Despite being a far cry from the 2017 all-time high of around $ 20,000, Bitcoin has been profitable as an investment 98.5% of the days since its inception, according to data from LookIntoBitcoin.com. This means that if we analyze the percentage of days in the entire life cycle of the reference cryptocurrency in which buying it would make investors profitable at current prices, we find that it is currently close to 99%.
Bitcoin has been profitable as an investment 98.5% of its existence
Bitcoin has emerged as the clear winner in the face of the COVID-19 pandemic. The pioneering cryptocurrency has posted impressive gains, leaving stocks and precious metals in the dust.
Counting 3,718 days to January 2009, when the genesis block of bitcoin was mined, data from LookIntoBitcoin.com indicates that in 3,663 days of these, it was lucrative to invest in bitcoin. This leaves only 55 days during which it was not profitable to buy the cryptocurrency. Most of these days are around December 2017 during the unforgettable bull market that took the price of bitcoin a surprising distance of $ 20,000.
The other unprofitable days according to LookIntoBitcoin data were between June 26 and July 10, 2019 when Bitcoin was trading in a range between $ 11,944 and $ 12,863. At press time, bitcoin is valued at $ 12,978. This implies that a few more days have been removed.
The HODLers haven't budged one bit
Despite the sharp swings in the bitcoin price in recent months, investors are not selling their BTC. According to blockchain analytics firm Glassnode, 10% of the total bitcoin supply has been dormant for more than ten years.
In particular, Glassnode noted that at least 1.8 million BTC has not been moved in over a decade. This shows that a significant number of bitcoin investors have strong hands and don't care about short-term price fluctuations.
In fact, more and more companies on Wall Street are supporting bitcoin by allocating part of their balance sheet to bitcoin. Others, like PayPal, are driving mass adoption by allowing customers to buy and spend bitcoin and other cryptocurrencies.
The real question now is how soon it will be before bitcoin's profitable days hit 100% as the price of the benchmark cryptocurrency surpasses its old all-time high.