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-By Caleb Jones
Bitcoin was as high as $17K a few months ago, now its down around $6K. Ouch. Ethereum was over $1000 in January, now it’s stumbling around $375. And so on.
As I said a while ago, I already took my profits from both bitcoin and Ethereum, meaning that I still have money in those two, but 100% of that is free money that I made on the rise last year. This is in addition to the profit I already took out. So even if bitcoin and Ethereum went to zero tomorrow, on paper I wouldn’t be very happy, but I haven’t lost any money that I’ve invested (and made a profit on it). Since, as always, my primary investing goal is to not lose money.
So while this doesn’t really affect me, a hell of a lot of people who were very excited six months ago have lost a lot of money. It’s pretty ugly.
I actually think this is a good thing for cryptos.
First, it will help wipe out the stupid cryptocurrencies, keeping in the good ones. That’s always a plus.
Second, and more importantly, this recent crash will (hopefully!) clean out most of the exuberant, irrational, ignorant investors who never knew what the hell they were doing. Once most of these people are out of the crypto markets, any growth from that point on will be A) more steady and stable, and B) real growth from real people using these things instead of false growth from irrational people trying to get in and make a bazillion dollars.
Of course this is just a guess on my part. I could be wrong.
I still think bitcoin, and/or Ethereum, and/or some future fork in either one of these will grow in value over the next few years. So despite this dip, I’m not selling (though I’m not buying either, since I don’t want to screw up my asset allocations by owning too much crypto). My best guess is that some or all primary cryptos will be higher 2-3 years from now before they are replaced by something else. Hopefully I’ll be smart enough to cash out before then.
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