(11/25/2023) I will just keep my mouth shut next time I want to predict what is going to happen in the crypto market in the long term. Bitcoin way over doubled this year. Short of a crash in December, I will be crying over here in the corner.
(10/15/2023) Looks like the cheap and easy money is gone and the crypto market has been flat for the last six months. While my original dollar prediction might be off, the basic premise is looking to be correct after the strong start.
(03/19/2023 Update) It's been a couple of months since I have been on Publish0x, but, I remembered I wrote this article at the beginning of the year. It is just another reason, in a long list of reasons, that I am not a multi-millionaire playboy traveling around on private jets. I am still standing by my basic premise that most people are not interesting in taking risks on crypto right now, but, I also ignored the fact that there is a crazy amount of free and cheap money still out there. People forget that while interest rates are way up, most of the money borrowed right now is at a much lower rate (for example, most mortgages were taken out before the recent rate hikes.)
That being said, BTC is up 60 percent so far this year, so what do I know. I might have to comeback and in another three months and point out how wrong I am again.
(ORIGINAL 01/14/2023 ARTICLE BELOW)
To be completely honest, I own less than one hundred dollars in crypto right now. I sold most of what I had in 2021, and the rest about a month ago.
This article is not to be a downer, it is just my opinion and that is not worth the time you spend reading this. It is, though my opinion and it is what I have to use to make my decisions. I hope I am wrong, I plan to put a little bit back into the bigger players in crypto over this year, and I think at some point we will see a resurgence. I can tell you now, I will not be participating in any new cryptos or any shitcoins. The only longterm play I can see is in the major coins out there.
How did I come to this conclusion, mainly that many people are too concerned about making it through the next year without going broke. There is not a lot of extra money to play around with on risky bets and crypto is going to take a back seat to the other plays out there. A lot of the institutional investors that dipped their toes into crypto in the last two years are going to be looking to buy value in the traditional market. The people that make real money in the market shine at this time buying up undervalued stocks and they are not going to be putting any money into crypto.
Fear not, if you are long on crypto, this is also your time to shine. Buy the dips all year, just don't expect your return in 2023. My final thought on why you should stick to the more established cryptocurrencies this year is that you are buying the technology right now, betting on blockchain, not on individual coins. While the tech is solid, the idea of crypto as a currency is on hold this year.
