I Bought Bitcoin Everyday for a Year

In this video I go over the results of buying Bitcoin everyday from August 2019 to September 2020. We go over why I bought it everyday, why I believe in crypto, how I automated the purchases, and how much money I made.

None of this is financial advice, just my opinions - do your own research!

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Intro 0:00
With the US Federal Reserve announcing new inflation policies and Bitcoin crashing down below $10,000 this week I thought it would be a good time to go over how much money I've made buying bitcoin everyday for the last year.

Dollar Cost Averaging 1:30
Investing or "building a position" in an asset exposes you to less risk of price volatility when you buy often and in smaller amounts. Buying everyday helps me avoid obsessing over the price of my buys and lets me just execute the strategy. This set it and forget it strategy is my favorite for assets that I really belive in and plan on holding for a long time.

Why Bitcoin 4:12
I love Bitcoin because it is something totally new - a radical mixture of technology and economics. It is the only fixed supply known supply asset in the universe. I love Bitcoin's volatility - to me the high volatility represents an opportunity for me because I have low time preference (I don't plan on taking any money out of Bitcoin for the next 3 decades). To me, Bitcoin's origin story represents freedom.


BlockFi 8:10
I started using BlockFi 5 months ago. And at first I was skeptical so I put in a small amount. After consistently seeing returns 10x that of my traditional "high interest" savings account (who recently cut their rates even lower), BlockFi is now favorite way to invest USD (in the form of USD stablecoins - GUSD and USDC). Products like BlockFi make me even more bullish about Bitcoin and the role of Crypto in the future of the financial system.

How I Automated the Purchases 10:29
I'm accessing Coinbase Pro's API with a python script to buy Bitcoin everyday. I use the same python script to update my Google sheet to track how the investments are going and making sure the orders are still being filled. I host the python script on an AWS Ubuntu instance and run it daily with a cron job. If there is interest in the technical details here let me know and I'll make a video explaning the process in depth.

Results 11:50
As of the day of recording when the price was around $10,000 (having crashed from $12,000 earlier in the week) my dollar cost averaging purchases had made 18% and the breakeven price was around $8,600. Since the last halvening in May the price has been well above $8,600 (and has continued to, more or less, stick to the stock-to-flow model) which bodes well for the future.

Outro 13:04
I'm going to continue buying Bitcoin everyday for the forseeable future. I would feel like an idiot/fraud if I had all this conviction and didn't act on it. Follow your convictions! Be optimistic! Praise Odin!