When asked how I feel towards crypto, I simply said sceptical. Reasons being that it’s something we can’t fully trust and obviously we can’t predict how it’s going to end and what’s going to happen in the next coming months or years. People have different opinions on crypto, some good while some bad and it’s on based on their personal experiences.
The good and bad experiences all fall down to the volatility on the crypto market buying when low and gaining profits when it goes up and due to fear of missing (FOMO) buying when high at a certain point and experiencing a huge dip when it falls. An example of such scenario was the recent crypto bull run when bitcoin skyrocketed from below $30k dollars to above $70k dollars. Those who gained where those who bought at below $30k or had coins and those who lost where those who bought from $60k and above hoping not to miss out when it reaches above $80k but surprisingly it’s still struggling between $60k and $65k.
Another fear of missing out that happened recently was the hype of bitcoin halving. So many people believed or had the mindset that after the bitcoin halving, we are going to see bitcoin at $100k in weeks and quickly rushed to buy so they won’t miss out on it. A close of mine was part of the FOMOs and now he has been asking me why bitcoin is not moving up but has been fluctuating. Well, what can I say aside let’s wait and see.
Bitcoin halving or not people still fail to understand that crypto isn’t predictable, what they can only do is speculate and speculate. The only thing to do is follow the simple rule which is, buy when it is low, and you can either sell or make your profit when it is high. However, one thing is certain, there will always be FOMO no matter the education or idea about cryptocurrency that goes round.