Bitcoin is bought with fiat currency. Govt prints unlimited amounts of said currency.
You really think they didn’t buy Bitcoin with some of that money?
Does everybody involved with crypto just ignore the possibility of the govt having substantial amounts of control over Bitcoin and other “decentralized” assets?
SPX forming a bear flag under resistance + lower high ✅
DXY breaking up from a falling wedge ✅
BTC and ETH trapping bulls with tiny pumps ✅
Altcoins constantly making new lows and breaking key supports ✅
Capitulation incoming 🔨
$SPY $SPX Something for the bears:
If u look back to the 2000-2002 & 2007-2009 bear markets, the largest drawdowns did not occur until much later on in the cycle.
So if history is to repeat itself, we should see 1 more large drawdown in this current extended bear market.
FWIW
Maybe you get lucky and sell certain pieces from a collection but IMO you’ll always end up bag holding 90%+ of your NFT’s.
We likely end up having under 10 long term truly collectable NFT collections by 2030.
Trading cards from 20yrs ago is what NFT collections try to recreate today…
Unfortunately the reality is 99.9% of these collections are shit and will be worth nothing in a few years. Even if you have an NFT at a substantial gain what are the odds you have liquidity to sell?
The millionaires of the next bull market are created now.
Here's my updated strategy for 2023.
(includes: free resources, #crypto portfolio and altcoins)
China has recently printed money at a reasonable pace but consumers were locked home & couldn’t spend
Soon, they will be able to
A global recession remains my base case
But this narrative could be heavily challenged by the Chinese reopening
Being nimble will pay off in 2023