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Hey Everyone,
It was a shocking revelation for me to find out in early 2009 that approximately 97.5% of retail forex traders lost all their money in the markets.
These were the days when online forex trading was a huge business, and the internet was littered with misleading ads enticing unsuspecting surfers to get rich quick through trading.
It was those same ads that enticed me to sign on as an account manager at Ava FX the previous year, so it was certainly a bitter reality to wake up to.
It of course was quite a relief for me to work at eToro in 2012, when they were able to raise the profitability level of incoming clients above 40%, with great thanks to sincere innovation.
Very pleased to inform our dear readers that the tables have now come full circle. According to a recent report, which cites Glassnode data, 94.3% of all addresses holding bitcoin are currently in profit.
Of course that number goes up to 100% if we do end up breaking the all time high of $64,895 per coin attained on April 14. |
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Revolutions are messy
As analyst Lou Kerner recently pointed out on a podcast, revolutions are messy, and obviously, not everyone is gonna make it.
The above-stated statistic of more than 94% of all bitcoin addresses being profitable was derived solely from on-chain transactions, meaning that it doesn't factor in people who kept their money on an exchange, and it certainly does not account for derivates and leveraged products. Altcoins are also a question.
Sure, some people have managed to make a few good picks, and some have even been able to handsomely outperform bitcoin, but as we know, there's no shortage of questionable altcoins out there that have flopped big time.
For those who have fallen, be it by a hack, an overzealous bet, or even a lost password, we commend you. Know that your sacrifice has not been in vain.
There is still lots of work to be done to ensure a fair investment environment for all, but at this juncture, it's prudent to acknowledge just how far we've come.
Have a happy Columbus Day! |
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| Mati Greenspan Analysis, Advisory, Money Management |
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Bitcoin Market Journal is a daily newsletter focusing on blockchain and crypto investments. It is written and edited by Charles Bovaird, Mati Greenspan, John Hargrave, and Alex Lielacher.
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