Across Social Media, Traditional Media and In Conversation All I Hear About is Bitcoin.
It seems my beloved Bitcoin is hitting its next level of adoption. We are no longer criminals. People now see Bitcoin as a way to quickly build wealth. Wait, that sounds like a get rick quick scheme!
Anyone who has followed me over the last four years knows that I love Bitcoin and what the technology has done for my family. I now have a sense that we are in for a shakeout. There are so many signs that we are in a state of euphoria in the Bitcoin market.
Check Out This Text From a Post in a FB Group.
"If BTC is $10k and poised to rocket to $30-40k by end of next year. Would it be reckless to start taking out high interest payday loans ($500-5000) and putting it into BTC, paying off the loan and keeping the difference? This assumes, of course, that you have no other source of getting funds aside from donating plasma."
Bloggers, Youtubers and Other Crypto Influencers are All Bulls.
- "No signs of a pullback."
- "We are heading to the moon."
- "Bitcoin is different than other markets."
- "We could 10X again in 12 months."
- "Nothing will ever replace Bitcoin."
- "Bitcoin will always be king."
- "Lambo's for Everyone!"
- "I am refinancing my house and putting it all in Crypto."
- "There is nothing like Mt. Gox on the horizon."
When I See This Type of Rhetoric My Inner Bear Arises.
I am actually going to Peter Schiff and say that the Bitcoin market is going to pull back big time. Yes I made his name into a verb. Peter Schiff has been a Bitcoin Perma-Bull since the early days. He likes to say the Bitcoin market is similar to "Tulip Mania". I can't wait to see Peter Schiff come on CNBC and claim that he was right when Bitcoin corrects. Like there was never a time when he thought Bitcoin was not a bubble.
Unlike Peter Schiff I have been a Bitcoin Bull for the last four years. It was not until 2017 that our crypto holdings exploded in value. Prior to 2017 it was a nice steady rise. I actually used to use our Bitcoin to buy plane tickets and pay for services. We still do but when we cash out it is for a fraction of a Bitcoin due to the meteoric rise.
Can you imagine that we spent 20 Bitcoins last year on two trips? Ouch, that hurts! In a few years we might look like the guy who bought the Pizzas for 10,000 Bitcoins.
Warren Buffet Said, "Be fearful when others are greedy and greedy only when others are fearful."
Being Cautious in This Market.
- It is ok to take profits if you feel the market is over heated.
- Buy some Gold and Silver with your profits.
- Buy some real estate.
- Pay off debts.
- Invest in some quality ICO's
- Diversify into stable altcoins.
- Have some fun with shit coins.
- Take a few months off and travel.
- Buy some Tesla stock.
I Am Cautious But Still a Huge Bull For the Crypto Currency and Blockchain Market.
Update: This article was written when Bitcoin was over $11k it corrected to under $10k within hours. Just call me, "The Bitcoin Prophet of Doom".
