Crypto and the impending recession.

Crypto and the impending recession.


I am semi-retired and worked in Finance and Technology and was a qualified accountant so I know a bit about money and computing. I obviously did not foresee the exact date of the last recession but like many I could see it coming for a couple of main reasons:

(1) I worked in a Bank and could see the crazy lending going on in both the personal and business sectors.

(2) I had a mortgage and was involved in designing Mortgages I.T. systems in the Bank and could see the size of mortgages being granted (sometimes at or near 100% of price). Not only were these huge amounts of money but I was of the opinion like many that house prices were in a bubble which was bound to burst at some stage. 

I can see similar things happening in a slightly different way now. i.e. 

(1) Although house prices have never fully recovered from the last crash there are areas where house prices are still unrealistic i.e. city centres where in some cases rich people from countries such as China and Greece (because of its economy) have invested.

(2) Governments are trying their utmost to stimulate economies by both low interest rates and money printing the latter of which is mainly getting ploughed back into propping up share prices and thus the Stock markets.

This is all going to change very soon (be it a few weeks, months or even a year) and it is worth putting a small amount of money (if you can afford to) into Gold, silver and/or Crypto currency (especially Bitcoin as it has been around now for over 10 years and is highly unlikely to disappear unlike other crypto's). Bitcoin is obviously the safest as it isnt a physical asset that can be stolen but it is more volatile.

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iansinc61
iansinc61

Not really a big reader but interested in crypto


My Cryptocurrency Journey (Part 1)
My Cryptocurrency Journey (Part 1)

I started in cryptocurrency in June 2017 when the last bull run was in its final 6 months big run up (although I didnt realise that at the time). My portfolio of about £3000 had reached a total of approx £27000 but unfortunately I didnt cash out so this is presently (5/1/20) worth 50% of my original investment but I am hoping an upturn is underway and I will be back in a profit. I will in next part give some thoughts and tips for newbies (who dont intend to learn technical analysis and day trade).

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