Many investors (or gamblers) purchased whatever fiat Cryptocurrency at a LOW price long before the current Cryptomania-frenzy-boom up? Yes, many remembered WHY they bought them LOW, which is, to sell them HIGH now to lock-in their profits - and they made 2x, 5x, 10x, 20x, and 30x or more on their money.
Congrats to all those that sold and won big time on their Crypto gamble/investment!
While many others don't believe 30x or more on their initial investment is enough. So, they are holding on to their precious fiat Bitcoin, or Ethereum, or Ripple XRP, etc. (the big 3 in market cap) and waiting longer, hoping to make 60x, 80x, or 100x or more on their initial investment; for they don't believe we are in a Crypto-bubble now and they believe Crypto prices will NEVER crash down - ever! Truthfully, only the Lord knows; but they could be right, or wrong.
What does history say?
What compares to the current fast-and-frenzy spike up in all Cryptocurrency prices now is the dot.com stock market boom of yesterday, before it went bust. Then, it didn't matter what dot.com stock or IPO one purchased, as all of them were winners at first and they all initially only went up, up, and up!
Yes, it didn't matter if they had violent pullbacks and they crashed down in price, as it was only short-term; for they would always rebound in price and go back up higher. Until one day, the dot.com party stopped when the dot.com bubble burst. Meaning, all dot.com stocks crashed down in price (and many bought more of them again on their violent pullbacks, assuming they would only rebound up again, like they always did); but they never did. All the dot.com stocks kept crashing down in price, day after day, week after week, month after month - there was no rebound!
The dot.com party was over. All the fun was gone. The frenzy-hype by all turned into financial pain and remorse by most, and many quickly wished they had never jumped into the dot.com frenzy at all, as they were forced to panic sell at a big loss.
But everyone said all the dot.com stocks would only go up higher and higher and higher, long term - and forever! But all the dot.com stocks kept crashing down lower and lower - and most went bust! There was no rebound in prices, and most of the dot.com stocks never went back up.
The pumpers and media told everyone not to worry and hold - don't sell! Everything will be fine! Wanting to stop the bloodbath of sellers while THEY exited and sold their losing dot.com stocks to cut their loss.
Sadly, MOST that bought into the dot.com frenzy-bubble would have made a big profit if they had SOLD to lock-in their profits (as they were initially up 2x, 5x, and 10x or more on their money). But they never sold any of their dot.com stocks at a profit when they went up higher, as they wanted even MORE profit. But their greed turned into loss, as they had to panic-sell at a big loss, given none of the dot.com stocks ever rebounded in price, but they only kept crashing down in price more and more each day.
Most of the dot.com stocks are no longer in existence today. Only a few dot.com stocks survived and some 15+ years later, a few rebounded and are higher today.
Yes, the dot.com party was fun while it lasted, before it burst and went bust. Likewise, the Crypto party is now fun, while it lasts?
Many believed the dot.com bubble was no bubble at all, and all dot.com stocks would only go up higher and higher, forever. Likewise, many believe all Cryptos are not in bubble today, and they will all only go up higher and higher, forever. So, they refuse to sell any of their Cryptos now to lock-in any of their profits.
Maybe they are right to say there is no Crypto frenzy-bubble now and all Cryptos will only go higher and higher, forever - and they will NEVER crash down in price? But history says otherwise? Can we learn anything from the dot.com bubble? Does history repeat itself?
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