Got Crypto?

^{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%).}

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.

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

Silicon Valley Bank (SVB) Failure

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.

• Signature Bank Failure 

• Credit Suisse Failure 

• First Republic Bank Failure 

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

SEC Files Against Binance and Coinbase

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.

BlackRock Enters The Chat

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?