Write A Bitcoin Obituary Now, Before It’s Too Late

The market capitalization of crypto is 5% higher now than this date last year. That’s a bit lower than the average historical return on stocks of 7%. Still, it’s not bad for a bear market. It’s a great return for the year that has been called “an asset bust for the record books.”

To be sure, my data series is selective. It excludes the wild December runup, a time when the lines at bitcoin ATMs were around the block. Buying at the top and holding would have been … regrettable.

You can read countless stories of how so many people have been suckered into a bubble and ruined their lives by investing in various crypto assets. People use this event as a way of saying that crypto is nothing but a shiny object signifying nothing.

Actually, the story reveals an old truth. Most people buy high and sell low. That’s why there’s such profit in doing the opposite. But going…