Why did I bet on bitcoin at the peak of the mania? (5) The state’s blessing 17. 11. 2020. I was well aware that we were in the final phase of a mania and the crash was near. Still, in December 2017, I made the bet that bitcoin would outperform gold on a five-year horizon. A few days after the bet, the price touched $20,000 and then it collapsed. A year later it was struggling close to $3,000. I am continuing the article series after a lengthy hiatus. The topic is relevant again because bitcoin is above $16,500 again — the level where I made my bet three years ago. Even with that, I am still standing to lose badly at the time of writing, as the price of gold rose 50% since then. At that level, I would be winning only above a $25,000 bitcoin price. But I still have two years to get there. Read more about Why did I bet on bitcoin at the peak of the mania? (5) The state’s blessing
Why did I bet on bitcoin at the peak of the mania? (4) — Without leaders 18. 10. 2019. I was well aware that we were in the final phase of a mania and the crash was near. Still, in December 2017 I made the bet that bitcoin would outperform gold on a five-year horizon. In this article series, I describe what I based my opinion on. In Part 1, I presented the background of my bet. In Part 2, I argued that there is a need for digital gold. The previous part explored why bitcoin stands the best chance to fulfill this purpose. I will now give further arguments in support of that. Read more about Why did I bet on bitcoin at the peak of the mania? (4) — Without leaders
Why did I bet on bitcoin at the peak of the mania? (3) – The network effect 01. 10. 2019. I was well aware that we were in the final phase of a mania and the crash was near. Still, in December 2017 I made the bet that bitcoin would outperform gold on a five-year horizon. In this article series, I describe what I based my opinion on. In Part 1, I presented the background of my bet. In Part 2, I argued that there is a need for digital gold. This part and the next will explore why bitcoin has the best chance to fulfill this purpose. Read more about Why did I bet on bitcoin at the peak of the mania? (3) – The network effect
Why did I bet on bitcoin at the peak of the mania? (2) – Digital gold 20. 09. 2019. Satoshi Nakamoto, the anonymous inventor of Bitcoin originally hoped to create a payment system with radically cheap (even free) transactions, which therefore could also be used for micropayments. We can declare that bitcoin has not been fulfilling this promise for years: at times, a single transaction can cost multiple dollars. This is certainly not how I would buy my coffee. Still, at the peak of the mania in December 2017, I made a bet that bitcoin would outperform gold on a five-year horizon. I did so despite clearly seeing that we were in the final phase of a bubble soon to pop. Moreover, it was doubtful whether bitcoin would ever be able to serve the purpose it was dedicated to by its creator. So what did I base my bet on? Read more about Why did I bet on bitcoin at the peak of the mania? (2) – Digital gold
Why did I bet on bitcoin at the peak of the mania? (1) 08. 06. 2019. In December 2017, some of us received a spot-on group mail, as we routinely do, from our colleague Viktor Zsiday. He used the results of Ron Paul’s Twitter poll to demonstrate the completion of the bitcoin mania at the time. The American politician asked people about which asset would perform best on a 10-year time horizon. Bitcoin won with a landslide. Only gold got a noteworthy amount of votes from the rest of the options. Read more about Why did I bet on bitcoin at the peak of the mania? (1)
