Summary:
Thanksgiving gatherings often spark discussions about cryptocurrency.
Bitcoin, Dogecoin, and Ethereum investments saw massive losses from 2021 to 2022.
Investing $1,000 in 2023 could yield substantial returns: BTC up 156.3%, DOGE up 426.1%, ETH up 74.3%.
A total investment of $3,000 in these cryptocurrencies could now be worth $9,567.46, a 218.9% increase.
Traditional investments like the SPDR S&P 500 ETF Trust only saw a 31.1% increase over the same period.
Thanksgiving Traditions and Crypto Conversations
For many Americans, Thanksgiving is a time for family gatherings, delicious meals, and lively discussions. In recent years, one hot topic at these gatherings has been cryptocurrency. Let's dive into how investments in Bitcoin, Dogecoin, and Ethereum have performed since last Thanksgiving.
Crypto Performance Since Last Year
Last year, the cryptocurrency market was booming. Bitcoin and Ethereum reached all-time highs, while Dogecoin surged significantly throughout 2021. However, discussions around crypto were often met with skepticism as family members weighed the risks associated with these investments.
The Downturn in 2022
Fast forward to Thanksgiving 2022, and those who invested at the height of the market faced a harsh reality. According to previous reports, an investment made on Thanksgiving Day 2021 would have seen Bitcoin down 72.3%, Dogecoin down 64.6%, and Ethereum down 72.5% by the following year. A $3,000 investment split across these three cryptocurrencies would now be worth only $905.69, reflecting a 69.8% loss.
A New Hope in 2023
However, for those who decided to invest in 2023, there’s good news. If a relative invested $1,000 in each cryptocurrency this Thanksgiving:
- A $1,000 investment in Bitcoin could now be worth $2,563.18, up 156.3%.
- A $1,000 investment in Dogecoin could now be worth $5,261.43, up 426.1%.
- A $1,000 investment in Ethereum could now be worth $1,742.85, up 74.3%.
In total, a $3,000 investment would now be valued at $9,567.46, representing a staggering 218.9% increase.
Comparison with Traditional Investments
For context, a $1,000 investment in the SPDR S&P 500 ETF Trust would only be worth $1,311.44, reflecting a mere 31.1% increase over the same period. The returns from 2023 to now have significantly outpaced those from previous years.
The Thanksgiving Dinner Table
With these impressive returns, crypto investors are likely to have a lot to celebrate this Thanksgiving, potentially shifting family dynamics at the dinner table for those who were once skeptical about cryptocurrency investments.
:max_bytes(150000):strip_icc()/Bitcoin2-d1a2e16201154a299619f862c74ae975.jpg)
:max_bytes(150000):strip_icc()/MicroStrategyitschairmanMichaelSaylorandbitcoin-7ff7439c8a2543dd96b43baac69d2f55.jpg)
Comments