TL; DR
-
According to CoinLedger, the average crypto investor made less than $1,000 in realized gains last year, although we suspect this is due to people buying/holding.
Full story
That head ☝️?
That was our reaction when we read this news item:
According to CoinLedger (the crypto tax software platform), the average crypto investor made less than $1,000 in realized profits last year.
That didn’t make sense, because the crypto market only rose in 2023.
…but then we thought about it from a personal perspective – and something clicked.
We didn’t make ANY realized profits from crypto last year!
You have to sell your crypto to ‘realize’ a profit – and we’ve spent all year buying.
So if you see this story being pushed around somewhere outside of this newsletter (e.g. your Uncle Barry using it as fodder in the family group chat “See, I told you this stuff sucked!”), just remember this:
2023 was a year of accumulation, and Barry (although sweet) is an idiot.
(As you have always known/celebrated him ❤️).