I can remember the first time I heard about Bitcoin, I was sitting in a shared office with a co-worker back in 2013 when he described a new digital currency that was gaining some notoriety. I did some quick research and wrote it off as a passing fad that was fueled by cyber criminals and tech speculators. I did not think much about it again until the Fall of 2017 when its soaring price garnered headlines across the business world. I recognized the bubble and, since I did not want to deal with a crypto exchange, I bought some shares of Greyscale Bitcoin Trust (GBTC), whose price is correlated to the price of Bitcoin. I watched its value soar until it hit its high of $19,783.06 on December 17, 2017, then sold my shares as my shares’ price plummeted. At that point, I took my profits and dismissed Bitcoin.
However, this year I began to take notice of it again. I watched the price climb from the mid-$3,000s in January to $8,000 in May. This performance got my attention and led me to do some deeper research on Bitcoin. What struck me was its resiliency. Bitcoin has gone through two bubbles, from 2013-2014, when its price rose from $13 to $1,163, before declining to $152 in early 2015. Then again in the aforementioned 2017 boom and crash. Although its price is volatile, there is clearly underlying value in this asset because it has been able to rebound following these two […]
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