Nobody who has held Bitcoin for 5+ years has ever lost money…

All Cryptocurrencies

by COINS NEWS 36 Views

…until this week.

This bloody Bitcoin market has led to another new milestone.

On December 7th, 2022, the BTC [low] price went below the December 7th, 2017 [high] price of $16879 USD.

This has never happened before in Bitcoin’s history for any dates 5+ years apart.

2017 price data

2022 price data

This post of mine from earlier this year highlighted the day that some bitcoin purchases from 4+ years ago were not profitable for the first time (June 18, 2022, when Bitcoin price dropped down to $18,067 USD).

I spent lots of time in 2020 learning the basics of Bitcoin and in ‘21 I was overconfidently repeating PlanB, Saylor, et al talking about prices going up up up with near certainty. Like most of us, I’ve been very humbled to see just how incorrect my short- and near-term price predictions ended up.

I think most of us know this by now but the lesson to learn here is that prices can’t be predicted based on past performance. Just because something has never happened doesn’t mean it will never happen.

Caveat: I’m using the United States Dollar as my reference point for price in this post. Pick a different currency and the assertion made in the title might not be true. Keep in mind that profit, loss, and making/losing money are not absolutes and require a point of reference.

submitted by /u/shin_jury
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