Bitcoin, the most know and valuable cryptocurrency in the world that operates free of any central control and doesn’t really on banks or governments, is dealing with a big decline in 2022 despite being worth an impressive $69,000 at the beginning of the year.
The digital currencie know as Bitcoin was created as a way for people to send and recive money over the internet without any intermediaries has come across an important rise in the recent years.
Of course the number one question is: Will Bitcoin be able to recover and surpass the $100,000 mark or it will go down even more.
At this precise time: 17:03, 5 of October 2022, Bitcoin costs 17,762.09GBP, that means 19,968.30USD and the danger here is that if it reaches £7000-£8000, there’s a risk for Bitcoin to collapse entirely and with it probably most of the cryptocurrencies.
Nobody really knows what will happen next and we can only try to do a logical analysis based on facts that we know already:
1. Bitcoin had periods like this in the past when after a big rise, a downfall followed.
2. This time it’s a bit different because we’re confronting with a world crisis, mostly because of the war in Ukraine.
3. If it’s going to recover, that will not happen any time soon.
4. The hopes of the people who have their money invested in it are focused on Bitcoin not falling even more.
5. The general perception is that sooner or later the cryptocurrencies market will recover.
6. If Bitcoin collapses, it might drag down the entire crypto world with it.
7. The confidence of the public in cryptocurrencies it’s not where it used to be. You cannot trust something so volatile and risk losing all your money.
8. For some reason, people seem to believe Bitcoin will recover in 2023, the same people also thought it will surpass $100 000 this year.
At the end of the day we just need to look at how we as humans really are and where were we 1000-2000 years ago.
It’s true that we evolved but we haven’t changed completely. Back then we used to trade things like meat, weapons, spices or metals. All these are physical goods, which means they can be physically touched and acquired to satisfy needs and desires.
Bitcoin doesn’t have any of that and on top of it all it’s extremely volatile and the value of it could go up or down at any time.
Maybe some people are really into technology and that explains why they would put money into it. As for the rest of us, it’s hard to put our trust in something like cryptocurrencies after seeing how Bitcoin went from $69,000 to 17,000 in just a couple of months.
If you think about it, real money is what’s really behind cryptocurrencies, if we take the real money out of the equation, cryptocurrencies would be pretty much worthless.
A wiser decision would probably be to invest money in something less risky because with crypto things can go wrong in any moment. When trading cryptocurrencies you can do everything right and the next day something unexpected happens and the prices can drop exponentially. Basically you can go to bed a rich man and wake up poor.
There aren’t too many articles on Google saying what can also happen when investing in cryptocurrencies. Many people lost their money trading Bitcoin, Ethereum or other digital currencies and all this so called “experts” are saying how wonderful Bitcoin is and how is the future.
We’re going to shed some light on the matter concerning the mass adoption of Bitcoin and why so many people started investing in cryptocurrencies in the recent years.
The only reason why all this attention was focused on cryptocurrencies lately is because of the chance of making a lot of money fast.
It’s not because people think “it is the future” or because they believe in the project. They just saw a opportunity of making quick money and went for it.
Unfortunately nobody told them to treat this more like a gamble than a reliable investment and many lost their money in the process.
The confidence of the general population in digital currencies, despite what you might think, it’s not that height and what recently happened to Bitcoin and the rest of cryptocurrencies didn’t helped making them more popular at all.
It will definitely be interesting to see how the world’s largest cryptocurrency reacts to the upcoming global recession and how much will be worth in 2-3 years.
Nobody knows what will happen in the near future and we need to do our research properly and be aware of everything that is going on when intending to invest in crypto.
Totally out of this context: does anyone else hates the word “bullish”? What a annoying word this can be.
Don’t ever trust a grown man who uses “bullish” when they’re talking about cryptocurrencies, haha 😂.
* This is definitely not financial advice and are only the opinions of a person. Do your own research and don’t take anything you read here as a recommendation or investment guidance.
Check out some other posts about crypto⬇️⬇️⬇️
https://theofmavenue.co.uk/the-criptocurrencies-world-is-trembling-down/
https://theofmavenue.co.uk/the-real-truth-about-cryptocurrencies-nobody-else-talks-about-this/