Introduction
At the end of November, I penned an article about my crypto/digital assets investment strategy. In that article, entitled "Bitcoin Investment Strategy for Beginners," I wrote in relevant part:
Starting in early October 2020, after having watched several YouTube videos regarding digital (crypto) assets, including several with Michael Saylor, I began to implement a relatively conservative digital assets investment strategy. This initial strategy did not include buying actual Bitcoin (BTC-USD) or any of the other crypto assets, but instead gaining exposure to Bitcoin via assets that have a more familiar investment wrapper. Specifically, I have utilized a three pronged approach, namely investments in Grayscale Bitcoin Trust (GBTC), MicroStrategy Inc. (MSTR) and the Amplify Transformational Data Sharing ETF (BLOK). Each of these investments is discussed below.
In concluding that article I also wrote:
As of this writing, I have opened up a Block-Fi account in order to gain some direct exposure to Bitcoin, as well as Ethereum (ETH-USD). We shall see how that goes; I am still waiting for my ACH transfer to clear and otherwise trying to understand the platform. In the meantime, while a big pullback would not surprise me, I am LONG-TERM bullish on Bitcoin (BTC-USD) and thus bullish on GBTC, MicroStrategy (MSTR) and BLOK, respectively."
Update on Initial Blockchain Investments
Since November 30, 2020, the date when my prior article was released on Seeking Alpha, the investments highlighted in that article have been wildly successful. For example, as of February 3, 2021:
- GBTC increased from $23.19 to 38.04 (more than 60%),
- MicroStrategy increased from $342 to $742.36 (more than 115%),
- Bitcoin itself increased from $19,700 to $37,096 (more than 85%), and
- BLOK increased from 30.29 to $42.28 (more than 35%).
Admittedly, I am not used to gains like this in such a short span of time
