We want to express our point of view regarding to @elonmusk.
We read this article: https://www.ar.ca/blog/crypto-market-recap-05-17-21 and we want to express a strong disagreement with it.
First of all, everybody is entitled to buy anyone’s tweet or news. And before you do any investment, you are supposed to DYOR. This is a must, trust always yourself, not always the others. We have seen that even the most experienced traders tell you that Bitcoin is going to the moon at the beginning of this week, and 3 days later they recognize the mistake after market starts going down. So who is right or wrong? Yout tell me!
Many people got something very wrong:
They think that @elonmusk triggered the plunge of Bitcoin and the rest of cryptocurrencies. This is so unfair and so wrong.
Let me tell you, who did it!
All of us who are involved in cryptocurrency market.
Some journalists were writing about the cryptocurrency bubble since the beginning of 2021.
Are you a maxi or strong believer and you decided to ignore them? That’s up to you.
There is one undeniable fact:
Numbers and %.
After Covid’s plunge, Bitcoin was below 5,000 USD in Q1 2020. In October Bitcoin came to level between 9 and 10 K USd per 1 BTC. And Bitcoin together with other altcoin skyrocketed in a period of 7 months.
BTC increased over 600% in 7 months from October 2020 to April 2021, from 9 K to 64.5 K.
Some altcoins did it between 200% - 10,000%.
For example Chain Games increased from 0.01 USD to 1 USD, 100 times = 10,000%.
So reason Number 1, if anything caused this short term downtrend was our unreasonable greed, plus too much speculation.
In any market, you can call it cryptocurrency market, or Forex, or stock market, when the price of assets gets too overpriced, it will be sooner or later adjusted.
The adjustment or correction is not something bad, it is actually something very good for future healthy growth of any financial asset.
Now you see it with stock market. There are formulas for intrinsic value of any stock, kind of math stuff. However cryptomarket is based on confidence.
For example:
- I invested in one ERC-20 asset, and I couldn’t withdraw it because the ETH gas fees would devour at least 50% of it. So I ignored it, and left it in my Metamask. When people started to speculate that taking 2 zeros of total supply, from 11.11 bn to 111.111 million, they drove the price by 20 times in less than 1 month. That was their choice, I realized that and sold that asset and luckily I did it because after that unreasonable plunge it started to decline steadily.
- Or people think that a company launches a new app, so they speculate that the price of one token goes up. Based on what? Fundamental analysis, any technical or just speculation?
- Someone writes something about any meme coin, so if you buy that hype, that is up to you. In overheated bull market it often works, but not in bear markets.
As you can see any kind of news, even any tweet or Telegram message may drive the price insanely up because people love to speculate.
But guess what? Everything sooner or later naturally gets adjusted, that’s the law of nature.
So BTC came to the top of 64 K or 65 K per 1 BTC in the middle of April, and you see it on the chart that it’s not growing anymore. So you have 3 options:
- Buy more (with inherent risk that you will lose on short term but gain probably in 1 or 2 or 4 years)
- Sell, get good % profit and maybe buy cheaper Bitcoin later.
- Or ignore, and HODL.
Now Mr@elonmusk if he tweets and expressed his points of views, that’s his business; but it’s you who decide if you buy or sell, because you are doing your analysis or perhaps you speculate. You do it on your own risk, with or without any help.
In my case: Someone asks me about future price of Refund Token (RFND). Will we get to 0.01 USD. I would never dare to say that we get to certain level, the free market will determine it.
Now I always tell to people, don’t go always according to the masses, DYOR, do your analysis, mass hysteria of other investors or traders can be contagious, sometimes they may be right, sometimes not.
So if @elonmusk tweets what Tesla does with Bitcoin or if they like or not Bitcoin’s environmental impact, that’s up to them. He can express his opinion, he’s free to do that and if people like it, hate it, that’s also their choice.
In my articles, I can state that Bitcoin may find its bottom between 8,000 and 15,000 USD this year. But this is my personal opinion, I don’t say that it is going to happen for 100%, it’s one of so many probabilities where Bitcoin price could go. Nobody is 100% right, only God is.
To conclude: No Bitcoiner should be ashamed or embarrassed of anything. Embarassed of what? Holding the TOP 1 World Cryptocurrency? Something which has already made a sound impact across the planet; it will naturally have its own fans or oponents.
If people gained or lost with Bitcoin, that depends on investment time horizon. Even people who bought BTC in Dec 2017 for 20,000 USD at peak, they recovered the investment over 3 times, in April 2021. But if you bought it at 64 K, you didn’t DYOR, that was your choice, you can also wait and sooner or later you will recover it.
It’s like eating Nutella, at the moment I will enjoy it. But I have to submit to the consequences that 2 days later, I may have more acne or increase my body fat, but at the moment I am really enjoying it. BTW I don’t eat it because of horrible environmental impact on orangutans in Indonesia, plus palm oil is the worst food that you can give to your heart.
Now saying that @elonmusk is guilty for all of this, I am sorry he is not. People who claim that, I feel it’s like a witch hunt. You must find a guilty one, no matter what.
Based on previous arguments, he is not responsible for any market plunge; the only ones who are responsible for that is us. In our societies we have a big issue to recognize that it may be myself who did it. It was me who invested, not Elon. And it’s up to me, if I am in the game or out of it.
Cryptocurrency market is a volatile market, and if you go for it, you also are aware of risk of volatility, it’s on you when you make any investment decision. Maybe you will make a lot of money or you will lose, both scenarios are possible, it depends on your entry point, level of your experience and also your greed among other factors.
I always encourage people to educate themselves, if you invest at least try to recognize what is uptrend, sideway trend and downtrend. If technicals are hard to understand, you can learn about them later.
Blaming Elon is like blaming certain group of people that they are responsible for everything that is happening around us. So let’s Elon take a break and recognize one single fact that:
It’s our choice to do what we want to and we are Architects of our Destiny.
