What happened to Bitcoin…

It’s been 7 MONTHS since I’ve made a video talking about Bitcoin and cryptocurrency…but after seeing Bitcoin drop near the $3500 mark, I had to come out of my cryptocurrency retirement. Enjoy. Add me on Snapchat/Instagram: GPStephan

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What happened to Bitcoin? A year ago, it had just broken $10,000 with no end in sight. Less than two weeks after that, it was nearing $17,000. And on Sunday, December 17th, it reached the price of just over $20,000…then the selloff began. Large investors began taking massive profits, the price of Bitcoin began falling back down to $13,000 as people continued selling off…and that’s when we saw problems. Here’s what I think.

First, the prices we saw a year ago were NEVER a real indication of what it was actually worth. Just because it was selling for $18,000 never meant it was actually worth $18,000…for all we know, it could’ve always been worth $2000 and a frenzy of enthusiasm and speculation drove it up WAY beyond what was ever sustainable. So I feel it’s more likely that Bitcoin is returning to what it should actually be worth this entire time, than that it’s losing value…because that value was never there to begin with, if that makes sense.

Second, in terms of Bitcoin’s recent drop, we have a somewhat recent investigation into Bitfinex, a cryptocurrency exchange which MAY have manipulated bitcoin prices in its favor. Regardless, it’s pretty evident that cryptocurrency prices are HEAVILY influenced by positive OR negative press. In this case, just about ANY negative press means lower prices.

Third…and this might be unpopular opinion, but people are impatient. I think it’s safe to say that not all, but a LOT of people buy Bitcoin to make money…not use it day to day with their purchases. Given that, after a period of relative stability over 5 months, if you haven’t made a profit, you’re likely to sell. And that’s what I believe a lot of people have been doing.

Combine those factors together, and it makes sense that we’ve seen prices continue to drop. But at the same time, ANY price predictions for cryptocurrency is LITERALLY just a guess. I’m taking the stance that it is IMPOSSIBLE to predict what this is worth, other than saying it’s worth what someone is willing to pay.

I will say this, however…it’s going to take awhile to restore the confidence in Bitcoin before we see an upward turn in prices.

Don’t hold longer than you need to because of sunk cost fallacy making you believe it’s better than it really is. See every investment as though it were an investment in TODAY’S PRICES, not as something where you don’t lose until you sell. You’ve lost, on paper, and only time will tell is that plays out in your favor or not. And that’s the risk you take anytime you invest, especially if you invest on speculation without fundamentals to back it up.

So that’s all I have to say on that…I’m going back into Cryptocurrency retirement again for another 7 months. Enjoy.

And that’s how much YouTuber’s make, and how much I made from a viral video…chances are, it’s higher than you expect it is.

For business inquiries or paid one-on-one real estate investing/real estate agent consulting or coaching, you can reach me at GrahamStephanBusiness@gmail.com

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