Episode 43: Bitcoin Crash - Blood in The Streets


Manage episode 277860818 series 2087342
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This week we talk about the only thing on people’s mind: The Bitcoin crash. Just when we thought it couldn’t go any lower and we had reached a solid support, we blow right through it to the lowest lows of 2018. We spend this week discussing our thoughts on the market at the moment and how this time should be treated. We also discuss the current RSI of Bitcoin and the breaking news that the CEO of Overstock will sell the company in order to go full in on crypto.
Blood in The Streets
Well, we’re here; another Bitcoin crash. A sub $4,000 Bitcoin. From a high of around $20,000 we have lost over 80% of our value. Wipe your tears, and expand your outlook. For those of you out there that are completely rekt and can’t see brighter days ahead; remember, that we’ve been here before.
History repeats itself
Bitcoin continues is trend of posting all time highs and then substantial crashes. This has happened from Bitcoin’s inception and will continue to happen in the foreseeable future. In hindsight, lessons have been learned and money has been lost for so many people. But if we look at the previous crashes of Bitcoin, we have yet to reach the floor. Sometimes it’s hard to have faith in an investment when it’s lost so much of its value over 1 year, but Bitcoin’s history has shown that it will turn around.
Cutting your losses
Some investors in the crypto space have capitulated and have sold, taking their 90% loss. Only you can decide for yourself if you need the money now, or want to take the chance to leave it and hope for higher prices. 2018 has taught us many lessons in regards to investing to such a speculative investment. One of those lessons is to always go in with a plan and have a buy plan and sell plan in place. With a concrete plan, there’s nothing that can throw you off kilter. You will be prepared for all price movements and it will lessen much of the stress that goes along with a speculative investment.
So where does Bitcoin go from here?
Well, just like always, we have no idea where Bitcoin will go from here. There is some good news on the horizon with Bakkt launching Bitcoin futures in January, possible ETFs, and institutional investors joining the market. But is that enough to show a substantial price increase? Mass adoption is most likely years away, so the price may not see the all-time highs for a long time to come.
Tune-in, level up
Thank you to all of our listeners that tune in every week to hear our ramblings about the exciting world of crypto. We love the space and community and always enjoy spreading the knowledge we have. Make sure to like and subscribe on whatever streaming platform you listen to podcasts on. If you like us, have a good laugh, learn something, or just know someone that is into Bitcoin; share the show with them! Thanks again for tuning in and as always,
Stay Decent!
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