Depending on who I am listening to on YouTube, my opinoin of the crypto currency changes.
Even since mid-May, crypto made a very drastic change in direction. Bitcoin followed by all the alt coins have fallen more than 50% from their all time highs.
For many people who were aware of crypto currency for years, this recent fall is very similar to what happened in 2017. I recall hearing about bitcoin and doing nothing then. I just didn't get it so I refused to do anything. But this time, I decided to buy because of 1 major change. Institution as opposed to individuals were getting into crypto. That was very appealing and promising.
So I invested and watched everything climb up in a very dramatic way. The talk was how 1 bitcoin would reach $200K - $400K. Every time I heard that, I rolled my eyes. It made no sense to me how that can happen. But I decided, if it can reach half of that speculation, that is enough for me.
In mid-May, 1 bitcoin reached $64K. And the alt coins were moving up even faster. A lot of the small coins went up by 10X. Then Elon must tweeted and started the fall that just wouldn't end. Now more than a month later, bitcoin is straddling around $30K. The alts have dropped to pre January 2021 numbers. More than $400 billion has been shaved off the market cap of bitcoin. And most people have declared that we are in a bear market.
Over the last few weeks, there were a lot of positive news related to crypto that should have helped the price to recover. But not Jack Dorsey, no Warren Buffet, not a whole county adopting crypto and not even Elon are able to change the direction of the market.
There are still many predictions that bitcoin will hit $500K by next year - definitely $200K by this year. I don't know where the people that make these predictions get these wild numbers from but I am officially tired. If you were debating if you want to get in the crypto market - make sure you have a lot of patience.
Even since mid-May, crypto made a very drastic change in direction. Bitcoin followed by all the alt coins have fallen more than 50% from their all time highs.
For many people who were aware of crypto currency for years, this recent fall is very similar to what happened in 2017. I recall hearing about bitcoin and doing nothing then. I just didn't get it so I refused to do anything. But this time, I decided to buy because of 1 major change. Institution as opposed to individuals were getting into crypto. That was very appealing and promising.
So I invested and watched everything climb up in a very dramatic way. The talk was how 1 bitcoin would reach $200K - $400K. Every time I heard that, I rolled my eyes. It made no sense to me how that can happen. But I decided, if it can reach half of that speculation, that is enough for me.
In mid-May, 1 bitcoin reached $64K. And the alt coins were moving up even faster. A lot of the small coins went up by 10X. Then Elon must tweeted and started the fall that just wouldn't end. Now more than a month later, bitcoin is straddling around $30K. The alts have dropped to pre January 2021 numbers. More than $400 billion has been shaved off the market cap of bitcoin. And most people have declared that we are in a bear market.
Over the last few weeks, there were a lot of positive news related to crypto that should have helped the price to recover. But not Jack Dorsey, no Warren Buffet, not a whole county adopting crypto and not even Elon are able to change the direction of the market.
There are still many predictions that bitcoin will hit $500K by next year - definitely $200K by this year. I don't know where the people that make these predictions get these wild numbers from but I am officially tired. If you were debating if you want to get in the crypto market - make sure you have a lot of patience.