If you guys don’t know about Elon Musk, he is a big pusher of crypto currencies recently. But interestingly, Tesla has suspended vehicle purchases using Bitcoin stating that Bitcoin mining is seriously affecting the environment. Even though what Elon said is not as true as it seems, the crypto market is going all the way down. The question is, ‘is this something worth losing sleep over?’
I know a lot of people are upset about this. Bitcoin is facing a major setback, for worse, it’s happening quicker than ever. But you can also put it this way, Bitcoin dominance is continuing to fall. I really suspect it can come down well under $50k. This is very much possible.
Constantly monitoring the scenario, lot of people assuming DOGE will replace Bitcoin in near future – scary thought for lot of people holding Bitcoin, Right? Unfortunately we don’t have the answer for this question. That is something that we have to look at the future. But it’s debatable.
Elon Is Not The Only One?
The past is no good place to live in, so let’s move on and what I can do is analyse the market. Let’s do that!
I must say, Elon is not the only person responsible for this crash or setback. Vitalik Buterin (creator of Ethereum) donated crypto currencies worth $1.5 billion to several non-profit organizations, including $1 billion to a COVID-19 relief fund in India, on Wednesday in one of the largest-ever individual philanthropy efforts. These two incidents are affecting most cryptos in a negative manner. It is crazy that all this came out at the same time. It is very interesting to see this take place. I still strongly believe, these kind of announcements will not affect crypto coins in long run.
Bitcoin is not only thing crashing. Overall all crypto currency market have crashed 8.86 %( after the tweet) till the time I am writing this article. One single tweet crashed the entire market! That is almost 10%. Literally Elon single handily managed to wipe off $230 Billion from the market in a day.
Jeez! Somebody should take away this guy’s twitter account.
You think Elon is a happy man now? Nah! Look how Tesla stocks are doing today.
It’s not hysterical! This is how the world works.
There Is Hope!
If you are a crypto follower, you might have noticed the charts of cryptos like Tether have very slight impact on this Elon musk tweet or Bitcoin set back. It has just lost 0.02% today (almost zero percent loss). Have you had a look at how Cardano is holding up? It has increased its value by 8% today!
Not every project is at panic selling right now.
The Ultimate Opportunity
The last time Bitcoin did this (mighty setback) was all the way back in September last year. That was arguably the best time to buy Bitcoin. Since then, Bitcoin’s value sky rocketed from $9000 to $65000 (For a single Bitcoin). So if I have understood correctly, this is the best time to purchase crypto currency. I am not talking about Bitcoin. Think out of the box and be creative. There are so many cryptos like Cardona, Polkadot and Ethereum. If you have never been to crypto world and planning to try your luck, there is no good time like this.
This is a buying opportunity. A scenario like this have never existed since last September. But last year, it was all about Bitcoin. Most of us didn’t even know Dogecoin, Ethereium, Cardano existed. Now at least we have Alternatives right? That is why we call it ALT coins.
Most Significant Opportunities Are Found In Greatest Challenges
I know it is scary, But as far as I understood, this is the best buying opportunity yet, in 2021! This is just my opinion. I am not your financial advisor, what I have written in this post are strictly based on what I understood from how market performed in recent years. Yea, it is a gamble. It can hit the homerun or it may go south. But I think, if you are planning to give a try anyway, now is the time.
Bear market is a wonderful opportunity to buy your favorite shares/companies at bargain price. – Peter lynch.