So everywhere you look people are posting about how the Genesis Block of Bitcoin was mined nine years ago today. I wouldn't have known that if I hadn't seen it at least once, so that's a good thing, though I think it is getting a little overblown at this point. But I want to approach it from a different perspective.
So I have been considering creating a cold storage wallet for my son. All things being equal, we are about 9 years from my son going off to college. So with 9 years of Bitcoin in the books, and 9 years of my kid being a kid ahead, I have a question....
So to answer the question, I have to start with a little math.
Let's Get Out The Calculator
The first price I can find for Bitcoin is from July of 2010 when the price (according to google) was $0.008 per Bitcoin. That's the figure we'll use, even though that is 1.5 years in to the experiment.
So, I want to say I invested $200 in Bitcoin in the beginning. So $0.008 price with a $200 buy in gives you 25,000 BTC. Let's say we put that on a paper wallet, ignored all forks, and just unburied the time capsule today.
That $200 investment then would be worth
25,000 x $15,326
Have you done the math? Did I miss a decimal?
$383,150,000
Well... That's a tidy sum isn't it? Would make life a whole lot easier for a lot of people. Puts the lambo right in the driveway doesn't it?
But we can't go back in time and load up on Bitcoin. So what's next?
The Challenge
I want to put $1000 worth of crypto coin on an offline wallet and lock it in a fireproof box and let it sit for 8-9 years. When my son graduates High School and heads off to college I want to be able to present it to him to pay for school and get his future started.
I believe in diversifying in an effort to broaden the chances of a "hit". So let's come up with 5 coins that are relatively low in acquisition price today, with long term road maps that indicate a lengthy utility of the coin, that I can buy $200 worth of and sock away for my son.
What are your top Long term holds?
Should I just buy $200 of BTC, ETH, BCH, LTC, and Ripple? Or should I get a couple of ICOs in there, some of the Alt coins? Chill out with small cap coins on Cryptomania? What are your suggestions? How would you invest $1000 in a crypto time capsule?
Let's hear your suggestions, and how you would set up such a wallet. Would you split it straight up $200 five ways, or do Half BTC and half the other coins? Or spread it around with a whole slew of small caps? Nothing is out of bounds for this exercise. I'm not holding anyone personally accountable for how I invest.