I recently uploaded a YouTube to answer a strange question I had earlier that week, namely: If I held onto to the crypto I bought seven years ago and sold it today (2024), could I buy a Ferrari? Yes could the measly $100 I spent on the digital currency back in 2017 somehow grab the mystical luck rocket and blast off to the moon, multiplying itself exponentially to the tune of a Ferrari red shopping spree? It was a monumentally ludicrous ask but I like to keep my 64 followers on YouTube amused when I can.
Then someone came along and pointed out that had I been a little more selective in the heady days of 2017 then yes, I might have a shiny red Ferrari parked in the driveway. Of my mansion. But was he correct? Let’s find out!
One man, many plans and one of them was a crypto miracle
Look I could explain everything in word format but given the audience here in comparison to what’s going on through the OMMP Youtube channel, it’s pretty clear that people prefer to watch and listen rather than read. No worries then, have at it:
While I won’t completely ruin the ending (aka please watch it, I need the views), I will point out that the closest I got to buying a Ferrari had I held onto the crypto nowadays and selling in 2024 would be in Matchbox form. And I wasn’t too worried about it, laughing things off until this comment popped up:
Uh oh.
Did I manage to jump on the wrong train again here?
Crypto numbercrunching
At face value if I’d spent the usual $10 like I did with the other motley lot I splurged on back in 2017, then I would have had 100 Binance coins (not counting the small fee attached through Coinspot to buy them.)
At $591 when he made the comment, my $10 from back then would be worth…$59,100 today. Under further investigation, that looks to be in USD and not AUD. Having a look at how BNB crypto was rating through the Australian based Coinspot, it was around $906 to $934 at the time of the comment, so for the sake of argument, let’s meet midway at $920 a coin.
So now my 2017 $10 becomes $92,000. Which falls short of buying a Ferrari in Australia currently (I could be wrong but a quick search on Facebook, Gumtree, Autrotrader and Carsales has every Ferrari listed well past that, welcome to the price of everything going through the roof) but is still a staggering return on a $10 investment either way.
That would still net me a very impressive Lexus Rx350, which would be far more practical for school trips and holiday drives.
And while that’s a lovely daydream, there’s one more factor here standing between me and missed opportunity..
I didn’t buy into it….because I couldn’t.
So if we’re going on the time that I bought my $100 crypto shopping spree (Nov 2017) then BNB (Binance Coin) wasn’t actually available on Coinspot at the time. While trying to find exactly when they started to trade it has been mission impossible, thanks to the Wayback Machine, I have discovered it simply wasn’t an option through the platform I was using back then.
Working through the various historic captures on the machine, it looks like it was added to Coinspot around May 2019 – well past my shopping spree and far beyond what it started at, the initial BNB crypto listing price at around $27 AUD.
Which means had I bought back then using my $10 AUD, instead of 100 BNB, I’d have: 0.35 of one.
Although in saying that if I held onto it then and didn’t cash out until today, that third of a coin would now be worth: $332
Not Ferrari money but a win still I guess. And I’ve proved to myself that no, I didn’t miss on crypto Ferrari ownership. Phew! Back to reality then..