If You Are Reading This, You Survived The Bitcoin Crash In May

I was scrolling through my Twitter feed and I came across the title of my post on someone’s tweet. This just took me back to the May memory. If you can flashback to the events that happened in May regarding bitcoin I feel you will be able to relate. May was officially a Red month, lots of people thought that was the end of bitcoin.

source

Elon Musk started the crash by delisting bitcoin as a means of payment in buying Tesla because its mining affects the environment. This was kind of impactful because lots of companies and mining rigs started looking for an environmental friendly means to mine bitcoin.

We watched bitcoin crash from $60k to $40kish other altcoins followed the crash and that was the beginning of the price crash, then China came with their periodic FUD and decided to ban bitcoin and cryptocurrency mining in the country and considered everything cryptocurrency illegal. This further pushed the price down making us see the price of bitcoin below $30k.

source

Fortunately for the crypto community, we had Jack Dorsey and Elon Musk appear on a conference video chat called the “B word” where they shared more knowledge on Bitcoin and it’s importance. This was kind of a memorable day in the crypto community as that event created awareness for a lot of people and more people decided to look into cryptocurrency.

One week later the price of bitcoin spiked up and another bullish bitcoin trend started again. Bitcoin has had more than a 50% increase since May, which is really nice after seeing the crash that occurred before the spike. This just shows how far we have come in 2021.

source

I can remember having a conversation with @onwugbenuvictor during the May bitcoin crash, we were laughing over the fact that our portfolio was dipping. Every time we checked the value of our portfolio, it’s always reading in negative, for a moment I decided to delete most of my crypto apps because I didn’t want to feel the FUD(Fear Uncertainty and Doubts). I felt really lonely and helpless during the dip, I was constantly hoping the market comes back to the green zone.

Although am used to the heavy dip but I was only worried about the people I made invest in cryptocurrencies. They called me with panic voice talking about how unpleased they were, watching the value of their assets go down. This is the reason I don’t like inviting some newbies into the crypto world, but I really love these people and I want them to invest in the future. Some of them got disappointed and sold during the dip, while some of them were patient enough to wait and they are extremely grateful right now.

Posted Using LeoFinance ^Beta