Bitcoin has certainly come a long way. On the surface, $101,000 would perhaps even seem expensive. I started investing in it at around $10k in 2020, and haven’t let up since.

Shouldn’t I take profits at this point? Over five years later and up tremendously?

I don’t sell any of my cold-storage bitcoin, which represents the bulk of my position. One reason for that is because even at this seemingly high price level, the whole Bitcoin network is barely worth more than $2 trillion.

This is in a world of about $1 quadrillion worth of assets across all asset classes. Gold is estimated to be worth about $20 trillion, or 2% of estimated assets. Bitcoin is a tenth of that, or around 0.2% of assets. As the network effect continues to grow, and as the resilience of the technology continues to be tested in a variety of ways, I think it has a lot further to grow as long as it avoids certain tail risk outcomes that would impair its actual functioning.