A 25X Gain

Bitcoin Rewind

In November 2016 after a meeting with Eric Voorhees, I started buying at $700.

In a later phone conversation with Barry Silbert of Digital Currency Group.

I asked, “What do you think it’ll take for bitcoin to reach wide adoption?”

“The price”'. he said. “Once we break $1,000, it’ll take off.”

That’s why on January 4th I knew we were in for a real run. On that day, the price of pushed higher to $1,156. A few months later, it’d blown through $2,000.

Despite the fact the price had tripled in less than a year and we were clearly in a bull market, few people could believe it was real.

I traveled a lot that summer and told anyone that would listen that they needed to buy bitoin. Few took action, of course.

The whole cycle went by very quickly. And it wasn’t long before we experienced the $17k+ blow off top. 

In 405 days BTC went 25x.

( see my awful chart below)

The Market today has similar vibes to 2017. To me, it feels very different than the 2020-21 cycle. In 2017 coinbase and other exchanges were there to provide new and easier onramps. In this cycle, ETFs take that to a whole new level.

If I'm right, it'll move faster than expected and if the cycle follows the 2017 cycle, you could see it peak out between $250K - $350k.   

Nobody knows for sure and I could be dead wrong. But this does feel very different than the 2020-2021 cycle. Those who traded that cycle right made a lot of money. But, the people who traded 2017 made a killing.

Let’s hope for a repeat of 2017!