Update: As I desperately hoped for the cryptocurrency markets have made a strong recovery this morning with Bitcoin over $7,000 USD. Stocks are still down, however. I pulled most of my shares and even GM is in the negative for me now. If it continues to fall, I am pulling out of stocks entirely.
Yesterday, the first batch of stimulus checks (via direct deposit) went out to 6.1 million American citizens who qualified for the COVID-19 relief payments from the US government. To my dismay, both the stock market and cryptocurrencies dropped considerably. I had hoped for a temporary boost (which is still possible) to both markets upon receiving the first payments, although more checks are to come for others (myself included).
I suppose people put it towards their bills rather than commerce. I know mine will be going to car repairs and rent. So, what will this mean?
Well, I am pulling my stock assets except for a select few shares first thing tomorrow morning. GM is making ventilators for the desperate American people so I am keeping them on for sure; plus recent car repairs and terrible dealership service have me favoring Chevrolet over Ford which is owned by GM. Honestly, I was raised to love Chevy's but I picked up a 2014 Ford at a serious, serious discount. The registration, insurance, and repairs are costing me far more than the vehicle itself did, and it's in good condition. Not a good year for Ford... among many other automobile manufacturers who have halted production.
I plan to put almost all of my money into cryptocurrencies, although I feel BAT is one of the more promising tokens. We face a market tragedy some predict to be worse than Black Monday which occurred on October 19th, 1987 when the global market economy completely tanked. This was featured in the beginning of the film The Wolf on Wall Street and was the second most devastating financial collapse of the 20th century, short only to the one during The Great Depression in 1929.
Hopefully, we won't have a new way to think of Black Friday's... or Thursdays... in the 21st century.
So, back to basics for me. Crypto warrior it is! I am most in favor of BAT for an altcoin, hands down. I will continue to support Bitcoin as I always have, though. The current market price is a pathetic $6,644 USD:
This means any further tank will make for a good purchase price; one may argue it's already at a good purchase price depending on their financial situation.
For those wondering, I am almost half-way through my medication regimen and still recovering. I can breathe, I don't have a fever, but they are not sure if it's COVID-19 or not...despite a negative test result. Don't get me started on that, they practically poked my brain with a 6" swab and I am no closer to knowing if I am infected virally or not; my doctor thinks it is viral but is asking me to take antibiotics anyways. The antibiotics are kicking the crap out of me so I apologize if my writing is affected by it, but I felt it was important to address the fact that the first stimulus checks sent both markets down instead of up. It's time for some serious market analysis by many, many analysts.
There is still the possibility that the majority of people who intended to invest have yet to get their checks, we can hope. Luckily, stocks and cryptocurrencies are global and not directly equated to USD value. In fact, I'm starting to care less about the US dollar more and more; now I hope the global markets can hold their own, or simply see a massive reduction in fiat and a huge boost to crypto... but these are truly unprecedented times.
My best advice is to watch your investments very closely. If we see a drop like that it will happen so fast you won't believe it when you look at your phone or computer. I plan to update my BAT and Stellar articles tomorrow morning, I took snaps from earlier today but to post them now would be too depressing! I stand by my statement that Bitcoin is a phoenix currency and will rise from the ashes once more.
I wish everyone the best of luck, both financially and with the current COVID-19 pandemic. I wrote an article on DIY hand sanitizer if you are having trouble locating any (Aloe Vera Gel and Alcohol - CDC Standard 60%+ Mix). It's a lengthy article... it's fact-based and explains why alcohol is recommended for COVID-19 by the CDC.
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