The Crypto Ride Is Just-Now About to Begin!
Ladies and gentlemen, please take your seats and strap in, because the crypto show is about to begin!
All the hoopla and talk about cryptocurrencies and Bitcoin having their ’15 minutes of fame’, and the ‘the bubble has burst’, is all garbage. Yes, you heard me correctly – all garbage, 100% garbage!
There are several reasons for the steep decline that has taken place, further to the steep incline of Bitcoin’s value and other cryptocurrencies at the end of 2018. I will shed some light on a few of those reasons below.
Stop Calling It Names!
The first and foremost, the biggest misconception about the cryptocurrencies and what they stand for comes down to one simple word – ignorance. Pure and simple ignorance.
It is human nature to shy away, or talk badly about something/someone, or fall into the herding mentality when we do not understand or know anything about what it is we are actually shying away from or talking badly about. That’s exactly what has happened with cryptocurrencies, over the last 18 months.
Governments, banks, and influential people – that are on the bank’s payroll, or government’s payroll, or just ignorant people – came out with guns blazing and shooting at anything that moved within the cryptocurrency universe; saying cryptocurrencies are ‘evil’, ‘worthless’, ‘pump and dump schemes’, ‘designed for drug dealers and money launderers’, and on, and on, and on.
Let’s Get Real People!
Guess what? More and more individuals have taken the responsibility of educating themselves and learning about what cryptocurrencies are, since the crazy and insane increase in Bitcoin value. These people are sick and tired of hearing about Jamie Dimon’s (head of JP Morgan), and others, negativity and what they have to say about them.
The 2018 Joint Economic Report, ‘Report of the Joint Economic Committee Congress of the United States’ was delivered on March 13, 2018. Chapter 9 goes into great detail on how blockchain technology and cryptocurrencies are here to stay and the way of the future. They (governments, banks, and the ignorant) will need to adapt to this rapidly-changing universe, because it is NOT going to just go away. This report is coming from the largest and most powerful economy in the world.
Now that we have established that cryptocurrencies are REAL, here to stay, and the way of the future, let’s discuss where they are right now and what opportunities are available.
The reasons for the steep decline from January to present day include one or more of the following:
One – Profit taking
Investors jumping in on the bandwagon, making a quick high-percentage profit, and then getting out. There was an extreme amount of this activity, which pushed the volume up.
Two – Uncertainty
Investors still have this level of fear and uncertainty regarding the crypto universe. They have hit the brakes with the ‘let’s wait and see what happens’ mentality.
Three – Taxes
Tax season for the largest economy in the world was and always is APRIL 15th (16th this year because it was a Sunday). Investors, CPAs, and the IRS have all been struggling with how to tax cryptocurrencies in general.
So, when the happy investor made a huge and quick profit, their tax representative came knocking on their door to let them know that there will be taxes, but we just don’t yet how it will be taxed. This created a fear that kept them away from the market until the taxing issue is more clearly understood.
What About Bitcoin?
Since Bitcoin topped out at $19,783.06 per BTC, the lowest level per BTC in 2018 was approximately $6,628. Currently (at the time of this article), BTC is hovering above $8100 with some upward momentum. This momentum is not the craze wave back to euphoria, but it does shed some light as to where the floor is and where the market accepts the lowest level per BTC. With this in place, NOW is the time to place your investments. BTC price will come back down into the $6000s range but for the medium term (by year end 2018) the crypto market will be prime to explode- NOT IMPLODE!
Why? Because more and more people around the world are educating themselves on what BTC, and cryptocurrencies can do for them. They are also interested in the blockchain technology is and stands for, and the new projects are and how they will blow our minds away once they hit the market.
Moreover, governments (mainly the US government) are not only concerned with this universe, but are trying to adapt to this universe because they know, and we all know, that they can’t eliminate it. They can squeeze it all they want, but they won’t be able to kill it. This my friends is what we call OPPORTUNITY.
Here Comes the Grand Finale
I guess what I’m trying to say here is the following – do some homework and understand what cryptocurrencies are doing; get involved in the market now, if you are interested in making a lot of money and being part of the future NOW. There are over 1200 cryptocurrencies in the crypto universe. Yes, there are a lot of stupid, dumb, and even fraudulent coins/projects out there – so, be careful and diligent!