Only a handful of principles from economics are profitable personally, as against the very many that are profitable socially. Economics is a worldly philosophy, not investment advice.

But one of the profitable handful would be, in the words of the proverb, Don’t put all your eggs in one basket. If you held one-twentieth of your wealth in bitcoin, not too bad. If you held nineteenth -twentieths, uh oh. Diversify.

But there’s a contrary proverb. There always is. If proverbs gave decisive answers we would all be wise. And rich. But proverbs come in contradictory pairs. Many hands make light work. Too many cooks spoil the broth.

The contrary proverb is, Put all your eggs in one basket, but hen watch the basket. That sounds smart. Keep track of the price, and sell out when it dips by 10 percent. Join an investment club and talk about bitcoin every evening after work. Seek sound investment advice from a qualified professional advisor. Get smart.

Unhappily, there’s a second principle from economics that says that such advice is useless. Completely. Your qualified financial advisor should in conscience close his office, and hang a sign on his door saying, Diversify.

The principle comes n a proverbial question: If you’re so smart, why aren’t you rich? Ask it every time someone offers you something for nothing. Adults know this, or learn it painfully, as I did once by losing $10,000 in an investment club speculating on foreign exchange rates.

The economics is simple, and decisive. If the price of bitcoin is predicted by your qualified professional advisor, or by a famous economist with a statistical model, or by your cousin t João, to go up 10 percent next month, don’t believe it. You are authorized by real economics to shoot aggressive rhetorical questions as you back away. Why don’t you shut up and take the profit yourself? How would you know? If people as stupid as you know, why doesn’t the price go up 10 percent in the next hour?

Take my personal advice. Diversify.

And consider the worldly philosophy. If economists could predict well enough to steer the economy, they would all be rich. Uh oh.