Are you folks watching the price of Cryptocurrencies today? at this moment? Since yesterday Bitcoin crashed down to nearly $6000, then today it took off to over $9000 at the moment, isn’t that crazy? well it’s not, that’s Cryptos for you. Do not get scare when the price dropped loss 50% portfolio value, don’t worry, it’s Cryptos, super volatile, super risky, super fun, extreme stress, extreme happiness, so if you don’t know Cryptos by now, now you know.
Back in December 2017 Bitcoin sky rocketed to $20,000.00 within a few weeks kept on going up. The price before that was way below $10,000 and within a few weeks it shot up to $20,000.00 then dropped slowly back to $10,000 then to $2,000 then stabilized at $4000, then up again to almost $12,000.00 then dropped again back to $6,000 now stabilized about $8000. Do not get scare folks, it is Cryptos, it is Bitcoin, super volatile, one thing for sure is although it’s old, but it is still new, still a baby but the visibility is out there and soon the world will know will use it.
Earlier today Chinese leaders urges companies to look into adopting blockchain, China to lead the world on Blockchain technology. Maybe it was that news that sky rocketed Bitcoin, if indeed China leader urges adopting Blockchain then chances are the world leaders including European and USA will need to compete and make sure China is not in control of Blockchain. So basically all other countries will look into Blockchain technology and compete or at least have a good understanding of it and adopting it before China taking control of it, for USA especially Trump should be looking close into the Blockchain. Now Blockchain and Bitcoin is two separate thing, the government don’t have to adopt Bitcoin but at least look into Blockchain.
Should you be buying Bitcoin or other Cryptocurrencies? Yes, but only with money that you don’t need for the next 6 months to 1 year. If you know you need that amount of money then don’t buy Cryptos. One recommendation I may have for you is to sell it when you see profit, maybe just sell the profit and keep the capital. For instant, you invest in 1 bitcoin at $10,000. When you see Bitcoin up $15000, maybe sell the $5000 worth and keep the $10000, just in case you need money that is $5000 pocket. Remember to pay uncle Sam tax or add it to your ordinary income tax.