With global governments printing trillions of dollars, Euros, Yuan, and Yen to keep economies from going illiquid, I thought now would be a good time to check on Bitcoin.
Longtime readers will recall I took a ‘hobby stake’ in Bitcoin back in early 2017 to test my thesis that cryptocurrencies have a role as a more reliable ’store of value’ than government-managed currencies.
I have to admit that most readers have hated my thinking on this topic. I was prepared to be wrong, since there are so many risks. That said, after three years Bitcoin is holding strong.
BC currently carries a $7,700 value right now on Coinbase. I bought in at $4,000, so I am currently up an astounding 92%. I’m not in it as a growth investment – I just wanted to see if it would be safe from inflation, which is driven significantly by what countries are doing now: magically printing money.
I’m not calling success on Bitcoin at this point as I honestly think anything can happen. When the CV19 crisis started, Bitcoin plunged 35% in one day. It’s still quite volatile. It’s gained most of its drop back already, but it is so new it’s risks aren’t completely understood.
Surprised to see how Bitcoin is performing?
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