Eeeerrrrrrrrrrrrrrrrrppptttbbbb! What’s that sound you ask? Why that’s the sound of all your hopes and dreams swerving off the road and bursting into flames (clearly I suck at sound effects). For those invested in cryptocurrencies, the past couple of days bore witness to a complete and utter bloodbath with almost all cryptos being down in the double digits percentage-wise. With no safe haven within the market, many have asked themselves if they should sell before they lose everything.
Warren Buffet himself went on the record a few weeks ago and said that cryptocurrencies “won’t end well”. Anyway, what does he know? He’s only one of the most successful Wall Street investors of all time with a fancy set of ties and a boring, old man’s haircut. The market took a couple of big hits recently, once when South Korea announced tighter regulations on cryptocurrency and then again when the finance minister of India called for the elimination of cryptocurrencies altogether. So what does this all mean for you as an investor? Is your dream of pulling up at a red light next to your high school principal while riding in that yellow, spit shined Lambo over and done with?
Here’s what I think...alright? HOLD.
Even the finance minister of India indicated that they weren’t near done with Blockchain technology. The reason why Bitcoin and it’s true derivatives will survive is because the technology that they thrive upon is the foundation for the future of currency and everyone with half a brain knows it. The world is evolving, money is naturally undergoing some drastic changes right now and we get to witness and be a part of it. When the prices dropped recently I just chose to view the crash as a temporary sale on cryptocurrencies and stocked up on the dip.
Anyway, I’m not a financial advisor (anymore). I wouldn’t recommend for you reading this to put in anymore than you’re willing to lose. Just remember, scared money doesn’t make money. No gamble, no future, blah blah pltttbbb!
Cryptocurrencies won’t be stopped, governments have tried to crack down on it in the past and failed. Be part of the revolution, stock up on some solid cryptos and hold, then thank me in a couple of years when you’re whizzing past your old high school crush in one of these.
