Here at Wirex HQ we talk about bitcoin a lot…
The security issues…
The long-term investment potential…
Even the daily price action…
“Oh wow did you see that?! — BTC price just shot up… again!”
We do get work done too. But I was a bitcoin enthusiast way before I joined Wirex. It’s WHY I joined Wirex, because I want everyone to reap the rewards of owning and using bitcoin…
And I really don’t look forward to the day when people say to me “Gavriel, I should have listened to you about buying bitcoin”, because the price has continued to skyrocket — then worth tens of thousands of dollars.
As of right now it’s worth about $2,830 for 1 complete bitcoin.
At the start of 2017, the price was less than $1000.
I published my prediction that it would easily reach $3000 by end of the year.
Well — it reached that price within 6 months.
That’s a 200% increase…. in 6 months.
…so I’ve easily been proven right about my ‘outrageous’ $3,000 prediction.
And I now fully expect the price to exceed $10,000 during 2018 🙂
Just my opinion of course. Not financial advice. I’m not a financial advisor. Each and everyone should do their own research. Manage your own money, diversify your portfolio, etc, etc.
But my view is that everyone should at least own some bitcoin.
0.5 bitcoin maybe?
Even just 0.1 bitcoin at today’s prices. (That would be $283).
And that’s the situation I faced with the company accountant…
She was certainly ‘bitcoin curious’… (who wouldn’t be when surrounded by colleagues who couldn’t stop talking about it?)
But like any of us in the early stages of research, she was also cautious. And rightly so. The price of bitcoin is volatile. And the mainstream media has given it some very bad publicity over the past few years.
So saying things to her like:
“It will probably be worth $10,000+ in the very near future”, just wasn’t very convincing…
After all, I have watched the bitcoin economy grow since 2013. I traded things like gold and silver in the past. And I read about economic news every day. So of course it’s easy for me to see the potential.
The accountant wanted to understand how bitcoin works….
…where bitcoin gets stored…
…and if she would be taking much of a risk given that she has important financial obligations on a new house mortgage that her and husband are planning on later this year.
“Well, I’ll show you how it works”, I said.
I demonstrated how bitcoin wallets are created and secured (including the one available from Wirex).
I showed her some of the bitcoin price charts that show how much bitcoin has gone up in value over the past few years…
And I showed her some of the things that well-known celebrities and business personalities have said about bitcoin’s future.
“Bitcoin is a remarkable cryptographic achievement and the ability to create something that is not duplicable in the digital world has enormous value” – Eric Schmidt, CEO of Google
“I do think Bitcoin is the first [encrypted money] that has the potential to do something like change the world.” – Peter Thiel, Co-Founder of Paypal
“Bitcoin may be the TCP/IP of money.” – Paul Buchheit, Creator of Gmail
…she said, “I will think about it, but I have a mortgage to plan for”.
There was I, Head of Marketing for the global leader in bitcoin powered debit cards…
And I couldn’t even convince our own company accountant to get started.
I knew at some point she would ‘get’ bitcoin, simply because it’s becoming part of everyone’s economic future.
Things like buying property without agent fees will soon be possible through bitcoin services.
Not to mention booking holidays (Expedia already accepts bitcoin), paying for Sandwiches (Subway accepts bitcoin), and if you’re in the UK, Lush Handmade Cosmetics Company just started accepting bitcoin.
But besides the everyday payments and money saving opportunities that bitcoin provides, there is also, currently, an important investment opportunity (I believe).
And buying now means maximising on that opportunity.
Plus, I like a challenge…
So I had an idea about the accountant.
“Tell you what… I’ll give you £50 right now to buy your first bit of bitcoin. Pay it back only when the value has doubled… but if it goes down then it’s my loss, not yours.”
“And I can keep the interest?”, she asked (clearly thinking like an accountant!)
“Yes”, I said. “I’ll just get my £50 back whenever you want, you keep the profit you make on the £50 worth of bitcoin from the increase in value.”
I put the £50 cash on her desk, we both laughed, and I walked away.
10 minutes later…
“So how do I do it, show me and I’ll buy £100 worth.”
Was my goal becoming a reality?
Had I successfully ‘bribed’ the company accountant to part with £50 of her own to match my £50 contribution..?
But wait, there’s more:
The very next day she announced that having discussed things over with her husband, they will be buying quite a bit more!
I won’t tell you how much, that’s private and really not important.
Even a few hundred dollars worth of bitcoin could end up being worth a very nice sum in the future. It will probably help with that mortgage 🙂
And since they’ve experienced some of the ease-of-buying, got confident with bitcoin wallet security, and seen the price go up, I’m sure they will be buying more in the future too.
What’s important in my mind is that she won’t feel left out in the months and years ahead while the rest of us in the office are excited about our own bitcoin prices 🙂
I know it can seem confusing or technical to get started with bitcoin if you still haven’t bought any yet.
That’s why Wirex is now moving beyond the mobile app and bitcoin personal finance services to produce educational content that will support absolute newbies to safely explore the new world of bitcoin and get involved with total confidence.
This includes new User Guides suitable for total bitcoin newbies, explaining simply and accurately things like:
- What is bitcoin really?
- What is blockchain technology and why is it so cool?
- What is a bitcoin wallet?
- How do I buy bitcoin?
- How do I keep my bitcoin safe?
- Is bitcoin legal, moral, socially acceptable?
- Is bitcoin really the future of money?
And last of all…
How much could my bitcoin be worth by 2020?
If you’d like to touch up on your crypto knowledge and become a bitcoin expert, sign up to our mailing list below:
P.S. Please remember, this is not financial advice, nor does it necessarily represent the views of Wirex the company. It’s just my personal views and beliefs, given the access I have to insider information because I work in the bitcoin industry.
I look forward to sharing with you soon.