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"Some ride Bitcoin's roller coaster to top"

David_Snowball
in Fund Discussions
Fascinating cautionary tale for folks looking at Bitcoin ETFs and thinking "what's the worst that could happen?"

Joe Pinsker and Caitlin Ostroff offer this report in the Wall Street Journal (3/7/2024):
Joe Oathout lost $500,000 on bitcoin from his peak, but he didn't lose faith. Few would have the stomach to hold on after watching a $20,000 investment soar halfway to $1 million in 2021 only to have nearly all of it evaporate."
Good news: he's up to $169,000 (as of 3/7/24). Bad news: that's still down b 65% from its peak.

Much of crypto's surge, they report, came "following a strong urge of buying on one crypto exchange ... it is unclear what drove the rally and what it's sustainable."

Ummm ... my guesses: (1) speculation. (2) no. But that won't impact the behavior of those who need to believe.

Comments

  • Devo
    Wrapping in an ETF legitimizes it for those on the wall and plays a number. Bitcoin owners have endured a lot of volatility for the returns earned. They've been lucky that its not like the other 99% of the crypto coins. Everyone needs a little luck in life.
  • Old_JoeOld_Joe
    Ain't that the truth!
  • sma3
    My favorite bitcoin story is the son of a patient of mine who Dad said maybe 10 years ago his kid had some huge amount of Bitcoin on a thumb drive in his safe deposit account. Even then it was worth several million dollars. He said they were never going to sell it as it was going to infinity.

    Since I retired I lost touch witht he Dad but I always wonder if his son held on to it.
  • Devo
    now thats a first hand story. Time to get your hands dirty with creative non fiction @sma3
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