A trader going by the handle macromule shared a trading algorithm that would have produced around 1000% annual return. The signal to enter a position is a tweet by Bitcoin sceptic and gold advocate Peter Schiff about the first cryptocurrency.
I wrote a trading algorithm that buys #Bitcoin every time @PeterSchiff tweets about BTC and sells 72 hours later.
Since May, the algorithm would have executed 203 trades, achieving an annualized return of ~1000%. 65% of trades are profitable with a 3% average return.
— Sam Baker (@macromule) March 2, 2021
The user recommended closing the position after 72 hours. Over the period examined under such rules, one could have completed 203 trades, of which 65% would have yielded an average return of 3%.
Below is a fragment of the ‘strategy’ performance in January 2021. In one instance, the profit amounted to 19%, in another— 23%.
Peter Schiff himself was among those who responded to the tweet.
«I think that’s as good a reason as any to buy Bitcoin. Good luck,» he wrote.
I guess that’s as good a reason as any to buy #Bitcoin. Good luck.
— Peter Schiff (@PeterSchiff) March 3, 2021
Earlier in January, Galaxy Digital founder Mike Novogratz offered Schiff a bet of $1 million on the price of the first cryptocurrency.
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