True, November’s a little while ago, but nothing has substantively changed since then.
What has changed since then?
Aunt Sally and Uncle Morton are talking about bitcoin again.
If you’ve followed me for any amount of time, you have often seen me write and talk about the importance of patience and letting others come around to what’s going on.
Facts and data usually don’t change people’s minds, they mostly confirm what people already want to believe.
This market will take off when bitcoin’s price goes up long enough for people to believe it will keep going up.
Some say it just did. They said that in July 2019, too — and we know how that turned out.
(Bad. Nine months of bitcoin’s price bleeding out slowly.)
I doubt we will get that same outcome, but let’s not get ahead of ourselves. Big moves are the norm in this market.
If rumors, tweets, and my friends’ text messages are true, some people finally put a little money into bitcoin and some large-cap altcoins.
Not much, of course. Just nibbles. Testing the waters, or, for some, getting back into the pool after a long time out of the water.
It’ll take a little longer before they start moving serious money into the markets.
With Grayscale, PayPal, Square, Bitwise, Bakkt, banks, and other companies finally able to make money from this renewed interest in crypto, you can bet you’ll see more advertisements, promotions, and media placements. Everything will seem safe and fun.
“Only risk money you can afford to lose, of course, but buy now. You may never get another chance!”
All this at the same time the world’s economies emerge from COVID-19, freshly vaccinated, able to reopen all sectors of the economy.
And bitcoin’s price keeps going up, as it always has.
Does that make your toes tingle and your heart flutter?
How would you feel if I told you this latest pump is just a tiny glimpse of what we have to look forward to? Are you ready for the ride of your life?
I sure hope so. Once this train starts running, it won’t stop until it comes off the rails.