I reflect bitterly on how much richer I’d be if only I’d had the courage of my convictions.
Every time I write about Bitcoin you can probably take it as a major sell signal. The last time I did so was in January 2014, at which point Bitcoin was trading around the $935 mark. Had you been inspired by my golden words and invested immediately in BTC (as we aficionados call it), here’s what would have happened: within a few months their value would have more than halved. ‘Bloody hell!’ you might have said. ‘This is an idiot’s game. Clearly there is no future in this stupid crypto-currency malarkey.’
But investment’s all about timing, isn’t it? Had you hung on a bit, watched it drift to its 2015 lows of around $216 dollars and at that point splurged your pension savings on, say, 200, you would now be a millionaire. I shan’t try to quote the current price. Perhaps, as you read this, it will have soared above last week’s record high of $7,879. Perhaps it will have continued the subsequent correction when its value fell by nearly 25 per cent in a day. What’s certain is that if you want to make or lose money very quickly, there’s nowhere more exciting than the ludicrously volatile cryptocurrency market.
Read the rest in the Spectator.