One guy, apparently, invested just £100 ($132.70) in meme coin Shiba Inu in its very early days and had made millions. While researching, I’d come across “inspirational” stories about people who had become multimillionaires overnight. First came the research and deciding which cryptocurrencies I wanted to invest in and the platform I would use. It was, I reasoned, a learning experience: if I am writing about cryptocurrencies as part of my job as personal finance editor at The National, then I need to know about investing in digital currencies.Īnd what a learning experience that has been. My decision to dive into cryptocurrencies wasn’t so much a fear of missing out, or Fomo as my daughter calls it. It wasn’t that I set out to ignore Mr Buffett, who is a well-known critic of cryptocurrencies. But who knows what tomorrow will bring – or if Elon Musk will start tweeting about Dogecoin again, which usually results in a massive surge in cryptocurrency prices. While it’s been a bad start to the year, Bitcoin this week started another rally and was trading above $44,000 at the time of writing. Perhaps he was right when you consider Bitcoin hit a record high of $68,000 in November last year, then suffered a mighty crash in January to settle just above $35,000, dragging all other digital coins down with it in the process. I can still hear Mr Buffett’s comments about cryptocurrencies reverberating around my living room during a 2018 interview with US news channel CNBC: “In terms of cryptocurrencies generally, I can say almost with certainty that they will come to a bad ending.” However, I took a leap into the unknown about six months ago, going against the advice of my 91-year-old investment mentor (cue pangs of guilt), and jumped into the roller coaster world of cryptocurrencies. While set and forget might be my mantra, I do occasionally struggle to ignore stock market volatility - which has (understandably) been on the increase of late thanks to surging inflation and Russia’s invasion of Ukraine.īut I’ve managed to stay the course thanks to Mr Buffett, the world’s sixth-richest person with a net worth of $115 billion, and his wise advice. It’s valuable advice that I’ve taken to heart over the years – I transfer a certain amount of money every month to my low-fee exchange-traded funds and that’s pretty much the only interaction I have with my investments. I’m what you call a set-and-forget type of investor, one who is influenced by the likes of legendary multibillionaire Warren Buffett, who once said: “If you aren’t willing to own a stock for 10 years, don’t even think about owning it for 10 minutes.”
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