Crypto Fever and The Rise of Parallel Economies
Crypto is no longer as fancy as it was five or six years ago. You'd be amazed to discover the actual percentage of individuals worldwide who are invested in or holding some form of cryptocurrency.
I've noticed that almost 70% of the new people I've met in the past couple of years have either had or are thinking of getting into crypto. To me, the developing economy of the blockchain industry looks more like a complement to the current one, as I don't see the dinosaurs ruling over the world going anywhere along with their corrupt system anytime soon.
As a result, we have parallel economies forming alongside the traditional rigged one. Yesterday, I went for lunch with a friend at the restaurant of one of his friends who lives in a tourist town close to ours.
This friend of mine knows I'm into crypto, and we've had plenty of discussions about it. He also knows how passionate and deeply involved I am in this field, so he had to introduce me to his friend who made millions in crypto. And he didn't make just a few thousand bucks; he hit the jackpot overnight.
This guy is around 60 years old, and he owns a 36-room guesthouse by the river, a restaurant, and a few acres of land. He's in a very comfortable financial position and clearly a smart guy. He left Romania before the revolution in 1989 and lived in Australia for over 20 years.
He made good money from real estate there, but he "accidentally returned home" due to a police ticket. At some point, his driver's license got suspended for speeding, and he came back to Romania for a few months until he could get it reinstated. During that time, he saw the potential in the town he grew up in, bought some land, and never returned to Australia.
Besides his tourism business, he's also into crypto and has a funny story to share about it. He first heard of Bitcoin from a few Jehovah's Witnesses who came from America back in 2012 or something like that. They asked him if they could pay for accommodation in Bitcoin, offering him a few thousand bitcoins for a few rented rooms within a short time period. However, he turned down the offer because cashing them out at that time was impossible. He now regrets it, but he's heavily invested in AI coins.
In fact, some AI coin (I forgot the name) made him 1.5 million in just a few hours not too long ago. So, he's betting heavily on AI coins in this bull market, but I believe he's making a mistake. I don't think betting on AI this bull market is a mistake, but I do think constantly checking the market and becoming emotionally attached to your position is unhealthy.
Maybe he was lucky with that trade, or perhaps he's genuinely a good trader. However, the problem with staying glued to the screen all day and becoming emotionally attached to your position while also being a bit fearful of losing money is not something I would do.
Personally, I believe that the worst is behind us in crypto, but I wouldn't consider the recent pumps in Bitcoin and altcoins (including AI) the "real deal." At some point, I will also become fearful about holding onto my investments, as I did in the past two bull markets and missed out on juicy profits. However, that time hasn't come yet.
I firmly believe, though, that what the market currently offers is definitely a great opportunity for many projects. What do you think?
Thanks for your attention,
Adrian
Posted Using LeoFinance Alpha
I don't think we see anything worst then then which already happened in the past, I mean prices goes down and then goes up again, cryptocurrency will stay here along with all the ups and downs, it's depends on how someone take advantage of an opportunity
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It is always challenging to know which coin might increase in value! I might be interested discover the methodology your friend uses to identify which coins have potential.
He has a friend who shilled him some of the coins. The general hype is around AI lately, thus I believe AI coins will do good.
I am torn on it really.
Part of me wonders if the fireworks have already gone off and we are just settling into stabilization mode. Not a bad thing as fair weather sailors are more numerous than those who would brave tumultuous seas as crypto has been in the last few years.
As far as adoption goes, there is rising sentiment slowly making it so that everyone has heard of it, and more front ends to get people involved more simply.
Are we headed towards early majority adoption still? Has the bang already happened and are we fizzling now?
Hopefully we will be rewarded for being early adopters but probably not like that resourceful business guy!
The wheels are moving and the train is gaining traction... Can't say anything more than that :))
I agree with your advice to not get too attached to stocks and to keep an eye on the market all the time. It's important to look at purchases from different angles. Even though the recent price spikes might not be the "real deal," I agree that the crypto market still has a lot of great possibilities for projects.