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Bitcoin at $1,000? Eat your hat

By Allison Ross · Bankrate.com
Friday, March 28, 2014
Posted: 4 pm ET

File this under "be careful about making predictions about the price of virtual currencies."

On Wednesday, a Reddit user posted a video of himself eating a hat. With ketchup on it.

Why, you ask? Because last year the man, whose screen name is "Anndddyyyy," promised to do just that if the price of bitcoin was below $1,000 on Jan. 1.



Unfortunately for him, the price of bitcoin was able to rally to only a bit over $750 on New Year's Day.

I'd suggest you not watch the video. It's more than 46 minutes long, contains profanity and mostly consists of him, well, eating pieces of a hat. But if you must, just Google "Reddit Hat Eat."

You've got to give the man some props for being, as he says, "an idiot with integrity."

Still, this is an important reminder that the price of bitcoin and other virtual currencies still tend to fluctuate quite a bit. If you're a casual investor, it's probably best to only invest money in cryptocurrency that you're OK with losing.

This agonizing video comes as the price of bitcoin fell more than 10 percent on Thursday, based on Coindesk's index. It's currently trading around $517, a far cry from the $1,000-plus it was at in November.

All right, let's see what kind of weird comments we can get on this one: Share the strangest or biggest thing you've ever done as part of a dare or a bet. Let's keep it PG-rated though, eh?

Oh, and follow me on Twitter: @allisonsross. I'm trying to reach 3,500 followers by the end of April, or I'll ... umm ... eat this old granola that's been sitting on my desk?

Tired of bitcoin? Here are 12 cryptocurrency alternatives.

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