It’s November 2018 and pretty much all the cryptocurrencies just jumped off a cliff. Is this your moment to invest, or should you run a mile?
Well, it has been a funny week for the financial markets with pretty much everything going south. Oil has gone ridiculously bearish and pretty much every currency has tanked.
Since that big peak in 2017, all cryptocurrencies have dropped in value and then been kinda steady since then. Some have even speculated that Bitcoin might finally be on its way to being a usable currency. Citing Venezuela and the coming Brexit-geddon as solid examples of why Bitcoin (or Monero, Dash, whatever) might be a democratic and secure way to make your purchases.
Then the 14th November happened. Ethereum, Bitcoin and pretty much all the other big cryptos lost somewhere between 5 and 12% in a matter of hours. Well, if you didn’t know crypto was volatile you do now.
But is this the moment everyone has been waiting for? Is this your cue to invest in BTC and ETH and reap the rewards by this time next year?
In short… Who knows. Sorry, but that is the honest answer. BUT. Another answer could be, yeah sure why the fuck not.
Crypto is now the cheapest its been since this time last year, with some currencies even lower in price than they were. So if you’ve been thinking you missed the Bitcoin boat, now is as good a time as any to put your money where your mouth is.
There are some who think that 2019 is going to be the big year for crypto – particularly Ethereum and Bitcoin. This article in the Independent basically semi predicted today’s crash and then predicts a soaring value right around the corner. So based on that, yeah damn right you should grab a handful of BTC or ETH while you can.
But others are convinced that Ethereum is past its best, built on an outdated network, too slow and basically not fit for your investment. This article in the Motley Fool says it better than I could.
So what is the future for crypto? Well, theres no question it is here to stay. Even if Bitcoin disappears (very unlikely) and Ethereum, Litecoin and Bitcoin Cash also disappear in a puff of zero value smoke (also extremely unlikely), there will be something else built on the whole Blockchain model to fill the void quick enough. The short answer is, crypto will find its feet soon enough.
This wobble is exactly that. A blip on the landscape of the history of crypro – after all we know its fucking volatile and prone to massive variations in value, even day to day. So what now?
This morning I moved all my Litecoin over to Ethereum. Then the dip happened. Silly move. But I will be buying more Ethereum and Bitcoin over the coming days to hedge my bets. I’m not an active trader, more a Hodl‘er.
So should you invest? I’ll answer that with two questions.
Do you have a spare couple of hundred quid that you don’t mind if does disappear?
And do you think crypto has a future?
That’ll be your answer right there…
**Get your Crypto currency wallet over at the most popular and secure choice, Coinbase. Sign up with that link and receive £10 worth of free crypto when you deposit £100.
I’m sure you have an opinion on the whole cryptocurrency investment thing… Is Litecoin for losers? Or is Bitcoin due a boom? Let us know in the comments section below.