Eleven years since Mr. Nakamoto created Bitcoin we are witnessing the history. The crypto as we know it is dying. Slowly but surely. No, BTC price will not recuperate from here. These are probably the last above $10K weeks.
Back in January 2009 Satoshi Nakamoto released an open-source code which marks the start of Bitcoin life. Nakamoto mined the starting block of the chain, known as the genesis block.
But you know the rest of the story, ups and down and more ups and downs. Millions invested in crypto currencies and price for one Bitcoin peaked at $20K in 2017…and now we are here. BTC investors thought that things are heating up again and that we will see another $20K price tag this year, but everything went backwards.
BTC shed $1,000 off of its value in less than a month. Even though the BTC chart shows that this is actually just a small correction I am pretty sure that BTC has come to a brick wall. In my opinion the main reason for this is the huge rally we saw at Nasdaq and NYSE.
On a year-to-date basis BTC gained a measly 30% reward for its long term holders. If you are now laughing at me and asking yourself how could 30% be low, I will explain this now. Being preached as an alternative to fiat currencies BTC failed to prove that during the COVID-19 outbreak in March . Dragged down by a fear BTC went below $5K mark and gradually recovered from there, but it did so because all markets recovered.
NASDAQ, NYSE and Gold, they all recovered from the huge sell-off in March. Gold even went all-time-high on us. And pretty much all markets offered similar rewards to investors. From March bottom to the August peaks all numbers went up almost 100%. So, why invest in crypto when you can invest in real companies with tangible products and SaaS companies with huge profits? This is what is pushing investors away from crypto.
And not to talk about a wave of SPACs (even crypto big boys now are using this scheme to enter NASDAQ)where investors saw some massive (over 300%) gains in a matter of days/weeks. And not to talk about new and emerging markets such as online betting apps (LCA, DKNG) or hydrogen future (NKLA,SHLL) and finally Apple of China (Xiaomi) or Tesla of China (Nio and Xpev). These companies still offer a tremendous growth opportunity. While these are hand-picked stocks there are still hundreds of other companies with 100%+ upside from here.
Blockchain tech will stay with us but the golden days of crypto coins are finished. The sooner you realize that the better for you.
I ask you now. Why invest in shit(alt)-coins when you can get better ROI on technologies of the future? Seems like many investors are asking the same question.