My experience of losing Bitcoin position

I recently completely exited my long Bitcoin position, I’m going to briefly explain why.

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Earlier this year, I wrote, ”The argument today is that Bitcoin is, at the very least, a store of value, like gold, and this has driven demand in recent months. I don’t think any realisation will burst this — because Bitcoin is actually a damn good store of value. It’s digital, secure, universal, has a strong brand, limited in supply, outside the control of governments.”

However, a realisation does seem to be bursting this, certainly for me, and perhaps for the wider market.

Bitcoin alternatives. The crypto universe is fast becoming a messy space with plenty of alternative credible cryptos emerging. While gold was the default store of value for millennia, I don’t think Bitcoin can keep its position as the default crypto for long.

Bitcoin’s technology is ageing and replicable, its value lies in its brand — the fact that many institutional investors have accepted it, people talk about it, it’s the default digital alternative to gold.

Its status as this default is at serious risk. But without it Bitcoin is nothing.

And no, it won’t be replaced — the crypto space is in too much flux, there just won’t be any single default digital alternative to gold, certainly not anytime soon.