The motivations for buying Bitcoin (BTC) are numerous: a hedge against inflation, financial independence or even the hope of a Lamborghini and life in the sun.
For Mr. ERB,” an avid blogger and bitcoin enthusiast, is about retiring early. ERB maintains a detailed account of its finances on its Blog and spoke to Cointelegraph about his Bitcoin retirement plan.
He told Cointelegraph that he “first became interested in Bitcoin in the summer of 2017,” when a colleague briefly mentioned decentralized peer-to-peer currency.
However, “the price was around 2,000 euros at the time and I thought it was too late to invest”.
A familiar story for Bitcoiners when first entering the space, ERB told Cointelegraph that he soon came across a Bitcoin podcast where Trace Mayer predicted that Bitcoin would hit $1 million.
Their interest in the FIRE moment (financial independence, early retirement) coupled with their new passion for Bitcoin made him change his mind:
“That’s when I realized that I wasn’t late, but rather early. I saw bitcoin as a great opportunity to reach early retirement and bought my first coins in October 2017.”
ERB hatched the retirement plan with Bitcoin by setting a target retirement goal of €1,000,000 by contributing €500 per month, every month. His first contribution – or the first time he “stacked the sats” was in 2017; five years later, “the success has obviously been tremendous,” he told Cointelegraph.
“I don’t think I could have achieved similar returns with any other strategy. Not to mention that the bitcoin strategy is extremely simple and does not require active investment management. You buy and you hold, then you keep buying more.
The ERB runs blog details how the current ROI is over 450%. Compared to using the S&P as an investment vehicle (44%), “it’s a 10x, and it’s going to be 100x.”
Along the investment journey, ERB has learned valuable lessons and speaks compellingly and insightfully about how Bitcoin is beginning to underpin its values:
“My view of the world before Bitcoin was quite narrow. Life was like school – work – retirement – death. Today I think a little differently. The ultimate goal [now] could best be described as entrepreneurship and self-sovereignty.
Related: Redditor Hides BTC Worth $100 For 100 Years In Public Library
ERB shared nuggets of helpful advice for those new to buying Bitcoin, telling Cointelegraph:
- “Keep mining fiat, keep buying Bitcoin.” And don’t try to get rich quick because “you’re not going to do it”.
- “Give yourself 5 years” to really learn Bitcoin (that’s a year longer than halving Bitcoin), and really take the time to learn. Listen to the great podcasts, read the great books, and find out if “it was a good idea to invest in Bitcoin”.
- “Resist the urge to take the orange pill around you,” especially early in the Bitcoin learning curve. ERB admits that he may have “damage” to certain relationships due to his overexuberance in Bitcoin at an early stage in his Bitcoin education.
- Finally, HODL. While Bitcoin’s March 2020 price drop to $3,600 “felt really bad,” ERB explains that “in hindsight, it was the best time to buy.”
The US cash ETF is getting closer, the ERB is fast approaching the quarter million dollar mark, while a US cash ETF is getting closer. As his blog postulates, “cut the cost, stack the sats.”