Crypto Thoughts - Holidays are here (2017)
First, my holiday wishes to all, while I face a personal tragedy which will take me some time to recover. It is is also a time for many to celebrate the holiday season and shopping is one of the best options for holiday makers over the weekend and on Christmas.
This is one of the periods when the speculators did one of the worst sell off since 2015 where almost 30% of Bitcoin valuation was shaved off. Extremely high transaction fees, broken Coinbase , litigation on Kraken and Bitthumb. Nothing can go worse before crypto investors can go for holiday. While many are worried about the worst bearish market since 2015. People forget the crypto market since start of 2017 and I won’t blame our short lived memory but nothing can compare to the bullish run of 2017 where the coinmarketcap rose from 17 billion usd at start of the year to whopping 500+ billion usd as we approach the end of year.
2017 has been a very eventful year for all of us. Either for ICOs, Bitcoin forks, hard fought arguments about block size debate or the push to legitimize Bitcoin’s clones as real Bitcoin. And finally we saw the contentious Segwit upgrade going through with lot of drama and forks. And finally we also saw the NYA agreement, which according to many was not endorsed by larger Bitcoin community, falling apart.
The biggest bonanza by the year end for all Bitcoin lovers was the launch of Bitcoin futures which surely made the market believe will only take Bitcoin value to the moon. And as CBOE and CME declared their plans for Bitcoin futures Bitcoin price crossed the 20k usd mark. The rally from 10k to 20k usd has been one of the fastest rally in any index that I have seen in recent times and the expectations of a huge crash was imminent. We only waited to see when. Thankfully it came just around Christmas holidays.
So now I personally believe that year may end on a high. But even more important is the fact that as experienced investors say it’s shopping time and buy the dip. May be this is the best shopping time for those who missed out on the opportunity earlier this year.
Final thoughts
This is just like many cycles that we will face in the bumpy ride of Cryptocurrency. We are seeing conflicting approach of Governments around the world where some embrace cryptocurrency with open arms others are looking at reaping the benefits of the speculation and the profits generated out of it. And others are outright hostile. But the good thing is all of them are coming out with clearer guidelines about cryptocurrency, ICO and DLT technology at large which will give a clarity to businesses and investors how to tread through the legal quagmire of regulations.
With exponential growth of Cryptocurrency and it’s larger adoption it is creating such interest like no other investment or asset. But it is also important that as more new users are joining this revolution, they should also be aware of the technology and the risks and volatility that cryptocurrency as an investment pose.
It is important that we become part of this great revolution and give financial freedom and social inclusion to all but should also take quality time to learn this beautiful technology and this new financial system. And also it is important for the experienced to help the noobs to tread through the arderous path of Cryptocurrency investing.
With this I take this opportunity to thank all the good people who helped me learn what ever I know now about Bitcoin and cryptocurrency over the last year and also never made me feel like a noob. The key for me is to learn and help others share my experience and knowledge and learn from others. For cryptocurrency is not about a controlled centralized economy but about a free market where everyone has a moonshot at great riches.
