With the recent recession in crypto prices by over 70% from their historic highs this past December, many were beginning to fear the worst for their cryptos (yet again). The markets are just now starting to pick back up to recovery levels some two months since the massive spike. For those who have been through the dips in prices in the past, this is no big change. But now that the crypto markets are proving to Wall Street and the entire global finance world (yet again) that they are able to sustain themselves against crashes, panics and FUD of epic proportions; could we be seeing the final days of these current market lows as the crypto market begins to target a one-trillion dollar market cap.
Bitcoin and other crypto crashes are nothing new to the veterans in the crypto community. Just ask that guy who was telling people in 2015 not to buy Bitcoin because it will just crash again. While he was not entirely wrong, each time Bitcoin would fall, it would see steep rises in the weeks, months, and years to come that continue to sustain ever-increasing market caps. Now that the crypto market is flooded with new investors, thousands of new coins, and millions of new people engaging with the market, it is clear that it will not take much to push the prices of cryptos like Bitcoin, Ethereum, and Litecoin out of their current market valuation and into the higher stratospheres over time as more and more people begin to warm up to putting some of their money into this new market.
So where does HODLing fit in all of this? It might certainly have a place. HODLing (Holding On for Dear Life) is something that traditional investors see as absurd, as it seems to hedge from traditional reaction to market panic, which can often be created to fulfill an agenda (i.e. Crash the crypto market or a specific coin). But when a group of cult-like crypto investors buys on the market ups and the downs and puts their head in the sand, regardless, because they are a bunch of anarchists who just want to see the financial world burn, what are the implications? Wall Street thinks you’re a tin-hatted fool, but look at how wrong they have gotten it so far, and just look at how this market continues to perform.
This cliché appears to HODL true for this crypto revolution:
First they ignore you, then they laugh at you, then they fight you, then you win. -Mahatma Ghandi
Although recent battles such as banning of credit card purchases of cryptos by several banking institutions, the narrative from the fiat financial establishment has started to change. Banks are adopting use of blockchain technology within banking processes. Traditional stock apps such as Robinhood (shameless plug: free stock with sign up) are going to sell cryptocurrencies alongside traditional stocks. McDonalds, Starbucks, and Dunkin Donuts have all discussed accepting Bitcoin. Bitcoin ATMs are appearing in more and more places around the world.
With so much actively happening, both, behind the scenes and in the pubic eye, it is looking more and more like cryptocurrencies are here to stay. Big names in finance and tech are taking cryptocurrency very seriously, and the foundation is being set right now for the future of cryptocurrencies and blockchain technology as a whole. Is this the writing on the wall for the days of lower crypto prices? Should you finally buy into cryptos now like your IT guy has been evangelizing for the past year, or could it all still go down the tubes?
If you’re new to cryptos and wondering how you even enter this market, it’s not too late, you can sign up painlessly for a reputable exchange such as Binance, Coinbase or Robinhood in less than 10 minutes. Also a PSA, you can buy fractions of coins such as Bitcoin, Ethereum, and Litecoin; you do not need to buy an entire coin. If you had just $25 to spend, you can buy that amount of your crypto of choice. Binance gives you access to dozens of coins (of course including Bitcoin, Ethereum, and Litecoin), Coinbase gives you access to Bitcoin, Ethereum, Litecoin, and B-Cash (and you get $10 in free Bitcoin if you sign up with my referral link and spend $100).
Marcus Henry is an American Journalist with over 10 years working in tech. He has been actively involved in the crypto community for the past two years and currently works out of Austin, Texas. He covers breaking news, writes perspective pieces and reflections and conducts interviews with industry professionals and community members.
Follow Marcus Henry on Twitter- @MarcusHenryHODL