Too Late for Bitcoin?

On April 17, 2017, we made the following suggestion:

"Get some Bitcoins. Now! Why? Our economic forecasting models (the same ones that predicted Trump's win, btw) show an extended period of instability coming, and soon. Should things really go south, bitcoin will be one of the few transaction tools you can depend on. (You can thank me later..just don't say we didn't warn you and give you a way out that we both could benefit from...but I digress...) If you don't know what Bitcoin is, this may help: 'Bitcoin is a new kind of money that can be sent from one person to another without the need for a trusted third party such as a bank or other financial institution; it is the first global, decentralized currency. One of the most important elements of Bitcoin is the blockchain, which tracks who owns what, similar to how a bank tracks assets. What sets the Bitcoin blockchain apart from a bank's ledger is that it is distributed, meaning anyone can view it. Since Bitcoin is open, no company, country, or third party is in control of it, and anyone can participate.' "

Here is another summary of bitcoin written by one of our former interns.

Our advice at the time? "Open an account. Buy $100 in Bitcoin. Hold for now." See: https://www.coinbase.com/join/58f01584810de762e53f9c02 Had you done so, your holding (not investment....we don't think bitcoin is suitable as an investment. It is for transaction purposes. It doesn't hurt, of course, that it has gone up....) would have gone from $1,203 to $2,032, as the chart below shows.

Many have asked if there is still time to participate. My answer is....stop being greedy. The rally was a byproduct of the political instability we predicted. (We note that CNBC recently followed our lead with a story one month after our forecast that "Bitcoin jumps to fresh record near $1,900 amid increased political risk.")
As long as there is the kind of extreme political instability we have experienced recently, the price of bitcoin will probably increase.

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