Buying bitcoin has been a profitable investment for 98 percent of days since the currency was first created.
Bitcoin’s Profitability 98 Percent Since Creation
According to data compiled by 99Bitcoins as apart of their ‘Bitcoin Hodl Calculator,’ the original cryptocurrency has been profitable on 3752 out of 3830 days, good for 97.96 percent of the time (as of writing). Investors who bought bitcoin at any point since its launch at the beginning of January 2009 would have an overwhelmingly high chance of seeing their investment turn profitable.
The 78 non-profitable days for bitcoin were almost entirely concentrated during the epic bull run of December 2017 that took the currency to its last all-time high near $20,000. The counter has also begun collecting unprofitable days from the end of last month, as bitcoin shot to $14000 in June before gradually falling.
Bitcoin Entering ‘Stealth Phase’
A paper published on June 24 by anonymous crypto analyst CL alleges that the current price correction is subterfuge.
Instead of re-entering a bear market, CL argues that bullish indicators are still in play. The analyst points to bitcoin entering the ‘stealth phase’ of a bull run, citing the 50-day moving average crossing the 200-day moving average, in addition to the 50-week average.
CL also points to the “realized value” metric, created by researchers at Coin Metrics, as an indication that the market for bitcoin already bottomed,
"Realized value is the weighted UTXO market cap for Bitcoin, or in other words, a measure of the value of all coins in circulation at the price they last moved, or in even simpler words: An approximation of what the entire market paid for their coins."
In a statement that the could drum up FOMO for retail investors, CL claims to be perplexed by the lack of awareness by the general public that bitcoin is entering an obvious bull market.
“What is surprising however, or unsurprising, is how little the public knows about this. Less informed people still think Bitcoin was just a craze, or that it is still currently trending toward zero. What’s more, data suggests that Bitcoin is currently going through the initial “stealth phase” of its bull run...This means that Bitcoin’s bull run has only just started and have ridiculously more room to grow before the next cycle top.”
General Public Still Unaware
Despite the price of bitcoin tripling since the start of 2019, Goole search volume for ‘bitcoin’ has been five times lower than that of December 2017’s bull run. In addition, research by App Annie shows that cryptocurrency apps have seen zero growth in the number of downloads over last year’s bear market.
While some analysts have speculated that these are indicators for lack of public interest in bitcoin, CL argues that retail investors have simply not yet been made aware. If his prediction proves right, bitcoin could extend its remarkable days of profitability.