In July 2022, Elon Musk sold off over a billion dollars worth of his Bitcoins. Did he know something that the rest of us didn’t?
Well, “this is the time to buy Bitcoin!” - says one of the original Bitcoiners, Max Keiser, a former stockbroker, hedge fund founder and TV broadcaster, - “Investments in the Bitcoin network have never been higher”. He is confident that in the next few years Bitcoin will reach the price of $250,000. And that all the rubbish that has been floating around the market lately, will go straight down the pan.
Michael J. Saylor, an American business analyst and MicroStrategy co-founder, thinks the same. “Bitcoin has more utility than gold. It’s a multi-hundred trillion dollars asset class. 98% of the other stuff in the crypto ecosystem is going to shake out. There will only be a few other strong players to survive and become registered and regulated. But Bitcoin is here to stay.”
“Seriously? You gotta be kidding!” - some other crypto analysts argue. For a starter, the likes of Etherium, i.e., blockchain networks and platforms, just can’t be binned, and you can’t put them on a par with other tokens, no matter how strong their ecosystem is.
And some ecosystems do look very strong, indeed. Take, for example, Atom (Cosmos), Algar, Cardano, Polkadot, Tron… The list is huge. For Tron alone, the projected price by the end of 2023 is anything between $0.077 and $0.096, and some say even more, when now it stands at $0.054 and in the red.
Before, the values of crypto currencies accrued on the businesses. But in the crypto world of today, the value is accrued on the underlying chains and ecosystems. The main thing is to think not as a trader, but as an investor, and be patient. Trading is for the professionals. The vast majority of people aren’t natural traders and are better off relying on long term investments.
We are, probably, in the worst crypto market conditions in history right now. But at its lowest point, this is the best time to start buying altcoins, according to the Daily Crypto News, who aren’t financial advisers per se, but are nonetheless very successful traders and investors.
Now let’s hear from the real big fish, Raoul Pal, CEO and Co-Founder, Real Vision Group and Global Macro Investor, with an extensive 30-year experience in the financial market.
In fact, crypto currencies go through a 4-year cycle. They follow a pattern of highs and lows. The price tends to rise when demand outweighs supply. However, interest weakens after a while, and the price starts to fall. So, one crypto cycle is defined by four phases: slow accumulation, rapid acceleration, distribution with a brief plateau in price, and the subsequent fall.