The crypto crash is reverberating through the Internet while the “rest” of the economy – namely the stock market – enters free fall. Commentary on the very human and thus flawed stock market is still well within the realm of pundits and guys who press funny buttons on TV, whither crypto?
First, the die hards are chiming in noting that they are retaining their investments – HODLing, as it were. Still others are buying. My favorite crypto-pundit, Jameson Lopp, chimed in today:
The more loudly folks proclaim that Bitcoin is dying, the more dollars I dump for BTC. I’m not a professional trader, but this strategy has worked well for me over the years.
— Jameson Lopp (@lopp) February 5, 2018
And the mysterious “Bitcoin content creator” Vortex brings up a very important point:
1/3 Yes it appears the world was not quite as excited on the fundamentals of #bitcoin & crypto as we thought. In the end this changes nothing. OGs know we’ll hit new ATHs again especially w/upcoming halvening. Lots of work to do before we’re ready for the next price runup.
— Vortex (@theonevortex) February 5, 2018
First, I don’t think this is the bottom of the fall. Expect things to hover around $5,000-$10,000 as the folks begin thinking long and hard about why they’re in the space. I suspect we’ll see a rise in interest as Wall Street bonuses are paid out this month and savvier investors “buy the dip.”