Did I Buy Some Bitcoin?

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If you are a regular reader of this newsletter, you know I haven’t been a fan of Bitcoin. Warren Buffet has said it isn’t worth $25—that’s all the Bitcoin in the world.

I agreed until a few different things started to happen.

Donald Trump is the next president of the United States. Donald Trump’s family has a new bitcoin or crypto business idea called World Liberty Financial.

Most elected officials in the Senate and Congress in the United States own Bitcoin.

Congress is pushing the US government to buy Bitcoin and hold it in reserves for 20 years, as it once did with gold.

This small investment is a bet on corruption. Congress, the Senate, and even the new President all have a personal interest in making Bitcoin legit and a new currency of reserve for the US Government.

So, trying to understand it, I went to the Trump site and was immediately confused.

I signed up but didn’t do anything. 

Next, I researched reputable Canadian firms and found a list. I chose BitBuy to start my journey.

This platform allows you to buy fractional amounts of Bitcoin and other crypto. You can store it there or transfer it to your wallet.

BitBuy is registered with several Canadian Regulators, including the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). 

It was an accessible site, and I quickly registered, verified my identity and placed the initial $2,500 into the account. I will use the dollar cost average and understand that Bitcoin is a bet on the corruption of the US Government. I call it corruption because I don’t believe the people making the rules and laws should directly increase their wealth from their own decisions. It’s like insider trading, but there is no mystery since it is now public information.

The probability of me losing all my Bitcoin investment is likely about 50%—a coin flip, if you will.

It’s a three-year bet that the current elected officials coming into power will be true to their word and embrace Bitcoin.

But wait a minute. While writing this newsletter, I got a phone call from my Bank stating that the connected email address to which I am to send the $2,500 is a blocked fraud alert email. Wow. It was a close call. Thanks, BMO. I sent the info to BitBuy and await their response.

So, instead of making a direct investment, I picked up a few risky shares of BITX on the public exchange. I invested just $1,000. It’s an ETF that will wet my thirst for a few months and let me do more research on this topic. As I just learned, it’s a complicated world, and this crypto thing is difficult. Does the US government know what it is getting into?

Likely, they do.

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