Friday, October 13, 2017

Bitcoin "Reverse" Crashing

Remember last month how everyone was saying that the sky is falling because China banned crypto exchanges?

The markets had a pretty good -40% correction. Plenty of people were telling me to exit the crypto markets. Lol. I did not listen to them. I doubled down and went in EVEN deeper.

Price peak before the 40% crash? $4980
Price at the bottom of the crash? $2975 (please see this post where I called $3000 ehehe)
Price right now, at 1.38am? $5276

Yup, bitcoin is back to new all time highs. (I'd reckon we're probably a bit lower now, but thus is the nature of cryptos)

Not saying I'm a genius or what. But everyone's reaction to last month's volatility and fear of cryptos is EXACTLY why people like me can make money. Strong hands + big balls. A very dangerous recipe if you're holding onto fundamentally worthless assets. However, I do not believe that is the case for me.

While I am personally skeptical of Bitcoins being adopted as the main crypto of the future (because of fees and scabability issues) and for it to hit the crazy high valuations that a lot of bitcoin maximalists are calling for, I am still a true-believer of cryptos in the long run. That said, I still do believe that bitcoin will continue to grow in valuations, though I think other cryptos have more growth potential, and a handful have the potential to dethrone bitcoin as the largest crypto.

I will now try to refrain from saying cryptocurrencies, because not all crypto are currencies.

On my radar now is Ethereum which has been chilling out at the $300 USD levels for a bit now.

It has it's Byzantium hardfork upgrade, the upcoming DevCon3 and tons of dapps on its network just waiting on the upgrade before pushing out the releases of their projects. All of these should be extremely price positive for Ethereum. I predict a takeover of Bitcoin's marketcap by the end of 2018.

My first BTC I bought was $2574. Today it is $5276. I wonder what it is going to be at the end of the year? A lot higher than now, I'd bet (literally, with my money).

The amount of people discovering, learning and finally understanding the insane potential of blockchain technology is growing every day. While news of bitcoin hitting new all time highs feeds into the overall hype and will send in a lot of new sheep into the crypto world to fill up the slaughterhouses, it isn't all bad. The news will also allow some people to discover and be mindblown by the world of crypto.

Again, as a PSA and friendly reminder, cryptos are risky and dangerous af. If you have no idea what you're doing, it's best just to stick to whatever you know. Buying into something you don't know is the fastest way to lose your money.

You're always welcome to drop in and check up on me to see if I've become a bankrupt or a millionaire.

1 comment:

Observe the house rules.