A New York Times reporter recently posted a chart on Twitter comparing the price change of Bitcoin and Crocs over the past year. Surprisingly, the prominent shoe brand proved to be the better investment over the long term.
Jack Nicas, a Silicon Valley beat reporter for the New York Times, posted the price chart – which tracks the price of both Bitcoin and Crocs from August 16, 2017 to August 16, 2018 – via Twitter last Friday. The results? Crocs ended the year-long period up nearly 100% from its starting price, while Bitcoin was up by roughly 45%.
Indeed, buying stock in Crocs was a better investment than bitcoin. h/t to a friend who doesn’t have Twitter. pic.twitter.com/y0H9vlAfNO
— Jack Nicas (@jacknicas) August 17, 2018
Where Did Bitcoin Lose?
Much like the story of the tortoise and the hare, Nicas’ chart shows Bitcoin quickly overtaking Crocs by mid-October 2017. By mid-December, Bitcoin’s run-up was in full swing, with the digital currency posting gains nearly 340% higher than its August 16, 2017 price. Going into 2018, Bitcoin prices fell sharply between January and February and have been meandering downward ever since. Crocs, on the other hand, maintained steady growth throughout the year, with no sudden fluctuations in either direction.
The takeaway, according to Nicas, is that Crocs was a better long-term investment than Bitcoin by virtue of its steady growth and lack of volatility. As he notes in a follow-up tweet:
Also let’s give it up for the plastic cobbler who could: Crocs stock has doubled over the past 12 months!
Why the Croc Craze?
Although Crocs are often mocked, the fact is that they remain a popular footwear choice for kids and adults alike. In fact, a recent report conducted by eBay showed that there were approximately 25,000 searches for Crocs and more than 15,000 pairs sold during the month of April alone.
A major factor behind the resurgent success of Crocs is the interest that the high fashion industry has taken in the footwear. In 2016, Scottish designer Christopher Kane featured the kitschy rubber shoes on the runway for his Spring/Summer 2017 collection and earlier this year, Balenciaga released a high-end platform heeled version of the shoes that sold out within hours of their debut.
Do you think Bitcoin is still a good long-term investment? Let us know in the comments below.