Peter McCormack Shares His Experience Of Trading Bitcoin 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 has also his podcast called What Bitcoin Did.
He said that he learned about Bitcoin in 2013 when he was trading CFDs. Later in December 2016 he invested around $32,000 and his portfolio value went up to $1.2 million when Bitcoin skyrocketed and other altcoins surged in January 2018.
He said that he was not stressed about this situation at all. Indeed, he said that it was fun and it opened several doors for him. Furthermore, he mentioned that it created lots of opportunities for him since he started a podcast and he met a lot of people during the way.
Peter McCormack commented about Bitcoin:
“It’s just innovation. It’s the start of something new. […] I was part of the dot-com era when it first started, I worked at a dot-com and I spent 20 years in digital advertising. I experienced that and I had similar feelings. It fell a new way of transacting money and building things.”
He went on saying that he thought that Bitcoin was something new and something cool. Nevertheless, he did not invest in digital assets because he thought that he was going to make a lot of money. He thought that it was an opportunity to make money but he never supposed that it could reach $20,000.
During all the way up to $20,000 he purchased other digital assets such as Monero (XMR) because it was a privacy coin, he bought Dash because it offered a different technology than Bitcoin. He has also bought XRP and Ethereum (ETH) as well since each of them offered something different.
However, over time, he started to learn more about the fundamentals behind each of these coins and redefined his investment strategy. Now, his opinion changed a lot.
He has also mentioned something very important. McCormack said that when he saw the market plummet more than 30% in January 2018, he believed that it was going to grow once again as it did during 2017. However, it did not rebound in 2018.
McCormack said that he bought a new car, he flew on first class and he took his kids on a holiday as well, among other things.
Although in terms of price performance Bitcoin and cryptocurrencies did not have a good 2018, he said that he learned a lot about how to protect a portfolio. McCormack also mentioned that he invested in mining devices at the beginning of the year. He allocated $400,000 into ASIC that is currently worth anything and he lost a lot of money. Nonetheless, he is very positive about Bitcoin’s future and he does not regret anything he did.
He said that he sold his all the coins he had because he had two kids to take care of, he left a few funds in Bitcoin and retained a small amount of Monero (XMR). Nevertheless, 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 he was never worried about having funds in Bitcoin.
He explained that trading cryptocurrencies are very easy to trade compared to gold or stocks. This happened because there is a flexible regulatory environment and because it can be done using a smartphone or a desktop computer as well.