The title is borrowed from the fourth book of Douglas Adams’ Hitchhiker’s Guide to the Galaxy “trilogy”, where the dolphins leave earth before its imminent destruction.
This morning I sold the last of my ethereum. Later on GDAX, BTC dropped to as low as $9928, below the Dec 22 low of $10,400, while ethereum got to as low as $852. I have been calling $19.8K on Dec 17 THE peak in BTC since the end of December. The odds of that being right are better than 50/50.
I’ll show my crypto account activity one last time. In the last two weeks, I was able to add a little ethereum and then gradually got out between $1100 and $1400. Overall, I made 15 times my money — not bad for 10 month of “work”. Cryptos will surely go down in history as THE most outrageous collective delusion. I count my blessings that my investment philosophy allowed me to hitch a ride and make a decent profit. The words of George Soros ring true:
“When I see a bubble forming, I rush in to buy, adding fuel to the fire,” he said in 2009. “That is not irrational.”
If I’m right, a large part of the human drama is still to be played out. Many late-comers will lose a lot of money. There’s little that I can say to counsel them other than that in a bear market, bounces are to be sold.
None of the above is investment advice, the standard disclaimer applies.