No really, China banning ICO’s and shutting down exchanges. Jamie Dimon saying Bitcoin is a scam.
The death of crypto is here.
Wrong! Consider this a buying opportunity. Crypto is the most volatile speculation you will make. Where do you see things go up 100% in one day? No where. Fortunes are made and lost in this market. Do not panic. I repeat do not panic. When your heart tells you to run away, run, run, run towards the crashing prices.
To put into perspective the global stock exchange was $69 TRILLION last year (source: http://money.visualcapitalist.com/all-of-the-worlds-stock-exchanges-by-size).
As of right now the Crypto market cap is $116.5 Billion. Now, you aren’t going to have massive conglomerate companies using the blockchain to raise funds but there are legitimate blockchain companies that will shape the future. The key is holding these.
Every white paper will look good but we need to see results. I suggest only have max 20% of your portfolio in ICO’s at one time. There are lot of other solid tokens already in existence.
Back to market caps
Let me take out Bitcoin with its $56 Billion market cap because most people compare it to gold. No one can confirm exactly how much gold actual exists but the top 40 countries have in total 31,563 tonnes as of 2017 https://en.wikipedia.org/wiki/Gold_reserve. One tonne of gold is worth about $40 Million so that’s $1.2 Trillion worth of gold in countries reserves collecting dust. More is coming, each year over 2000 tonnes are mined. It is a finite resource for sure but they keep finding more deposits. Try buying something for gold in a store. Gold used to back fiat but many countries went away from this so they could print limitless paper.
I’m not saying bitcoin will over take gold anytime soon but more and more people are putting their net worth into it. Considering the fact it is easy to store and anyone with a bitcoin wallet can hold it has a strong future.
Message me on my new twitter account if you want to join a telegram group to discuss your crypto ideas.
https://twitter.com/johnny00crypto
Happy Cryptoing!
Please upvote and ask any questions. Thanks for reading.