This is a chart of Bitcoin. For the past several months a lot of people on social media who are Bitcoin people have been telling you to buy it, often trying to guilt trip you – saying things like you will miss out if you don’t buy it, telling you that if you buy you should never sell or worry about it crashing again because it always goes back up.
What this chart shows you is that all Bitcoin has done this year is go back up to where it was way back in 2021 and then gone up another 5-10k. At the same time, the stock market has smoothly made new highs this year and the price of gold is trading at all-time highs. Neither fell as much as Bitcoin did in 2022 and are trading much better than it.
In fact, the plot on the bottom of this chart is a relative strength ratio dividing the price of Bitcoin with the Nasdaq 100 QQQ ETF. It has not made an all-time high. What this means is the Bitcoin has underperformed the QQQ ETF on this chart. People in QQQ’s and normal stock market investments have been doing better than Bitcoin people since that nasty top of 2021. And so are gold investors.
When Bitcoin people talk like Amway salesman walk away from them and just realize they have trapped themselves in a silly cult, listening to crypto gurus. If you want to give them advice tell them to go and visit any of the good brokers and investment advisors in the area. There are investment advisors everywhere and they can guide them out of risky scammy virtual crypto coins and into more safe investments that will help them actually get to retirement instead of gambling in things that go up and then totally crash again and again. If you put all your money into something like that I don’t see how you’d be able to sleep at night. It’s like someone saying their retirement plan is to go to the casino and put all their money into slots and you tell them don’t do it and they talk about the pictures of the jackpot winners they see on the internet.
