The last few days brought a much needed crypto rout…
The beating was enough to give you whiplash if you watched closely.
Another reminder of why Bitcoin is a terrible currency. Indeed, it’s volatility also makes one question its effectiveness as a long term store of value.
How much of this volatility is hacker related? How much is bank related? How much is political?
One thing’s for sure, too many people are probably new to cryptocurrencies and don’t remember all the other Bitcoin crashes in the past.
Crashes are good…
- They provide support for future growth.
- They flush out the bad apples.
- They provide learning experiences for companies and investors.
When it comes to cryptos and blockchain investments, diversification and having a long term view is probably the best approach.