There are many motives for buying Bitcoin (BTC): a hedge against inflation, financial independence or even hopes for a Lamborghini and a life in the sun.
For Mr. ERB, a Bitcoin blogger and enthusiast, it’s all about retiring early. The ERB keeps a detailed account of his finances on his blog “Early Retirement Via Bitcoin” and spoke to Cointelegraph about his retirement plan.
He told Cointelegraph that he “first got interested in bitcoin in the summer of 2017” when one of his colleagues briefly introduced the peer-to-peer decentralized currency.
However, in a story familiar to bitcoin customers when they first entered the space, “the price was around €2,000 at the time, and I thought it was too late to invest.”
ERB told Cointelegraph that he quickly stumbled upon a Bitcoin podcast where Trace Mayer predicted Bitcoin could reach $1 million.
Interest in the FIRE (financial independence, early retirement) moment along with a new passion for Bitcoin changed his mind:
“That’s when I realized I wasn’t late but actually early on. I saw Bitcoin as a great potential for getting into early retirement and bought my first coins in October 2017.”
The ERB created a retirement plan with Bitcoin. He has set a €1 million retirement goal, contributing €500 a month, every month. His first contribution — or the first time he’d “stacked sats” — was in 2017. Five years later, he told Cointelegraph, “the success has obviously been fantastic.”
“I don’t think I could have achieved similar returns in any other strategy. Not to mention the bitcoin strategy is very simple and doesn’t require active investment management. You buy and own, and then you keep buying more.”
The Bitcoin Early Retirement blog explains how his current ROI is over 450%. Compared to using the S&P 500 as an investment vehicle (44%), “that’s 10x, and it would be 100x.”
During his investment journey, ERB has drawn valuable lessons. He spoke wisely and wisely about how Bitcoin supports its values:
“My view of the world before Bitcoin was very narrow. Life looked like school, work, retirement and death. Nowadays, I think a little differently. The main goal [now] It is best described as entrepreneurship and self-sovereignty.”
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The ERB has shared many useful tips with beginners in buying bitcoin. He explained to Cointelegraph:
- “Keep mining, keep buying bitcoin.” And don’t try to get rich quickly because “you won’t.”
- “Give yourself five years” to really learn about Bitcoin (which works up to one year more than the Bitcoin halving cycle), and take a long time to learn. Listen to the right podcast, read the right books, and see if investing in bitcoin is a good idea.
- “Resist the urge to eat an orange pill for everyone around you,” especially early on in the Bitcoin learning curve. The ERB has admitted that it may have caused some “damage” to certain relationships by being hyperactive in the early stage of its Bitcoin education.
- Finally, HODL. While Bitcoin’s price drop in March 2020 to $3,600 “felt really bad,” the ERB explained that “in hindsight, it was the best time to buy.”
As one US ETF approaches, the ERB is fast approaching a quarter of a million euros. As his blog imagines, “Cut costs, a pile of meals.”