Amid market fears on the news of a new Covid variant, the crypto market has taken quite a beating. Futures close out day also must have helped to bring the price down close to the point of max pain. However, when calm returns, the crypto market may well see a pronounced bounce - so are we near a golden opportunity for entry?
When the market is like it is today, with Bitcoin reaching $53,500 on the downside, and the rest of the crypto market in double digit red figures, who has the strength of conviction to start loading up on some of the crypto bargains that are literally in a fire sale right now?
The old adage of buy when there is blood on the streets is certainly true today, and those following that advice could make themselves a very nice profit.
However, is it just about making profit? When you take a long calm look at the world, especially from a monetary perspective, you just cannot see past cryptocurrency, and possibly gold and silver, for places to put your wealth so that it can hold value (gold), or increase it dramatically (crypto).
We hear of the Governor of the Bank of England, terming El Salvador’s adoption of Bitcoin as legal tender, as “concerning”. We hear that the IMF is still banging the drum on the “dangers” for the citizens of the small Central American country that went ahead and defied the all-powerful defender of the sinking fiat system.
The problem is that what these antiquated pillars of the traditional financial system want to defend, is utterly indefensible, and has been for decades. The system is rotten to the core and is harming people across the globe by stripping their wealth away through inflationary, money printing measures.
There just isn’t anywhere else for people to turn. On paper, stocks and shares look amazing. They continue to go up and up as more fiat currency is printed into existence. However, how many people would know that if you compared these stocks with gold instead of fiat value over the last few decades, then you would see that they haven’t risen at all?
Being able to print any amount of fiat currency it wants puts the Federal Reserve in an incredibly powerful position. Not bad for a private bank that the State has no control over. Just print off some more paper and then have articles written across the world’s press saying how much of a scam Bitcoin and the rest of the crypto world is.
For investors looking to make this first leap, the time is ripe. Bitcoin and crypto could even go down more, but in the end it is sound money. No one is behind it printing more. Do the research and do it soon.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.