As a young blogger, I remember writing my second post titled “Is This The End of Bitcoin & Other Cryptocurrency?” My view of cryptocurrency was strictly negative until I reached a point where I needed to make an online purchase that only accepted cryptocurrency. That was when I started to explore investing in cryptocurrency. Months later, after investing in it through the Luno app, I decided to sell my holdings.

Despite breaking even during my investment period with Luno, the reason I’m selling it is due to my discomfort with investing in cryptocurrency. During those months of investing, aside from monitoring my investments and daily price fluctuations, I found it challenging to grasp or benchmark anything related to cryptocurrency. I’ve tried to broaden my understanding, but it seems that my knowledge is insufficient to continue investing in it. Following Peter Lynch’s advice to “Invest in what you know,” my understanding of cryptocurrency was too limited to persist.

El Salvador was the first country to adopt Bitcoin as its official currency. However, due to the decline in Bitcoin’s price, the country has estimated a loss of 34% since its purchase in September 2021 (at the time of my writing). Despite its adoption as the official currency, citizens still prefer the USD over Bitcoin for all their legal transactions, indicating that Bitcoin has not gained widespread usage.

When the trend of Non-Fungible Tokens (NFTs) emerged, a friend of mine discussed the opportunity to invest in them by purchasing some NFTs. I seriously considered it at one point, believing that an early entry could potentially increase their value in the years to come. However, I’m relieved that I didn’t experience the sharp price plunge over the past few months.

Perhaps in the future, more countries will adopt cryptocurrency as their official currency, offering opportunities for cryptocurrency investors to profit and use it for transactions. Early investors, particularly those who invested in Bitcoin and Ethereum when they were introduced, stand to reap significant profits. While some platforms already accept cryptocurrency as an official payment method, widespread acceptance has not been achieved yet. It’s possible that we’ll see more changes in the near future, but my view on cryptocurrency will remain the same until it gains broader acceptance as the official currency in multiple countries.