Crypto Dip – Fat Tail Daily
An old friend called me yesterday.
‘Did you see, Bitcoin’s crashed to US$100k’, he told me, exasperated.
I hadn’t noticed. My strategy has remained unchanged from when I first put it into a hardware wallet back in 2017.
Set and forget. HODL (Hold on for dear life), as the crypto enthusiasts would call it.
You could see the strategy as a hedge against the dollar-based system. You could see it as a gamble on magical internet money.
Either way, it’s a bet that’s unlikely to improve by me panicking every time Bitcoin drops.
Since 2013, Bitcoin has had four 70% drawdowns.
Source: Glassnode
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I wouldn’t be surprised if we see one again. Replete with the usual commentary of ‘Bitcoin is dead’…
