A not particularly close acquaintance of mine - somebody I essentially only know peripherally online - deemed it necessary to send me a message this evening to rather gleefully point out that the current downtrend in the price of Bitcoin is "just more proof that cryptocurrency is a scam" and that it's all going to go away.
I countered by pointing out that the legacy stock market took a beating on Friday in response to negative economic news, and that the markets will probably open up sharply lower on Monday in response to the current unrest between Israel and Iran.
On the whole, I don't tend to engage in these kinds of discussions at all, because some people have personal axes to grind, and there is absolutely no possible way to make them consider anything other than the cast-in-stone picture they have only painted in their own minds.
That said, everything to do with investing, from legacy financial markets to cryptocurrency tends to be a somewhat volatile business. And when you're dealing in something volatile it's going to have times when it makes sharp movements both in an upwards and a downwards direction.
So whereas this is not exactly investment advice I can look at what's going on right now and point out - if you're starting to freak out a little bit - that we've been here before, and we will likely be here again in the future.
This thing is definitely never going to just rise in a straight line!
But then let us remind ourselves that nothing ever really does. Even super dull and boring municipal bonds (or something like that) tend to fluctuate around what the interest rates do.
The so-called "safe haven" of gold and other precious metals... well they fluctuate in price as well.
Heck, we can even look at the very basic US dollar. You might think that it always is worth a dollar, but for those of you who have lived in the US for the past 5 years you will know that the price of a gallon of gas, or the price of a dozen eggs, has gone up considerably. It's still the same dollar but you only get half as many eggs.
I think some people - like the person who sent me the message about the cryptos being a scam - just like to be in a state of fear. Or they like to point out that something represents "chaos and it is on fire and it's going to burn down." They're not exactly the Chicken Littles of the world, but they're not that different either.
Regardless, they seem to enjoy the process of inducing chaos and panic in the world.
Why that makes him feel better, if indeed that's why they do it, I have no idea. Maybe it's a case of misery loves company?
Regardless, I am not seeing any reason to freak out.
Thanks for stopping by, and have a great remainder of your weekend!
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Created at 2024-04-14 00:55 PDT
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Greetings @denmarkguy ,
Enjoyed reading your post.... so true...a missed opportunity to have some BTC probably does make them eager to justify their decision... yet, it is not too late..right.
Cheers!