Earlier in this week I had a debate with a few users in a secret FB cryptocurrency group. The discussion was purely on profitable long-term holds with good fundamentals and regular development. I felt Steem was one of the best blockchains out there but ofcourse some people felt otherwise.
Most of these people seem to be obsessed over profit potential only, citing 100x plus profits over the long term. Therefore I thought it would be a good idea to analyse how profitable it has been to hold Steem in the past year and assess the maximum profit that a hodler holding liquid Steem may have earned if he bought at the lows and sold at the highs.
Steem has rallied in the past year with a few corrections along the way to yield a maximum of more than 115x returns from its lowest point of $0.07 to its recent highest of over $8.08. Which is phenomenal I think.
Ofcourse, as long as you don’t sell you don’t really capture your profits. But on Steemit, holding SP gives you voting power which makes up for it.
What if we compare Steem with BTC? Well Bitcoin has rallied significantly in the same time frame and ergo in satoshis Steem has indeed reduced significantly since 2016. But, in USD equivalent we’ve done very well. If you sold at the top and bought it lower again a few times, you are likely to have increased your stake significantly! The potential to trade is quite good with Steem.
If you are worried about having missed the cryptocurrency boat, then let me tell you that’s not true. We’re are all still early adopters in the space and especially Steemit platform and there is a huge upside potential. Today’s highs are tomorrow’s lows! There’s a lot more in store for the Steem blockchain, it’s apps and Steem currency.
Many times when I write a blog on Steemit I do it in order to share it on other social media. Sometimes, I just write them in order to share and educate some of these people on the benefits of our platform, and well as it’s blockchain technology, over other hyped up projects which are low on fundamentals and have not much to show for.
I hope you will encourage other users and investors to look into the possible benefits of being on Steemit.com or any other Steem blockchain powered application. Spread the word and bring them on board on a platform that rewards you for your talents!
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
- Steemit.Chat Contest #13 + Contest #12 Winners Announcement!
- 4 Tips For Steemit Account Recovery & Wallet Security!
- Let's Talk—Why Are You Not Buying and Powering Up Steem?