There is much learning to do as it is ongoing just like living!
Some key observations:
You know how a headline can have a huge impact on people if they don't know the details? That's exactly what's going on with that China headline. China hasn't taken more steps to crack down on digital coins. "The agencies said Tuesday that financial institutions and payment companies should not participate in any transactions related to cryptocurrency, nor should they provide crypto-related services to their clients." This is the same thing that they reiterate every couple of years. In China, a citizen can buy crypto, and own crypto, and sell crypto.
But it puts a little darkness on crypto.
India comes up in headlines often too with stuff along the lines of "India's government plans crypto ban" but in never does it.
But it puts a little darkness on crypto.
Elon made more money from buying crypto and selling a little of it than he made from selling his cars. Elon supposedly made more from some sort of 'green credits' from the government as well. When a well known financial analyst released a report about how Bitcoin was good for the environment months ago, Elon responded on his favorite medium "True." Now he takes this position that it's bad.
And that puts more darkness on crypto.
All of the wealthy corporations are buying it based on itsfundamentals...and now it's cheap compared to what it was a month ago. I would guess that Elon is buying more too. The rich will be happy with all of this when it turns around because they are accumulating. The big wallets are holding and buying.
The small investor who bought in the last 4 months is selling because they didn't have much to put in and now they are thinking "well, I can't lose any more so I need to get out now." Many of these people will look back when crypto is a normal thing and their only recollections will be the fear and anxiety that they had when they lost their $20,000.00 and they'll be consumed by the anger of losing that. They will be pissed that it is double or triple the level it was when they sold it and many will not re-enter the crypto market. The rich won't care because they held, bought or both.
Michael Saylor (CEO MicroStrategy) recently announced that they bought another $15 million in Bitcoin. MicroStrategy now has over 92 000 Bitcoin. I think that was April so he is likely getting ready to buy more if he hasn't already.
FUD is a term that you'll hear when listening to crypto information. It stands for Fear, Uncertainty, Doubt. The current conditions are perfect for spreading FUD. The China headlines, the India headlines and Elon's nonsense all exponentially increase FUD.
Rich people are in a more powerful position with finance because they have more money. The only thing that a little guy can do is to do what the rich do to the best of their ability in situations like this...and that is not to sell while it's down. Now if a person already sold at a much higher point then that's great! A re-entry point can be chosen at some point. The rich will wait it out (also buy more) and still have it when it's triple what it is now because they don't need the money right now. That's why you don't put your power bill money into it.
I am not a portfolio manager (I just manage my own) and I don't give advice because I am not qualified to do so but I will certainly put forward any information that I am aware of and put forward my personal opinion of conditions and such.
Hold on and all the best in your journey. I wish great returns for any who are invested!
just now )