Haha found this funny article:
https://www.forbes.com/sites/adamhartung/2017/08/15/a-bitcoin-is-worth-4000-why-you-probably-should-not-own-one/?sh=40081f113b08Pay attention to the date it was published (Aug 2017). The conclusion was the best part haha:
Unless you are a professional trader, or you simply want to gamble, stay away from Bitcoins. They have no inherent value, because they are a currency which represents value rather than having value themselves. The Bitcoin currency is not managed by any government agency, nor is it backed by any government. Bitcoin values are purely dependent upon holders having faith they will continue to have value. Right now the market looks a lot more like tulip mania than careful investing.
So beware guys, Bitcoin is a bubble.
Well yeah, we have seen a quite of few articles from that kind of perspective, and it is neither badly written nor irrational, and surely it would have persuaded quite a few people to stay away from bitcoin.. coming from a "credible" source like Forbes magazine.
Even though at the time of the writing of the article (BTC prices were reaching new ATHs of about $4k-ish), many of us already knew that bitcoin was a good investment and there was some then potential that we had been reaching the top of the price peak for that cycle
(even I had been thinking and even posting that $3k to $5k could have been the top of that particular cycle... but even I did not continue to pee pare my lil selfie for more UP, just in case.. which seems to have played out for folks like me who had been preparing for UP.. just in case.. and continues to play out well for us preparing for UP, just in case), so the various points made by the author of that article (Adam Hartung) justified the potential of having a conservative allocation into bitcoin of perhaps 1% to 10% of your investment portfolio (if you had been a bitcoin newbie), and sure if you were quite scared, then you would have been targeting a 1%-ish allocation rather than a more aggressive 10% BTC allocation... yet even at the August 2017 time, many of us already would have had enough information to know about getting off of zero.. and surely, the fork wars had not yet been resolved, so there would have also been some uncertainties that would have been raised from that which may have well caused allocation levels that might have been closer to 1% rather than 10%...
But, hey.. time has not been friendly to Adam Hartung and his August 2017 assessments, and perhaps he was feeling like a quasi-genius in late 2018 or even late 2019 (or even the March 2020 liquidity event) he might have been feeling that he may have ended up being redeemed when the BTC prices were correcting to the same $4k-ish prices that had been in existence at the time of his publishing the article, and ultimately, we can now appreciate a decent amount of humor in the Hartung article because even if there remains uncertainty about whether the top of this particular price cycle has been reached (while we are bouncing in the mid to upper $50ks), we do seem as if there are decent odds that we are currently in a similar part of the cycle as we had been in mid-August 2017.. even while there are no guarantees about where we are at, or where we might be going, but we can likely feel some level of security in attempting to describe the significance of the last 4-years, since Adam Hartung wrote that article.. and sure there are still quite a few folks who still do not understand bitcoin, so whether Hartung has changed his tune or not, we are likely going to continue to see folks who prematurely conclude (and even publicly assert) that we are at the top of a cycle (and in the case of Hartung, we saw that he did not even appreciate the significance of the cycles, and he considered the whole damned thing (meaning bitcoin) to be in a bubble.. yeah right.. a bubble with 4 year cycles .. that makes a lot of sense.. and should have been equally apparent 4 years ago when Hartung published that "credible" Forbes article.
