I'm going Babe Ruth on you and calling my shot.
I predict.. that the crypto space has bottomed for this bear market.
Now, before you go sell some blood and your vintage Pokémon cards so you can buy the next shiny NFT, let me elaborate.
I think that MANY crypto projects are still going to collapse.
But, I think that the crypto market as a whole has basically bottomed.
- Bitcoin will not hit 12k
- Eth will not hit 800
President of El Salvador, Nayib Bukele just announced that starting November 18th, 2022, they will be buying 1 Bitcoin every day.
Not sure how long he plans to keep this up but great to see El Salvador doubling down on Bitcoin like MicroStrategy.
2022 has woken up the next wave of crypto investors to the reality that not every project, team, or exchange should be viewed equally.
- Low Risk 10% yields. Bull Shit
- High-value NFTs. 99% are worth $0
- Trusting an Exchange to hold your crypto. Ill-advised.
If nothing else, 2022 has been the year of Relearning Lessons.
- Self-custody is the only way to self-sovereignty
- If it sounds too good to be true, it probably is
- Do not chase returns by taking on unnecessary risk
- Value transparency over talk
Don't get me wrong, the collapse of FTX is a terrible thing. Many people lost their entire savings and are struggling right now.
But, if there is a silver lining we can find in this travesty, it's that the crypto investors as a whole will be savvier and require more from crypto companies in terms of security and transparency moving forward.