Last year around this time I was writing a response to some mans who fantasized up another one of his anti-Bitcoin opinions. To immediately point out the obvious: Last year Bitcoin was dangling around the 50.000 Euro range before eventually crashing come January, in what turned out to be a continuous downtrend for 12 whole months to it's current price of 16.800. Oh my gawd, was he right after all? Let's examine.
We all know price isn't everything and further development, implementation and adaption are the only things that truly matter, which is consequently what creates a natural healthy price movement as oppose to whale manipulations or artificial pumps.
But were these crashes artificial dumps then? I tried to make sense of things, but in all honesty there were just wayyyyy too many global and other economical developments which were all interrelated with one another to display them all in a proper (price) chart. The very first thing which stood out to me was how the precious metals actually preformed pretty well the past year. Gold is currently at 55.000 Euro per kilo, which is actually a 7.1% increase this year as oppose to Bitcoin's 66.3% decrease.
Same can be said for silver and platinum, with the exception of palladium which unlike the rest actually decreased by 4.8%.
Precious metals have done so well compared to national currencies, that people start stealing final products which contain these metals and as the link correctly mentions, Russia produces around 40% of the world's palladium, so the sanctions on certain firms and banking connectivity issues could be one of the reasons why the palladium price has under preformed compared to the rest.
But coming back to Bitcoin, it's mostly been the case of interest rates, FTX, Celsius, interest rates, Luna and some more interest rates which effected the Bitcoin price. But these interest rates did not come falling from the sky, they were a desperate attempt to salvage the current economic dictatorship and to mitigate the effects of their own sanctions since Russia got directly involved in the Ukraine war. I am not going get into all that again and bore the regular readers by repeating the relation between the two, if you'd like you can read up on it here. But as many predicted, it's of course not only stocks, Bitcoin or currencies which took major hits. You own a house based on a flexible mortgage rate? Well, too bad for you since not only did your property value (slightly) decrease, but you now pay more money each month without actually paying off more mortgage as you are just paying off an increased rate. So even if you thought of taking advantage of the lower house prices now, unless you can pay for the house in full on your own, you are still fooked
So there you have it, certain people will use 16.800 Bitcoin as an "I told you so", but we all know it's not just Bitcoin, it's almost everything that took a hit the past 12 months. Bitcoin may be down to 16.800 Euros, but 16.800 Euros bought you a whole lot more food, gas and especially gold 12 months ago as oppose to today. I don't need to separately mention the nowadays expensive prices for heating, gasoline or even many food items, we are all witnessing it first hand. We already talked about it a bit earlier this year and the current chaotic spiral is just a consequence of the events which started back then with no end in sight any time soon. But that does not mean 2023 will automatically be a copy of 2022 and everything will continue to decrease in value as gold increases. Remember there are no guarantees and people (namely whales) are cunningly trying to time the market and make a steal. The only thing you can be certain of is to be confronted with a whole lot more propaganda slogans which ask you to "symbolically" sacrifice for Ukraine. I put symbolically in air quotes because when you have to quit something on your own because you can no longer afford to, it doesn't quite qualify as "symbolic" now does it?
They already asked you to turn off your heat for Ukraine, eat less for Ukraine and switch off your lights for Ukraine, the final "symbolic solidarity" move they'll ask of you is to "stop breathing for Ukraine."
PS If you are over 30 and turned off your light in solidarity with Ukraine but didn't do so for Yugoslavia, you might want to turn on your brain.