01/17/2021
The Bitcoin wave
I bought some Bitcoin around $7,000 a number of months ago. “ I wish I had bought more” says every trader. And I’m definitely in that boat 🚣♀️ now.
History repeats itself and it blows my mind how we have such a short term memory. Even with all the access and social media, seems like people’s attention spans are getting shorter as well as their memories.
I say this to say, In 2018 when Bitcoin prices were reaching around $20,000. You couldn’t go anywhere without someone saying one of the following.
“You into crypto bro?”
“ Yea I just put my whole savings into crypto, it’s the wave, TRUST ME DUDE!”
“ Crypto’s the future chief!”
Bitcoin was the topic of every conversation and if you weren’t invested you were an idiot. I remember my boss at the rattling off 20 different coins he had invested in during our coaching meetings. He had no clue what they were used for and neither did I. Then what happened? Bitcoin crashed from it’s all time high around $20,000 to around the $5 - 7 thousand dollar range. Subsequently, Bitcoin vanished like a hot air ballon from the front page news. Never to be seen again…So we thought..
I’m getting the same “vibes” today. Parents of my students are asking me about bitcoin, it’s all over the news, and it’s all people are talking about. Now I’m not saying Bitcoin will crash tomorrow or next week. I’m merely putting pointing out things can’t rise forever and the atmosphere seems eerily similar.
I put a picture of Icarus at the end as a cautionary tale of what can happen when you abandon caution, ignore history and fly as though tomorrow is guaranteed.
Remember Icarus died
Don’t let your portfolio follow