Kessel wins with bitcoin investment

Kessel+wins+with+bitcoin+investment

Mason Lucas, Staff Writer

If you met Kyle Kessel here at IVCC, you wouldn’t think much of it. He’s a prototypical college freshman looking to become a mechanical engineer because he enjoys mathematics and working with others.

He works at Burger King as well as going to school. His hopes for the future including transferring to Wisconsin for college, getting a good job, and having a family. And he finds time for his hobbies which include photography, videography, skateboarding, and hanging out with friends.

However, there is more to Kessel than meets the eye. About two years ago, Kessel decided to invest into cryptocurrency.

“A couple of friends were heavy into it, and I heard about it back in sophomore year,” he said, “but I decide, ‘why not?’ and ended up putting a lot into it from saving for like a year and a half to two years.”

Kessel did put in a lot of money: $6,000, he explained. But, in return for his patience and gamble, he made about $16,000—about $10,000 in profit!

Kessel didn’t rest on the profit he already made. As he reinvested $9,000 and used the rest for a new computer for gaming as well as for school.
Bob Reese, IVCC professor of Business Administration, noted that Kessel’s experience may not be there for everyone.

“I stay away from bitcoin because it is very risky,” he said. “However, with risk comes reward.

“These types of investments tend to be very hot for a while then cool off. Bitcoin shot up to $19,870 [per bitcoin] in December 2017. In February 2018, it got down to $5,968. That’s a 70 percent loss! If you got in at the beginning, you could also make a lot of money!”

As for why Kessel reinvested, it was for the fact he would have never had the money in the first place except for the investment. He understands the gamble and is okay with it, but if it works out, he knows it can help him with school.

Now if you are interested in investing into cryptocurrency as well, you may want to hold off as most to almost all cryptocurrencies are dropping in the market. As Reese said, it’s very risky, which is why he stays away from all cryptocurrencies.

However, Reese says to invest whatever you understand and feel comfortable with. Also, he says if you understand cryptocurrency and like its risk/reward factor, do it. And he would never tell anyone what to or not to invest in.

Should you invest in stocks? Kessel says you should, saying, “Investing into anything in general is a good idea.”

And Reese gave a couple tips as well, saying, “If you are a beginning investor, I suggest putting some money in companies on the Dow Jones or S&P 500.

“Those are reputable companies that normally have a proven track record” Reese said. “Making a profit on these companies is not guaranteed but is a great way to start. I would encourage people to read about the market as much as possible.”

Kessel hopes that $9,000 reinvestments pan out and he will not only be able to buy a car but also use some money for future college payments.

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