Bitcoin has recently plummeted having it’s worst month of the year in November and the Bearish market continues throughout the entire crypto arena. This makes me sad.
I currently have a small monetary stake in crypto but this is not the primary reason this sadness me. It is because I love Bitcoin and blockchain technology and the issues they solve. Bitcoin is mathematically sound and sticks the middle finger to big bankers and fat cats who have enjoyed an easy ride skimming off other peoples’ money for far too many years now. They have had far too much control and next to no accountability. We can now transfer money (crypto) globally without the excessive conversion fees Further to this with Bitcoin in particular, we have a globally safe unit of value protected from our governments’ often irresponsible printing of more money, for economic reasons, that continues to devalue the government money and in turn our ‘traditional’ savings. Bitcoin should always, at the very least retain it’s value. It fulfills the requirements of a currency and it has a maximum cap of only 21 000 000 Bitcoin that will ever be produced. Due to this fact, Bitcoin will always have the advantage of scarcity in the future. We could go on for hours about the endless industries that platforms such as Etherium will impact and the solutions that the Blockchain will provide to real world problems in business and finance, but here let’s just stick to Bitcoin.
There is no major reason why Crypto prices should be falling except that there are more sellers than buyers, Investing 101 right? The issue is this clearly should not be the case when it comes to Bitcoin in particular. It’s a real shame that the vast majority of investors are doing so emotionally. Bitcoin solves a massive problem, the problem of banks and middlemen taking advantage of people, and it genuinely doesn’t have a major flaw (barring transaction speed, which other Cryptos have forked to provide). If it is not emotion or panic that has caused this latest down faze it does make one wonder about the possible manipulation of the Crypto markets by whales and big business. They have so much money that they can game the markets via causing excess volatility and crashes. They can then buy back in at the all time low price for ultimate profit. Barring these scenarios it must simply be people spending so much on christmas gifts they no longer have money remaining to invest. Whatever the reasons, or more likely a combination of all the issues outlined, it’s important to understand that Bitcoin will always be save and do what it’s supposed to. Cryptocurrency/Blockchain technology will be revolutionary and I don’t want to miss out. I, for one, believe and trust in Crypto and the Blockchain and I believe you should too.