Bitcoin Friday — Aug. 16, 2024

Here are my quick, candid thoughts on bitcoin heading into the weekend.

Happy Bitcoin Friday!

Start Small

“Big things have small beginnings.”

I want to revisit my weekly bitcoin purchase strategy. Here’s a very high-level overview of what I do.

• I buy $20 of BTC on Mondays.

• I use Cash App.

• I withdraw to cold storage monthly.

I’ve been doing this since May 2020.

If you’ve been reading Bitcoin Binge for a while, you know that I’ve been in bitcoin since 2013. The kicker is that it takes one to two market cycles to really understand bitcoin and establish a long term strategy and that’s if you stick around at all.

Well, I stuck around. In the beginning though, I traded in and out of bitcoin and altcoins and it took me several years to sustain a disciplined strategy.

$20 in BTC doesn’t sound like much.

Really, it isn’t much but it’s something.

It’s steady. It’s consistent. Plus, it’s also performed extremely well: +368.22% as of today.

That, combined with my mining rig, which now tends to produce roughly that same amount but over the course of a month, represents my long term dollar cost average strategy that will persist, uninterrupted for the foreseeable future.

Now, let’s look at equities.

Bitcoin Equities

In my Roth IRA, I hold two mining stocks and two exchanged traded funds for bitcoin and crypto exposure. This is on top of other tech-focused holdings such as Dell and ARKK that have various types of related industry exposure. Here are the stocks/ETFs and performance as of today: