Quote:
Originally Posted by Strongside
Here’s a tip: anyone who says they know what’s going to happen here is full of shit. BC and crypto in general are both still so new that these are absolutely uncharted waters. And people saying it’s cyclical: crypto has largely, if not entirely existed during the biggest bull run in history alongside the major indices. A post-2007 era when everyone and their brother with a college degree has some sort of chump change to play with. So **** it, I’ll buy some crypto. But what happens when the indices go bust and the money printing stops? What happens when the USD is teetering on no longer being the world’s standard exchange currency? What happens when an extremely overvalued real estate market gets hit with an extremely hawkish fed raising interest rates like it’s the 80’s? What happens when Johnny ****stick who has all his money wrapped up in crypto is suddenly having trouble keeping up with inflation?
Maybe nothing.
But maybe something.
I’ve swung this shit for years but stayed away from any serious coin because the volatility and lack of regulation was too much for me to stomach. Reminds me too much of the dot com bubble.
Hope I’m wrong but I think this bitch is a 400lb man with cement strapped to his legs who hasn’t found the bottom of the ocean yet.
|
I mean Bitcoin and crypto in general have no real value. If I gave you all the crypto in the world right now, you couldn't do anything with it except for try and sell it to others. It's a system that is nothing more than buying something in hopes that someone else comes along and pays more for it. It is supposed to be untethered to things like the dollar but as we can clearly see right now it isn't for the reasons you just listed: people have to keep buying at higher levels for it to keep rising since it doesn't do anything else. When people have less and less money to spend they can't keep pumping it into crypto and prices will drop, as we see now. How low will it go? Who knows, but these types of situations are usually just waiting for one big thing to come and wipe everything out and some will make money and some will lose lots of it.