Eating Crypto Crow

I’m reminiscing on a post I wrote in the fall of 2017 savoring the gains I made buying my Bitcoin at $3,900. In hindsight it seems arrogant, so I feel compelled to disclose that in the winter of 2018 I bought another Bitcoin but at closer to $12,000.

If you follow crypto prices, you’ll sympathize how I saw that $12,000 as a huge “dip” from the December 2017 high of almost $20,000. You’ll also recognize that this wasn’t a dip at all, but a downward slide that hasn’t yet recovered. In spring 2018, prices fell to a little under $6,000 – HALF of what I paid. Currently, Bitcoin is around $9,000, which puts my second purchase at a significant loss.

Do I regret buying that second Bitcoin? I do wish I waited to see how far it would drop before I committed. I still would have spent $12,000 but I would have gotten 2 instead of just 1. In my defense, during the pre-Christmas valuation climb, prices increased so rapidly I was conditioned to believe if you wait, you lose out. I have since un-conditioned myself from that belief.

Some credible financial analysts predict Bitcoin’s value will drop to zero (“MIT“, and “Former PayPal CEO Bill Harris“). Other equally credible financial analysts predict Bitcoin is on the precipice of skyrocketing – doubling or tripling the value of my second bitcoin (“Hedge Fund Manager John Pfeffer” and “Comcast VC Bullish on BTC”).

Obviously I hope the optimists are right. Only time will tell if the crow I’m eating today the last meal before my profit dreams die, or but a garnish on a delicious platter of future profits. Whichever direction it goes, I’ll post about it.