Right. Bitcoin. It’s currently hovering around $68,000, which, let’s be honest, feels… precarious. A long way down from the alleged peak of $126,000 in October. Five consecutive months of… not exactly triumph. The ETF outflows are not helping. It’s all a bit… much. I keep telling myself I’m a rational investor. Then I check the charts again.
But here’s the thing. It’s often the things nobody wants that turn out to be… well, not entirely worthless. Rumours of Bitcoin’s demise, as they say, are greatly exaggerated. And I’ve been thinking, if I’m going to allocate a grand – a whole thousand pounds! – into crypto right now, it probably should be Bitcoin. Mostly because I’m terrified of making the wrong decision and then having to explain it to my mother.
A List of Things I’m Trying to Tell Myself
- Bitcoin is scarce. Very scarce. Like, limited-edition handbag scarce.
- Scarcity is good. Basic economics, apparently.
- I am a disciplined long-term investor. (This requires frequent self-affirmation.)
The long-term outlook is, theoretically, upwards. This is thanks to the fact that there will only ever be 21 million Bitcoin in existence. A comforting thought, actually. Over 95% have already been mined, and only around 450 new ones pop up each day. Apparently, between 3 and 4 million of the existing 20 million are… lost. Just vanished into the digital ether. Which is either incredibly irresponsible of their owners or a brilliant, subversive act. I’m leaning towards the latter.
This means that even a little bit of consistent demand will, logically, push the price up. Because supply is dwindling. It’s all very… tidy. And then there are the big holders. They’re accumulating. US spot Bitcoin ETFs hold about 1.2 million. MicroStrategy (or Strategy, as they now call themselves, which feels a bit… ambitious) holds over 720,000. And a handful of sovereign nations are getting involved. They’re not going to panic-sell, are they? They’re probably thinking long-term. Which is reassuring. Or maybe they’re just very good at poker.
The Cost of Production: A Moment of Optimism
And here’s another thing. Bitcoin is currently trading at or below the cost of production for some miners. Apparently, it costs around $77,000 to produce one Bitcoin, but some estimates go as high as $167,800. Historically, these dips have been… short-lived. The price tends to bounce back. It’s like a slightly erratic spring. So, if I have a thousand pounds to invest, I might actually see a return sooner than I normally would. Which, let’s be honest, is a significant incentive.
Units of Cryptocurrency Lost: 12. Hours Spent Watching Charts: 9. Number of Panicked Texts to Friends: 24. I’m still not entirely sure what I’m doing, but I’m telling myself it’s a calculated risk. And that’s… something, isn’t it?
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2026-03-10 14:02