Bitcoin Friday — May 31, 2024

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

Happy Bitcoin Friday!

+453%

May 9, 2020. I’d been here before.

I first discovered bitcoin sometime between 2012 and 2013—bought some, used a free online faucet to get some and send it to different wallets, sold some, and repeated the process for a while.

In 2016, I tried my hand at a dollar cost average strategy and actually stuck to it between June 2016 and July 2017. Then, like what usually happens… I interrupted the strategy. I spent a lot in 2017 too. It was a transition period in my life for both professional and personal reasons and my “bitcoin strategy” fell by the wayside.

It’s part of the learning process. You have to use bitcoin to appreciate it as a tool for financial optionality. You have to experience multiple market cycles to learn about it as a long term store of value asset.

On May 9, 2020, I started up again.

COVID hit the world in March. I was starting to order parts for my at-home cryptocurrency mining rig. Bitcoin, like all markets, was volatile.

It was the perfect time to start fresh.

Since May 9, 2020, I’ve kept up a weekly purchase of bitcoin. It’s fluctuated a tiny bit here and there with me changing the purchase from Fridays to Mondays. I also adjusted the purchase amount a few times but for all intents and purposes, I’ve been consistent with the strategy.

These weekly purchases are a portion of my bitcoin holdings. While earlier purchases have clearly appreciated more, the weekly DCA purchases that I’ve been doing for four years are up 453.81%.