The reports of my death are greatly exaggerated
Woah wait a post about crypto not being dead?!?!
Yep I decided to come back after taking a trip to soho, the alps, and other rich places you probably have never heard of. Cause I did what all smart investors do and cashed out all my crypto at the peak back in March and spent it on one (of the many) yachts I use to travel the globe.
That or maybe I was curled up in the fetal position staring at my metamask account and seeing that USD value drop day by day.
If you believe either scenario is true I hate to break it to you but no way would I be looking to cash out my position when we are still in the early stages of crypto.
“O come on variance you are a fool and a crypto maxi, of course you would be stupid and leave it all in on BTC and ETH.”
Leave it all in on those coins yes, a full I am not. To prove my point let’s play a little game called “fill in the blanks”
_____ fell by more than 75 percent between March ___ and October ____, thus wiping out more than $5 trillion in market value.
“Really variance, that question is as easy as asking which of the Indiana Jones movies was the worst (Kingdom of the crystal skull and if you know anyone that would say otherwise cease contact with them immediately). The answer is crypto/2022/2022, next question.”
Well if that is your final answer you are in the same spot as everyone else that faced Ken Jennings in Jeopardy, a loser. The real answer is NASDAQ/2000/2002 (don’t believe me check for yourself).
Yep you read that article right, 75% of the Nasdaq value was lost during the dot com bubble when people were trading shit coins, I mean stocks, during that time. And yes retail (as usual) was the one hurt most by that event as they were left holding the bag.
But you know what also happened during that time period, a few companies you may have heard of were building during a bear and adapting. Ever heard of Amazon, Ebay, or even Coupons.com (which is valued at over 1 Billion right now for a website). Had your average joe put 1K into amazon when it IPO’d in 1997 that investment would be worth roughly 1.6 Million today. Feel free to do the same with some of the successful companies that came out of that bust cycle.
I can hear the crypto haters now “O variance those gains are for people that got in on day one, you can’t expect to see those large of gains now with crypto”, to which I say “yes you are right, but I will still be happy taking my 10X gains or more as the crypto market becomes more mainstream” (same argument could be made about amazon as well but even a 1K investment 10 years ago would net you 263K today).
Haters start screaming again “well variance if you are just investing to switch back to fiat than what is the point of crypto, it is just another speculative asset”. You may be on to something but you would also be missing what has happened from a IRL perspective over the past few months. Places like Brevan Howard Asset Management & Bridgewater Associates have gotten involved in the crypto game (Bridgewater being the largest hedge fund in the world speaks for itself). Sure most of us are not uber rich and use a hedge fund to invest in so who cares what they do. Well even businesses are getting behind crypto adoption and allowing retail to use it, take for example Chipotle and what they just announced today that would allow retail to spend their crypto for food (you know the thing everyone needs to survive, so don’t know how this is not seen as a watershed moment).
So yes while I may not have been off sailing the seas or enjoying the swiss alps you better believe I, like crypto, is far from dead.