Buying BTC at an all time high was dumb, but stopping now that it's low would be dumber.
Saying that they lost millions is incorrect - they haven't lost anything because they haven't sold any of their BTC yet. And it's only been a couple years. We won't know if this was a good or bad investment until 2050.
That's silly. Anyone who's dollar cost averaging bitcoin buys over a long period of time has been incredibly well rewarded. BTC is up 146% over the last 12 months, and up 15x (!) over the last 5 years.
Even if you were slow and naïve and only jumped at the 2021 all-time high, and kept buying during the next 12 months (as one should when an asset you like goes down), you'd have made your money back and then some.
So, you are glad to see articles that support your viewpoint?
Don't you regret at all missing all the gains you have made along the years by not buying small amount of BTC? In the end the guy who wrote this article made quite good amount bu buying BTC low and selling high. Lets see how it ages.
...which is why I said it had a great track record :) The problem I had with your post is that you implied long-term BTC holders were not recovering their investment, which is plain wrong.
Now compare the $47 million they are down in dollars to how much the Government in the United States wastes on absolutely useless stuff. Ridiculous to gloat about their decision to purchase Bitcoin and how it is bad. It is a long-term investment.
You could make this same site for people who invested in pretty much any tech stock over the same time period as most have declined by even more than 45%.
If I invested my life savings into a company that hasn't turned a profit in five years, that wouldn't make the company or the exchange a scam, it would simply make me an idiot.
Nobody is promising Bitcoin investors a profit because nobody (officially) speaks for Bitcoin to begin with. Anyone investing into BTC and subsequently losing or gaining money is doing it of their own will, not because they were scammed into it.
I know I’ll get downvoted by bitcoin shills like you, but if you had bought bitcoin in Dec 2017, you would have lost money even after holding for 5 years.
Someone who bought bitcoin even as far back as 5 years ago and held, still lost money. 19k vs 16k today. Index funds have crushed Bitcoin in that same timeframe. Even if you bought 2 years ago the performance is not good. I think this shows the dangers of overhyped investments. Sure, Bitcoin has done well for certain timeframes, but index funds tend to have smoother, more consistent returns.
By the same logic, every one in the world who could have bought one kBTC when it was cheap but did not (i.e., more or less every single human in the world) has thrown away $4.8M. Even the OP wasted much more than $4.8M, because they might have bought more than 25$ worth of BTC. There is no difference between a lost investment or an investment that never happened, when the return is so ridiculously high.
Most people who bought Bitcoin within the last year are underwater with their investment. Some have lost 45%. They'd have done better to keep cash and take the 8% inflation hit.
Interestingly, he was very wrong about the 2nd reason to buy BTC (it hasn't exactly replaced the existing financial system), but the other two -- past performance and "civil liberties" (for drugs, ransomware etc) were close enough.
I'm not really sure this guy ever actually lost £400k. The 10 BTC are from when he bought in 2017 (for £40k and he'd cashed out that original investment already) and I don't see any plausible reason someone like this was actually planning to cash out at the current price. It's not like the £400k was money he had earned and plowed into BTC.
In many ways this is a facet of being an investor in BTC and should be a message to any BTC investor sitting on top of what has become an astronomical sum- take a look at your portfolio. Take a look at all the risks of being invested in a single product like BTC (scam risk, risk of hack, risk of adverse regulations, extreme volatilty, perfect correlation of your entire investment portfolio), take a look at how much of your portfolio is invested in that single asset, and decide whether you should rebalance. Because no offence, if your savings are 90% BTC, you're not investing, you're gambling on BTC.
You only lost money if you sold your bitcoins. If you bought bitcoins at the instant before the last crash, you'd still have more than doubled your money even now after the $30 drop. Bitcoin may crash to $1 tomorrow; who cares? The real question is where will Bitcoin be a year from now, and 10 years from now?
These line of thinking is toxic. What have you done in the meantime? Will you be back in 4 years when bitcoin is in the 6 figures region moaning how you should have bought at 4000?
Buying BTC at an all time high was dumb, but stopping now that it's low would be dumber.
Saying that they lost millions is incorrect - they haven't lost anything because they haven't sold any of their BTC yet. And it's only been a couple years. We won't know if this was a good or bad investment until 2050.
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