BITCOIN PLUNGES BY 40% IN A SINGLE DAY.
IS IT A PONZI? IS BITCOIN A SCAM?!
I opened my screen this morning only to see almost every single coin down by 30% – 40%. EVERYTHING WAS BLEEDING RED.
Not even the oil crisis previously did we see such a massive tank overnight in terms of percentage losses. But in the world of crypto, this isn’t the first time.
Someone I know lost half a million ($500,000) overnight thanks to this crash. Can you just imagine that? Can you stomach the risk?
The funny thing is, he wasn’t even the least scared. In fact, he was happily enjoying his holiday and not even checking the charts.
Whereas a lot of those who recently invested in Bitcoin / cryptocurrencies be like
Speculators be like:
Whereas I’m like:
When Bitcoin was at $19k folks were saying it was too high and that they’ll wait to buy on the dip. Well, here’s your dip and now you’re too afraid to buy it?!
If you thought Bitcoin was worth buying at $15k till $19k, then it should be even more of a bargain now at $12k.
So why aren’t you buying?
The only people who are fleeing the markets now are those who don’t understand the underlying technology of Bitcoin (or whatever cryptocurrency they’ve bought into). Speak to some of the tech folks and you’ll see that the true believers are not selling at all.
The crypto folks call it weeding out “weak hands”.
If you don’t have the confidence in what you’re buying, then perhaps you’ll be better off NOT buying it.
This is probably worth a reread at this point: everyone wants to buy when things have gone up but are too afraid to buy when things go down.
Crypto is volatile. That’s why I said to only use money you can afford to lose. If you had gone into Bitcoin wishing to make a quick buck and barely knowing anything about it, I hope you exited in time. If you had taken a loan to buy some Bitcoin…I wish you all the luck in the world.
In the meantime, I’m off to finish that Cashback Guidebook. 45+ pages and counting, I can do this!
It’s a new and dangerous world guys. Stay safe.