Market history · Digital assets ·
Bitcoin approaches $20,000
Bitcoin began 2017 at about $1,000 and approached $20,000 in mid-December, as futures began trading on regulated US exchanges and retail interest surged, and many new "initial coin offerings" raised money.
It then fell by more than 80% during 2018. The episode is a textbook example of a speculative mania, in which rising prices themselves attract buyers.
The takeaway
Extraordinary gains attract extraordinary risks; assess an asset by what could go wrong, not by what it did last quarter.
This is a retrospective about a past event, provided for general information. It is not investment advice, does not describe RockLake's positioning at the time, and past performance is not a guide to future performance. Read the risk warning.