From my crypto bubble, a lot of talk seems to be along the lines of “we’re all too early” or that so many things will change and we would be the early adopters of this new phase of the financial/trading system.
I also know there are naysayers out there who are discounting this possibility (all of this is a scam, it’s not going to work, etc etc) and what I’d like to ask is… IF IT IS (meant to fail), what would happen to all these people, all these industries crypto has created?
Is there another industry or field you can think of that can serve as a “cautionary” tale for this crypto fever quite a number of people currently have?
I have this on the noticeboard in front of my computer screen to remind me of market cycles. I copied this from an article about market cycles linked below.
My wife and I assessed the crypto market early last year and decided the reward/risk was worth assigning 3% of our assets to it. We later agreed to go to 5% but it took off so fast we did not put in any additional capital. My current belief is that we are at the “Belief” stage and may see the “Euphoria” stage by the end of the year. That is why I think everyone needs not only a plan to get in but importantly a plan to get out. Mine is to sell half every time a currency doubles. Time will tell if and whether I stick to that plan. I’ve stuck to it in some cases but not all (because I forget the price we paid especially if we have bought the same currency multiple times).
The link is provided just to acknowledge the source of the chart, its content is not particularly relevant to today.
I would suggest that governments would either curtail the growth of crypto currencies, ban it, regulate it, and/or tax it.
Mining of Bitcoin is an obscene energy user, and not conducive to global heating remedies, which is why governments will curtail it - probably when humans emigrate to Mars…
Its being adapted by larger institutions and bigger companies like Paypal, its never just going to go away. It has a place in society. It is just what road it will take. If youre in it short to mid term you will get a lot of shaky moments but longer term all is a lot brighter
I think it is already at a point where some large cap companies are all in on it and the opportunities it presents. For it to fail would likely now have a large impact on the stock markets as well.
No, I don’t think cryptos in general are a passing trend. Some altcoins certainly are, especially the meme ones. However, these days cryptos like Bitcoin and Ethereum are being embraced on an institutional level. Al Salvador made Bitcoin a legal tender. Panama seems to be heading in that direction too. The largest commercial bank in Australia, the Commonwealth Bank, is about to start allowing the buying and selling of cryptos on its platform.
I don’t think all this would be happening if cryptos were just a fad.
Smart. This was initially my plan until it 3xed, 5xed… and then eventually crypto winter happened lol. Good on you for executing and not letting greed take over!
