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INSIGHTS FROM AN OLYMPIAN BY JOHNNY QUINN | @JOHNNYQUINNUSA

How I Buy Bitcoin

I have added Bitcoin to my portfolio and you should too.

If you are new to Bitcoin and would like to learn more, I list the best Recommended Resources at the bottom of this post.

For now, here is where I am “stacking sats.” (<–Bitcoin Lingo)

I use BlockFi to purchase and hold my Bitcoin.

(P.S. Use this link to create an account on BlockFi and we will both receive $10 in Bitcoin.)

I have purchased Bitcoin on three platforms: BlockFi, Coinbase and Gemini. They all have very user friendly dashboards which is nice.

I prefer BlockFi with their security features and interest earning ability (see rates).

I can select my interest to be paid in Bitcoin. Yay!

I fund my account with USD, that is converted to USDC in BlockFi, and while I wait to purchase Bitcoin (because I want dollar cost average — more on that in a few), my USDC is earning 8.6% interest.

Time for some math.

Let’s say I have $1,000 in a traditional bank savings account. The national average interest rate for savings is 0.05% annual percentage yield (the amount of interest an account earns in a year), but many national banks pay only 0.01%.

At the end of the year, I will have earned $0.50 cents in interest($1,000 x 0.05%). Horrible!

If I put that same $1,000 in my BlockFi account (converting it from USD to USDC), at the end of the year, I will have earned $86 ($1,000 x 8.6%). Cool!

I hold money in BlockFi.

So I can dollar cost average my Bitcoin purchases, it’s too hard to pinpoint the market. Plus, I found myself staring at a screen watching the market like a hawk. What a waste of time (how ironic).

Instead, I pick a consistent amount of money each week that I want to spend and buy Bitcoin.

My hold money is earning interest (8.6%) while I buy Bitcoin week in and week out.

That’s it. That’s the plan.

Do the math.

Pick a weekly amount of $$ that’s right for you and your family. Maybe it’s $20, or $100 or $1,000, or more (big baller), it doesn’t matter. The key is to be consistent.

Let’s say each Tuesday, you plan on buying $50 worth of Bitcoin. That’s great!

There are 52 weeks in a year and that means you will have purchased $2,600 (52 weeks x $50) worth of Bitcoin in a year’s time. By dollar cost averaging, you don’t have to worry about timing the market.

You’re getting skin in that game and that’s what’s important.

That is how I purchase Bitcoin for my portfolio and you should too.

(P.S. Use this link to create an account on BlockFi and we will both receive $10 in Bitcoin.)

Recommended Resources on Bitcoin:

VIDEOS

ARTICLES

PODCAST

BOOKS

ONLINE COURSE (Free)

  • Bitcoin for Everybody (Explore the fundamental concepts behind Bitcoin and how everyone can use this open-source, strictly limited digital money that operates on a peer-to-peer network.)

Disclosure of Material Connection: Some of the links in the post above are "affiliate links." This means if you click on the link and purchase the item, I will receive an affiliate commission. Regardless, I only recommend products or services I use personally and believe will add value to my readers. I am disclosing this in accordance with the Federal Trade Commission's 16 CFR, Part 255: “Guides Concerning the Use of Endorsements and Testimonials in Advertising."

ABOUT THE AUTHOR

Johnny Quinn is a U.S. Olympian (Bobsled) and Speaker. He delivers thought-provoking and action-packed speeches to help increase performance and teamwork in business and in life. Companies that have hired Johnny to speak include: Toyota, Chick-fil-A, Cisco, Southwest Airlines, Wells Fargo, Zillow, LiftMaster, Fiserv and Lockheed Martin.

Hire Johnny to speak at your next event →


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