Bitcoin is sure in a long downward spiral. As is Ethereum and probably every other cryptocurrency.
I own Bitcoin and Ether, and their value has increased consistently until the last few months. When it started to creep down, I could have sold it all off and pocketed the profits that had built up, but I didn’t. And now, every day, their value continues to decline.
But I still don’t sell.
I don’t sell for a couple of reasons. Mainly because I believe in the concept of cryptocurrency. And I believe it will eventually become even more valuable than the recent highs. Secondly, I’ve never put any money into cryptocurrency that I couldn’t afford to lose. So it’s easier to let it ride (or HODL) and see what happens.
Not only didn’t I sell, I still buy.
I still make the same monthly BTC and ETH buy I’ve made for the past couple of years. Am I crazy? I don’t know. Is it crazy to buy something when you believe it’s undervalued?
None of this is to say it isn’t painful watching the values rapidly decrease. It is. If my faith proves to be misguided, I’ll be disappointed, but I won’t feel foolish. Selling now, that would be foolish.
I know this may not make much objective sense, but I’d rather take a 100% loss in the end than a – what is it now? 60% loss? 70%?
Ha ha. It’s not good either way, is it?
But I think there are too many people with vested interests in crypto for it to fail completely. What’s entirely possible is that crypto as we know it will fail (or become essentially worthless), and another universal digital currency will take its place. One that’s more utility than investment.
That would leave all of us who believed in Bitcoin and Ethereum holding the bag, but it’s a definite possibility.
Some writers are fond of calling the cryptocurrency market the “Wild West.” That’s an attempt, I suppose, to warn off cautious potential buyers. But the way I see it, the Wild West era of any new technology is when the technology is at its best! Or at least the experience we have with the technology is at its best.
They called the internet and the web the Wild West, too, back in the 90s. To me, those were the golden years of the web and internet. Before they became commercialized utilities. That’s when it was good! That’s when they were amazing, exciting, and, yes, dangerous.
Just like crypto is now.
Say what you will about this “crash,” but you can’t say it’s boring. 😉