Column 489 January 10, 2025
More than three years ago, December 3, 2021, I posted a commentary titled “The Modern-Day Pet Rock.” It was an analysis of Bitcoin and all digital currencies that concluded they should all be sold because they were basically like pet rocks. On that day Bitcoin closed at $53,474.05. It was down from its November 10, 2021, momentary peak of $59,000.00. One year later, November 21, 2022, it touched $15,479.00 down 73.8% from its high.1
Today Bitcoin is $93,600 just off its peak of $108,364 set on December 17, 2024. This is now a second chance to sell itbefore it melts to nothing.