My findings of buying Bitcoin on payday in January generated some interesting discussion in the comments that were left by readers. The results were surprising, even when one factor's the price of Bitcoin dropping about $3,000 in the month of January 2018 alone.

I'm continuing this series under the premise that many employees receive their paychecks twice a month (on the 15th and the end of each month). These are my findings for those of you who thought of buying Bitcoin on payday in the month of February from 2013 to 2019.

Bitcoin purchases on February 15 from 2013 to 2019

I used coinmarketcap.com to retrieve my data.  Unfortunately, the earliest data available for Bitcoin was from April 28, 2013, but I used data from 99bitcoins.com to get the closing prices for the month of February 2013*. I then calculated annual gains from January 1 to December 31 for each calendar year. You can also see the performance of a $100 investment on February 15, 2013, and also on each successive February 15 from 2014 to 2019.

Source of Bitcoin pricing: Coinmarketcap and 99bitcoins.com 

Bitcoin purchases on February 28 (or 29) from 2013 to 2019

I used the same methodology to determine the performance of a $100 worth of Bitcoin purchased on February 28 (or 29 if it was a leap year) each year from 2013 to 2019.

My findings

Table 6 below summarizes the data for February payday purchases from the data that I selected.

Looking back at the prices in the month of February 2018, BTC ranged between $6,000 and $12,000 as seen in the graph below. Despite that volatility, the individuals who were disciplined enough to continue buying on the 15th and 28th of February that year were rewarded if they HODL'd. 

Graph from coinmarketcap

As you can see, it appears that February is a good month to buy Bitcoin if you HODL (based on past performance)**.

Please stay tuned for more, because I'll be looking at the performance of payday purchases in March with an upcoming post.

Any special requests?

I'm also taking requests! If you would like an analysis of any specific day that's meaningful to you, please leave a comment below!

**Please note that I am not a financial advisor, and that the past market performance of any asset is no guarantee of its future performance. Please be responsible and only invest amounts that you are willing to lose in their entirety. 

Thanks for reading!

Good luck, and stay safe!

Image of Bitcoin by Sinisa Maric from Pixabay 

Original cover art by  Damir Spanic on Unsplash. Modified by the author for the purposes of this post.

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