Bitcoin's halvening is also falls on the day when Malaysia may possibly lift up its lockdown.
Time flies.
I still remember last year when I wrote about the halvening. Can't believe it is actually happening. If your reading this, I guess your one lucky person who knows whats happening in the crypto world. I saw an article about Bitcoin's being the best performing asset class in 2020. That is true.
About two months ago, I still remember buying Ethereum and suddenly, Coronavirus came, Bitcoin was hovering at around 9 k. I bought Ethers because I felt that since we were pretty near the halvening, we would have enough steam to ride the upward wave. One thing I had in my mind was the correlation of Bitcoins and the global market. No one had a clear idea if there was a real correlation or not. I had confidence that Bitcoins could withstand any global doom and gloom. I knew a recession was coming, the global market has been growing for the last 12 years.
Img src: Tradingview.com
This is the chart of Dow Jones from 2014 to 2020. I was prepared for a recession for the last two years.
In the capitalist world today, debt grows, hence creating a debt bubble and it is definitely going to burst to make way for a new debt cycle.
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From this graph we have already gone through to the bottom of this particular graph. The bottom may have been already reached and we may be on our way towards some form of recovery. The problem is that by having the economy saved by a stimulus, more money was printed. Hence, more debt. I watched this documentary on YouTube which gives you an idea of what debt has created even in an advanced country.
This is a really good documentary that shows a growing debt problem.
This is how the world of fiats work. This is how wealth is created in the modern world.
Then Coronavirus hit. At that time, I did not take Covid 19 seriously. It's just going to be a virus that going to be gone. I was just back from Taiwan. Malaysia had only less than a 100 case.
I was like , "I don't think Bitcoin is going to be affected at all, it's an uncorrelated asset and is as solid as gold." Then...
Dow Jones plummeted like a landslide.
And Bitcoins also crashed. However, I had Ethereums. I saw it dive. I had bought a little too early. Ether was a 100 bucks. The only problem was that I had invested all my cash in Ethers and did not have extra cash. My investment was more than half gone. At a point of time, I wanted to cash out and sit there and reflect but I decided not too and instead thought rationally of plan B. This is where a plan had to be formulated. So in situations like this, I had something to look at to plan for the next move. It has since recovered and my mom who listened to me has made some cash. Yes, my mom bought Ethers. I know many of my friends who if I tell them about Bitcoins, I would have to convince them for days. Why waste that time when I could just share my thoughts with someone who is interested. Will write more soon on this.
Bitcoin at this point of time : 9669
Ethereum: 212
Dow Jones: 24 331