off s–t coins isn’t the end goal. The end goal is freedom of money and holding something of absolute scarcity.”
The Bitcoin Therapist remains grateful for the experience and has gained valuable knowledge by spending an entire year learning, listening, and understanding various crypto spaces.
What's Next: The influence of meme coins and Bitcoin as an institutional asset class are topics expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
Read Next: Anthony Scaramucci’s Fund ‘Will Not Touch’ Meme Coins But Vouches For Bitcoin, Ethereum, Solana
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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