Quotes from Wired with Gian M. Volpicelli Article
Captain Obvious
Paolo Ardoino(Tether's Chief Technical Officer)- “Bitcoin might have already proven to be more solid and be less subject to volatility than other coins. Bitcoin went down 60 percent—but the other altcoins went down much farther than that. So bitcoin is showing much more resiliency,”
“We might see a scenario where bitcoin starts to rally in the next months, while the rest of the ‘alt-coins’ remain down."
Please take a look at this Gif to get the full effect
You seriously need to tell us this? Bitcoin has 43.9% share of the entire industry(note coinmarketcap.com) It has the brand and is accepted all over the industry. How many times recently have we seen bitcoin go down and then the alt coin gets hit even harder. It comes from money flooding into the crypto industry and the alt coins aren't being evaluated properly.
Bitcoin gets the first action on the way back up? Yes, folks just wiped out tons in price, it crashed, and you don't think people are gonna feel safer with bitcoin vs altcoins?
Warren Buffet's advice holds valid to alt coin dangers during a bear market "When the tide goes out, you get to see who is swimming naked." referencing projects that didn't have a solid game plan but we're just working with cheap, easy money.
Ardoino draws a connection between disaster in stocks with crypto's fall out then the author of the article tells us but wait bitcoin is supposed to be a hedge against inflation?
Price was training them and they needed no understanding of bitcoin. People were adding crypto to their basket of investments. Risk appetite was high and it became the easy button to just toss money at the tech stocks and crypto.
Bitcoin will be a hedge against inflation when it does take it's true place as digital gold and people understand that. There are only 21 million coins. We don't even know how much physical gold is even out there and paper money can be printed by the government at will.
Disclaimer: I'm obviously not a financial advisor, so this is not financial advice
Thanks for reading!
Visit yesterday's post to cast your vote for where bitcoin's rock bottom is!
