Do you think bitcoin will ever recover again?
By Ochiroo Cash
@ochiroocash (11)
Ulaanbaatar, Mongolia
June 2, 2022 2:38pm CST
Do you think bitcoin will ever recover again?
i have been interested in cryptocurrency for a almost a year now
i never seen bitcoin price lowest like this ever in that period?
do you think bitcoin will ever recover and reach new all time highs?
should you start buying
https://i.pcmag.com/imagery/articles/015t2XCInYI4JmscpwIFyrH-1.fit_lim.v1634848953.jpg
5 people like this
4 responses
@porwest (90860)
• United States
2 Jun 22
For me it is not a simple answer, and that's because cryptocurrency is still very young and not yet quite proven as even viable. It's only been around about 12 years and you have to keep that in mind.
Unlike the stock market, there is no predicting what direction bitcoin, or any other cryptocurrency may go. The stock market, for example, has been around for hundreds of years and has had only ONE true historical direction overall. Up. Even when it drops, it always returns higher than where it left off before the dip.
I think the best bet with cryptocurrency is to keep an eye on it and have a little bit of skin in the game, but to also make sure that any money you put into it is entirely money you don't care about losing.
Crypto, for a variety of reasons, is akin to gambling. It's backed by nothing, there are no safeguards or regulatory bodies, it produces nothing, generates no revenue, and has been slow to be adopted.
4 people like this
@ochiroocash (11)
• Ulaanbaatar, Mongolia
3 Jun 22
yes i agree with you but the stock market is crashing too thats why i think cryptocurrency affected by it
2 people like this
@porwest (90860)
• United States
3 Jun 22
@ochiroocash But the stock market only ever ultimately goes up. The stock market has crashed many times in its history. After the crashes it is always higher than it was before the crash. One cannot make the same assessment about crypto since it does not have the history that the stock market has to back that statement up.
As for crypto being affected by anything happening in the fiat world, it defies the rationale behind crypto that has forever made the claim that crypto is supposed to free people from all of the supposed woes of fiat...
Yet when fiat does something, crypto follows. I honestly do not believe crypto itself knows what it really is or wants to be or wants to accomplish. Even a crypto expert is doing nothing more than taking a best guess as to what direction any of it is going to go. There's no way to do any proper analysis on it because it's basically all smoke and mirrors and not much else.
2 people like this
@DWDavis (25805)
• United States
3 Jun 22
I sincerely hope the day of the bitcoin has passed. Cryptocurrency is nothing but a pyramid scheme. Those who get in early make all the money by selling out when the time is right and the rest are left holding worthless "coins." Remember, there is zero intrinsic value in crypto and nothing backing it. It's like investing in a shadow.
2 people like this
@kaylachan (69676)
• Daytona Beach, Florida
2 Jun 22
Just like anything, it ebs and flows like the tide. It has been low before and bounced back.
2 people like this
