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The quality you need to be a cryptocurrency holder is patience. It is rarely possible to find it these days when everyday the news cycle does not allow you to think much other than #FTX issues with everything around it. To add to the calamity the financial world is in jeopardy. I look at #gold to see if it will move up, it is a game cat and mouse when you study #gold price. You do not need to look further when you know the holders of #gold control a big part of the market.
Having a country putting #BTC as legal tender has to put a wrench on how the big international banks view cryptocurrency. While crypto winter is in full swing, #EL #Salvador continues to make the news in crypto sphere. You probably heard the news of #Bukele buying one BTC a day going forward. First it will allow him to level the lost and hold more BTC in the making. Do not go over your head, it is a huge risk with a tremendous reward the minute everything settles down.
I read recently that #FTX did not hold any BTC in reserves. Maybe #Bukele is playing the game knowing only 21 million BTC available. In the near future the hand will change where the race to hold #BTC is primordial for the new world order. I have to pause and thank #Satoshi for staying invisible for so long. It works. While #FTX is cleaning the market of players that play irresponsible, you wonder why the market is behaving the way it is lately? Cryptocurrencies as a whole are growing. The acceptance is getting to a point where it is the way forward.
I am surprised #BTC is still trading around $16k. I assume by now it should drop around $10k. Not every investors think the same way. No matter what happen in crypto in value has no direct effect on the software itself. It is all about the way we use it. Crypto in itself is doing the JOB it was meant to do. Facilitate the transfer of assets with no intermediary. Many are careless, with a mind of greed to use it the other way. Crypto in itself is perfect used by imperfect folks.
#Bukele sees something in crypto that allow him to go against the big banks, even making it legal tender. Usually governments and crypto do not align together since they need the banking system to promulgate and deter the population of the abundance of wealth. The lesson is clear. Holding cryptocurrency is a fundamental conception for the future of mankind. The same way it is difficult to live without the internet. When you couple them both you see where we are headed.
I would like to see more governments jumping into crypto bandwagon. I know it will not be easy to conceive or even think about it. It is up to us to keep it relevant for the mainstream.
Any news about crypto tend to be a great news.
While #bukele is proving many wrong, I'll keep holding till the end.