Posted: Feb 22, 2019 11:39 pm
bogdan9310 wrote:I invested around £4000 in crypto, and I think I'm sitting on a goldmine.
Crypto has suffered a decline since the hype last year, but it's gaining back territory. I think the price will skyrocket when the next global economic collapse is going to come, which is sometime 2020.
The price of crypto doesn't necessarily hinge upon global economic collapse, hence December 2017. I've recently invested about three times as much as you. The bears are still hammering upon the door, so we shall see.
If you are looking for some advice, I say invest in ethereum, the smart contract capability long overtakes the king bitcoin which is just a currency. Also, I looked at a few ICOs (initial coin offering). Syngularity NET has the most advanced AI out there, and has its own coin too.
I've only invested in bitcoin and ethereum so far, but I wouldn't have invested in bitcoin at all in terms of its fundamentals. For me, bitcoin is akin to gold - an alternative store of value to fiat. With (now) a less than 20 million supply limit and by far the largest volume of any crypto (currently more than 50% of the whole market) which I consider to be hugely significant.
Once I'm sure the bear market is over I will probably invest in EOS as its fundamentals seem better than ethereum. Also, I like IOTA, for the reason that it's different.
There's a lot of interest in Ripple XRP but it's too centralised and bank-orientated for my liking. I'm therefore avoiding it like the plague.
What most people don't seem to understand is that a financial revolution is underway, which in the future will be talked about within the same book as the industrial revolution. That's precisely why/how crypto emerged about a decade ago and has become increasingly useful, notwithstanding the blockchain technology which underpins it. More and more institutions are becoming involved. Even JP Morgan has recently poked his/its finger in the pie.
Even the gold card I mentioned is something relatively new, offering people a chance to conduct their finances beyond the parameters of fiat. I mean, why pay for something in £ or $ when you can get it cheaper by paying in gold? It's a no brainer, but most people have this 'normalcy bias' and are way too conservative and unadventurous to be included amongst the list of pioneers within any space. What most people do is buy into something at the top when it's popular and proven, when it's too late and about to 'pop'. Well, crypto has already popped twice significantly, within the last 5 years or so. However, prior to its next pop, one thing is certain: that even though the bottom is not yet affirmed for this current bear market, hindsight will surely tell us that the first half-year of 2019 was the next best time to buy crypto preceeding the next pop.