Just HODL: Holding Bitcoin Has Been Profitable For 99% of Its Existence
Bitcoin has been a topic of financial discussion for years, with negative and positive comments swinging both ways. An interesting statistic recently popped up on Twitter showing that during its history, Bitcoin has been on a positive run nearly 99% of the time, continuing its recent bull run compared to the traditional stock markets.
Bitcoin’s Bull History
While it is considered to be a risky investment and many old-school investment gurus advise newcomers to be careful, Bitcoin has been in the green for most of its existence. In fact, since it was introduced 3,869 days ago, the cryptocurrency has been profitable during 3,817 of those days, or 98.66%. As incredible as this number is, the tweet contained an even more emphatic statement: “The only people that have actually lost money with bitcoin have just been impatient.”
Hodling Bitcoin has been profitable for 3817 days out of a total of 3869 days. That’s 98.66% of bitcoin’s history.
Green shows where buying bitcoin has been profitable.
The only people that have actully lost money with bitcoin, have just been impatient. ? pic.twitter.com/kq82I6QTtR
— Rhythm (@Rhythmtrader) August 9, 2019
Some of the comments voicing skepticism about this statistic warned the community not to get too excited about this fact, as Bitcoin lacks sufficient history to extrapolate a stable historic conclusion. Bitcoin’s volatility has also been mentioned constantly by nonbelievers, disseminating statistics that BTC has seen double digits up or down in just one day.
Bitcoin’s Recent Price Movements
With recent bearish developments in the stock markets, Bitcoin’s positive price movements have spoken volumes about its role in the financial world. The most recent surge put Bitcoin on the map as a possible safe haven investment, and it has been compared to another valuable hedge – gold. Moreover, Anthony ‘Pomp’ Pompliano has made the case that Bitcoin represents an uncorrelated asset which isn’t affected by negative developments in the traditional markets.
Bitcoin is up 14.3% in the last 7 days, bringing the price to $11,847.24 with a market cap north of $210,000,000. With critical support levels around $11,500 and a major resistance level at $12,500, Bitcoin’s 2019 weekend moves may play a big role in its future direction.
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