'Outside The bitcoin Echo Chamber: Here's Why I'm Not Stacking Sats' investing bitcoin
On a chilly winter morning in 2021, I sat hunched over my laptop, scrolling through article after article, trying to decide if I should invest in Bitcoin. Bitcoin was having a moment. After three years of trading more or less flat, the cryptocurrency had quadrupled in value over the past six months, climbing from just over $9,000 per coin in July of 2020 to a peak of $40,287 on January 8th, 2021.
. You couldn’t really buy anything with it, and even if you could, it was impractical as a currency because it can take as much as an hour to complete a transaction. Bitcoin can handle 4–5 transactions per second; by contrast, Visa can handle up to 65,000.For one, volatility gets a bad rap. ‘It isn’ta bad thing,’ I told myself, ‘if you have the time and stomach to ride out the highs and lows.’ I didn’t have any fixed timeline for turning a profit.
With Bitcoin, this maxim seemed especially critical because I knew it could very well be worth nothing in the near future. I decided I’d buy $10,000 worth of Bitcoin, which, if it came to pass, I could stomach losing. I used Coinbase because the fees were relatively low and the interface was simple and easy to use.I won’t lie: after weeks of research and deliberation, I was excited and eager to board the crypto hype train.
As the weeks went by, I watched the value of my crypto “wallet” slowly rise. Bitcoin reached just over $61,000 per coin in March, before dropping precipitously back down to $31,000 in July. This was a time of pants-shitting terror. At that point, I was ready for the floor to fall out and to lose everything.
At the beginning of the year, I turned off automatic BTC purchases in Coinbase. My return is -19%. I don’t have any plans to buy additional Bitcoin, and my investing journey over the last year has left me less enthusiastic than when I started. Why is this?
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