Got Crypto?

Author

Jack Boudreau
February 01, 2024

The Weekly Habit

Last week we asked our 1200+ audience which asset class would perform best in 2024. It was a close race between Equities (41%) and Alternatives (38%).

Do you own Bitcoin or other cryptocurrencies?

Select the option that best applies to you.

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Personally, I don’t believe BTC will ever surpass it’s long awaited $100,000 (price per coin) milestone.

But let’s review the last 12mo+ since a lot has happened…

Bitcoin (BTC) began 2023 around $16,000, but concluded at $45,000, which surprised many investors who declared the crypto market dead.

Friendly reminder, 2022 brought us the Sam Bankman-Fried’s FTX exchange meltdown.

Forbes Magezine

Things looked bleak for all things crypto in early 2023, but then…

Ironically, the collapse of the 18th largest bank in the U.S. bolstered confidence in BTC. Soon after, the dominoes began to fall and the global financial system was put on edge.

By March 2023, BTC was over $30,000 as arguments grew against our traditional banking framework.

US Securities and Exchange Comission (SEC) filed lawsuits against the two largest crypto exchanges. These may not directly affect Bitcoin, but they undeniably caused volatility and dampened investor sentiment.

By June, BTC took a dip, but quickly recovered.

Yahoo Finance, Bitcoin USD, Data as of 1/31/2024

In October, BlackRock’s iShares unit filed paperwork for a BTC exchange traded fund (ETF) application, which was later approved by the SEC in 2024.

After the news, BTC was up to $35,000 and has rallied up to $40,000+.

Bitcoins remarkable 180% gain may suggests crypto’s resilience even in the face of significant global headwinds.

For a full deep dive on the history of Bitcoin. Check out this Forbes article “What Is Bitcoin and How Does It Work?”

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Key Takeaway from our CEO, Jack Boudreau

The price isn’t stable, I can’t use it to buy Chipotle, banks won’t let you use it as collateral, and it doesn’t have a dividend.

I was fortunate to buy low and sell high. Why else own it?