Investing in Bitcoin, Ethereum, Ripple and Litecoin is still a game that can make people rich and truly free, according to some experts.
Bitcoin and other cryptocurrencies have made many people very rich, very quickly — people who purchased into these cryptocurrencies early, before they ran their exponential course.
But they have made many people very poor very quickly, too—people who purchased these cryptocurrencies near their all-time highs, before they got crushed.
[Ed. note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment. Disclosure: I don’t own any Bitcoin.]
“It’s safe to say that the price action in the crypto market over the past few months has been very ugly,” says Investing.com Senior Analyst Jesse Cohen. “All the major coins have suffered steep double-digit declines since the start of the year and are all trading below their respective 200-day moving averages, which usually signals more losses ahead.”
Still, Cohen doesn’t believe the game is over for Bitcoin and other major cryptocurrencies. “We’ve seen Bitcoin do this before, where it plunges sharply over a prolonged period only to violently bounce back to new highs in a short time. While it isn’t looking too hot at the moment, it’s still way to early too call the end of Bitcoin, or cryptos in general.”
Aaron Lasher, BRD’s CMO and cofounder, agrees. “The game isn’t over,” says Lasher. “Digital scarcity is a major innovation in money and value, and we’re in the initial stages of a multi-decade trend towards tokenization of assets.”
Lasher sees cryptocurrency innovations changing peoples’ lives. “If sending money globally as easily as an email doesn’t impress you, how about the ability to store your life savings in your head, then walking your family across a war-torn border to safety?”
That’s why people shouldn’t be fooled by the recent social media gloom and doom about Bitcoin and other cryptocurrencies. “Witness the continental shift towards cryptocurrency with a magnifying glass, and you might be fooled, but bitcoin has ‘died’ over a hundred times in the past, at least according to traditional journalists.”
Lasher believes that Bitcoin and other cryptocurrencies are still the tickets to a rich and truly free life. “Getting rich with cryptocurrency is a proxy for true freedom, a personal financial situation that is largely immune to the politics, flaws, and vicissitudes of an interconnected, global system – an oasis of security and a platform for individual pursuits.”
These are certainly very comforting words to those investors who entered the cryptocurrency market near its all-time highs, but not to those who think that the cryptocurrency markets are in a bubble that is already bursting.
We all know what happens to investors when bubbles burst.