Eleven months ago, I started CGC under a combination of duress – having lost my job at Miles Franklin, due to “philosophical differences” about Bitcoin; excitement, about owning my own business; and relief, having just sold my silver for Bitcoin – after what felt like an eternity of Precious Metals misery. That said, I still held my gold – hence, CryptoGoldCentral.com; which I didn’t start selling until the Fall…with my last ounce out the door in February.
From day one, CGC’s goal was to educate of what is so special about Bitcoin, with the same fervor that for years defined my Precious-Metal-dominant monetary views - which were in the process of permanently dying, at Bitcoin’s altar. At Miles Franklin, I attempted to use proper financial analysis to support my belief in gold and silver ownership. In the process, steering potential investors from risky “derivative” investments like mining stocks, ETFs, futures, and options. Lord knows I learned my lesson from such ventures – and given Bitcoin’s massive long-term upside potential, I didn’t see the benefit of the additional risks such vehicles offered. Which today, is the same choice crypto investors have; i.e., King Bitcoin, versus dramatically riskier altcoins and ICOs.
The world changed dramatically in my 15 years in Precious Metals – which started in May 2002, when I first invested at a gold price of $425…which coincidentally, is EXACTLY the price I first purchased Bitcoin (aside from my brief flirtation with Mt Gox) in January 2016. Since 2002, gold has appreciated to $1,215. However, it peaked seven years ago in nominal terms, and 38 years ago in inflation-adjusted terms. Moreover, the losses investors incurred in Precious Metal derivatives have been incalculable – and care of Bitcoin’s emergence, gold and silver have in all likelihood, permanently lost the monetary significance they enjoyed for 5,000 years.
As for Bitcoin, the 2016 bull market was exhausting, but highly rewarding – as the price surged from $400 to nearly $1,000 at year end. However, Bitcoin’s HISTORY wasn’t made until 2017 – when it won the bitter scaling debate in August, when SegWit locked in and the BCash fork failed to split the Bitcoin network. At that point, I sold my silver and was on the road to selling my gold – as in my view, the Digital Age had commenced. With the blog up and running September 10th – and crypto consulting services, too - it was “all systems go” in my quest to onboard as many people as possible…at a time when Bitcoin was still in the mid-$3,000 range.
At Miles Franklin, I believed in what I said 100% - and like my previous career in mining stock marketing, had my money where my mouth was. However, I was still working for BOSSES, to SELL their product. Conversely, at CGC, I work for MYSELF, and “sell” nothing but my services. Which clearly, do NOT involve “trading” advice…but simply, knowledge about cryptocurrency - sorely lacking, in a world where so little traditional analysis is applied.
As it turns out, I was 100% correct in my belief in Bitcoin – which subsequently, surged to $20,000 by year-end…yielding paper gains for HODLers, and real gains for the few who chose to take profits. Again, my goal was NEVER to advise trading – as valuation aside, Bitcoin could just as easily rose to $30,000, as plunge to $6,000. That is your decision as an investor – as opposed to my “job” as a commentator…who clearly, is an unabashed, long-term Bitcoin bull.
When the price started to decline, I maintained my personal strategy of long-term HODLing - which is exactly what I aim to do for years to come, given my view that Bitcoin is the future of global money. Unfortunately, I have no way of knowing when interim tops and bottoms will occur – so instead, I simply discuss what I see…which is, the inexorable growth of Bitcoin’s network, usability, and value.
Additionally, I have attacked those who I believe are opportunists and/or charlatans, preying on HODLers – and potential HODLers – with time-tested fear tactics. Lately, as described in yesterday’s Audioblog – I’ve backed off this M.O. a bit…as frankly, it’s too mentally exhausting to maintain. I don’t get paid a penny for this effort, which creates as much bad will as good will. And oh yeah, it doesn’t change investors’ choices one bit – especially the “80 percenters” who will always defer to “gurus.”
https://steemit.com/dlive/@andyhoffman/a3278813-9b1e-11e8-885a-0242ac110003
So, if you’re looking for quality analysis about why I believe Bitcoin is the future of money, and why it’s extremely undervalued, I suggest you read my articles, listen to my podcasts, and follow my Twitter feed. Conversely, if you want trading advice, go elsewhere – and do so at your own, extremely grave risk.