Indeed, much has unfolded since this piece was written. But my overarching points made in this balanced article have stood the test of time. I said that Bitcoin was not suitable as an asset in an investment portfolio because of these five reasons: (1) volatility, (2) fears of an asset bubble, (3) no tax advantages, (4) theft from exchanges and (5) official warning from regulators. I continue to stand by all of these points – they could have been written in hindsight of the last twelve months, given the massive retreat from all-time highs, FTX and the continued volatility.

Regulators strongly ward against investing money you ‘don’t want to lose’. BTC is highly volatile – you’ll only be able to hold it without the anxiety and stress that can come from a volatile trading position if you have accepted the chance of loss. If you can’t afford to lose the money then you’ll never be able to accept this risk, and may find holding Bitcoin quite an unpleasant experience.