It is time again for another Finance Friday/Friday Finance. This is a series I started where I talk about random bits of financial stuff that I have seen, gathered, or experienced during the week. I hope as a reader you find it informational, entertaining, or both. I also hope it can generate some good discussion and edify the Leo community.
I seriously can't get over the fact that 2022 is almost behind us. I want to say it feel like we were just celebrating the arrival of 2022, but that would be a lie.
I honestly don't remember too much about New Year's 2022, but I do feel like the year has flown by rather quickly. Of course that wasn't the sentiment when we were going through the "hard parts" of the year. It likely felt like it was crawling along at a snails pace.
If you are to believe the silent (and not so silent) majority, it sounds like 2023 is going to be a relatively flat year for us.
I kind of feel like 2022 was pretty flat, so is there really any difference? I guess time will tell...
AI Predicts BTC Price
I know there are tons of people out there who are predicting what the price of BTC will be in the future. I think most of us take it with a grain of salt because we know that there are so many factors involved.
AI has been doing some amazing things lately. If you haven't checked out AI art, you definitely should. It is getting scary good. Have you heard about ChatGPT (or GPTChat whatever)? I've been really impressed by some of the responses people have gotten by asking the AI different questions on that platform.
When I saw an article about AI predicting the price of BTC on January 1st of this year, I knew I had to make a note of it so I could circle back to it. I created a Google Keep note and I put the information into it so like I said, I could jump back to it come the new year.
So here you go, this AI predicts that on January 1st. 2023, BTC will trade at $16,722. When that is going to happen... Who knows. We all know that the price of BTC can swing thousands of dollars in one day, so this does feel a bit generic to me.
Then again, it could be ushering in a new era of accuracy when it comes to predicting future crypto prices. How game changing would that be?
Traditional Investment Woes
Since it is the end of the year, I decided to take a look at some of my traditional investments. This is usually the time when I excitedly see how much my investments have grown over the past year. While there was some growth, it wasn't anywhere near where it has been in the past.
Stocks are down across the board and with them my capital gains have taken a huge hit as well. Dividends still game in pretty good, those are just a fraction of what I usually make in capital gains.
Here is an example.
Fund A (not the real name) gave me ~$6920 in capital gains last year. This year even after regularly contributing to it's growth each month, the capital gains were only $2297. My dividends did grow from $74 to $205.
Fund B (again, not the real name) gave me $2227 in capital gains last year. This year, it only gave me $697. Dividends were way down as well.
Two of my other funds that gave me $1000 to $2000 in capital gains last year failed to give me any gains this year. One of them also failed to give me any dividends.
I know this is just a momentary dip, they happen all the time. Luckily, I am not at a place where I need to worry about taking out money for retirement yet. I have zero doubt after several years things will recover and then I can start looking into moving my investments to more conservative options.
Until then, it is still mildly depressing to see how far my earnings have fallen in the last year. I'm continuting to put money away each paycheck, so my investments are definitely growing, but seeing the compounding mechanism slow a little bit is always kind of sad.
Good thing I have a crypto as a hedge against times like this in the traditional markets.
That's all I've got for this week. I hope you have an awesome holiday weekend. Let's make 2023 a year to remember! Hive to the moon right?!
Sports Talk Social - @bozz.sports
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This year is not really great in terms of traditional investment because of inflation, and some other factors. I hope next year is better
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It will come in time. I don't know if next year is going to be much better, but eventually things will recover. It's all cyclical.
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The new year is going to be dominated by LeoGlossary.
It will take the efforts of all.
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I need to get better at using that. Is there like a guide on how to integrate it into your posts?
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No.
To link a term simply use the in market down.
For example, to link cryptocurrency I use:
https://leofinance.io/@leoglossary/cryptocurrency
Thus it is:
[cryptocurrency]
followed immediately by (no space):
(https://leofinance.io/@leoglossary/cryptocurrency)
When put together it looks like cryptocurrency.
To find the terms simply go to the main menu and click on the alphbet directory. There is also a Hive Glossary for Hive based terms.
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Okay, thanks for the quick tutorial!
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Sry for the tough year . Your in the same boat with alot of others who seen losses as well . Hears to a better year🍻. Happy New Year to you and Mrs Bozz .
Thanks to you as well. We are still in a pretty good place, so I am not too worried about where we ended up. It's just nice to see that bottom line grow. Gains are gains either way, but big gains are way more fun!
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I saw one guy prediction that bitcoin would be over $100k by the end of the year or he will close his account. Let's see if he sees it through.
Another guy predicts this will be the last year of sub 100k BTC. I guess who knows what will happen with the price.
I remember back when it was $60K people were saying it was going to be over 100K by the end of the year. I don't trust any of that anymore. There are just too many factors and nobody knows what they are talking about. It will be interesting to see how accurate this AI is though.
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Yeah, talking heads... lets see how AI does.
AI getting into investment markets is really interesting, BTC will probably be around that area on January 1st. I hope that it develops higher levels of accuracy so that it can save us from this guessing game of what crypto prices will be.
I totally agree with that. I feel like this first "test" is going to be kind of lame. I mean, I think a cat could have just as easily randomly picked that number. Especially given the fact we have been kicking around between $15k and $17k for the past couple of months.
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Lol exactly! The true test will be asking it for the price of BTC 6 months or an year from now. But this is just the start so we have to be easy with the AI lol.
As long as AI takes it easy on us in return!
The dip is there but man those BTC predictions were so wrong. I remember seeing a ton of them a lot higher but they got smoked as we hit the bear market. The FTX and other scandals kind of destroyed a lot of faith in crypto right now.
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Yeah, it's not a great place to be in right now. We will recover though.
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