If you’ve ever bought Bitcoin, there’s a 97.5% chance you’ve profited ๐จ This article is 5 years old...
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If you’ve ever bought Bitcoin, there’s a 97.5% chance you’ve profited
2 min read
Updated: Nov. 7, 2019 at 2:51 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
With Bitcoin’s volatility being heavily discussed in the media, a crypto analyst pointed out that the chance of losing money on a Bitcoin investment was so slim, it could almost be considered an anomaly. He calculated that if you’ve bought Bitcoin on any random day in its history, there was a 97.5 percent chance that you’ve made a profit.
Bitcoin is not as volatile as it’s presented to be
As Bitcoin’s popularity grows, pulling even the least tech-savvy into cryptocurrencies, so does the pressure from mainstream media. Now that cryptocurrencies have grown past a small niche and Bitcoin has become a household name, traditional media outlets have all but started a campaign to slander the new asset class.
Traditional investors and economists have been vocal about Bitcoin’s volatility and unpredictability, saying it was a Ponzi scheme created to empty the pockets of gullible traders.
With all the relentless attacks from both investors and regulators, any data that pops up and illustrates the inaccuracy of claims like this is welcomed and celebrated by the crypto community.
CharlesTheETH, a Twitter crypto analyst and host of The Crypto Entrepreneurs podcast, shared a chart that showed that not only was Bitcoin a great investment, but the chances of losing money on it were incredibly slim.
Data shows investing in Bitcoin is almost a sure win
The chart shared on Twitter showed that there were less than 100 days, out of over 3,900, in Bitcoin’s entire history where buying and holding would have been unprofitable.
Red is a rough estimate of the number of days in Bitcoin's entire history where buying and holding would be unprofitable. Less than 100 days out of over 3,900.
The only scam I see here is the one where Satoshi scammed us all into heavy profit. pic.twitter.com/D4L8SzcNii
— Charles (@CharlesTheETH) August 27, 2019
The podcaster went on to explain just how slim the chances of losing money on Bitcoin were. In a Sept. 3 tweet, he said that if you’ve bought Bitcoin on “any random day in its history,” there was a 97.5 percent chance that you’ve turned a profit on your investment.
If you bought bitcoin on any random day in itโs history, there a 97.5% chance youโre in profit.
Bitcoin has allowed extremely stupid people (me & probably you) to make large sums of money and it makes me anxious. https://t.co/JeaotpzewL
— Charles (@CharlesTheETH) September 3, 2019
A similar chart popped up earlier in August when Bitcoin began its dramatic consolidation after its short-lived break above the $12,000 mark. Ceteris Paribus, a Twitter profile focused on cryptocurrency analysis, shared a chart from Messari Crypto showing that Bitcoin has only spent 63 days in its entire history above $12,000.
$BTC has only spent 63 days in its history where it closed above today's price. For others?$BNB – 76$LTC – 273$EOS – 469$BCH – 510$XRP – 516$ETH – 518$XLM – 606 pic.twitter.com/YDVIQgyOdS
— Ceteris Paribus (@ceterispar1bus) August 7, 2019
This number reduces even further when the data is looked at in Australian dollars. A Twitter pointed out that when looking at Bitcoin’s price against AUD, it spent even fewer days above $12,000โonly 38.
All of this goes on to show that short-lived price spikes and drops shouldn’t be what determines Bitcoin’s true value.
Bitcoin Market Data
At the time of press 2:51 am UTC on Nov. 7, 2019, Bitcoin is ranked #1 by market cap and the price is up 2.04% over the past 24 hours. Bitcoin has a market capitalization of $189.65 billion with a 24-hour trading volume of $19.09 billion. Learn more about Bitcoin ›
Crypto Market Summary
At the time of press 2:51 am UTC on Nov. 7, 2019, the total crypto market is valued at at $268.96 billion with a 24-hour volume of $60.35 billion. Bitcoin dominance is currently at 70.53%. Learn more about the crypto market ›
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