Giving up control of your finances to Elon Musk & rigged macros
I made this video before the weekend so things got a little worse in the crypto charts afterwards. Even though crypto is still quite new, I think we already have enough data to see that this whole thing is trending up generally from the beginning to now. On the macro level, particularly, it almost looks like a linear sliding average upwards. Zoomed in, it looks like an awful lot of ups and downs that are enough to bring FUD even to the most diamond of hands.
😎 Cult of personality issues are driving the current selloffs. People are watching Elon too closely and giving him too much power over their own financial future. Just because he’s (one of) the world’s richest doesn’t mean he knows anything about Bitcoin or crypto generally.
🐑 Sheep mentality is contributing to this. People herd up and just follow whatever they see everyone else doing. It’s a perceived safety in numbers thing I guess.
🐉 Sneaky whales and establishment buyers lurking in the darkness helping to spread the FUD in order to grab your coins for cheap. All those margin orders and stop losses are just too delicious for them not to prey on.
🔭. Long term investors are not moved at all. I saw a video of a guy talking about *”handing down bitcoin to your children and grandchildren”*. This guy things of Bitcoin as a **permanent** store of value, never to be actually sold, but rather *”financed”*. That’s quite an interesting way to look at it.
🐝 Hive is tarting to look more and more viable as a store of value with every one of these crazy market movements.
As for me, I spent the weekend away from the charts and didn’t even know the dip was that extensive until I looked last night and thought woah! It’s quite a shame, though, since it hit some of my potential buy-in prices - especially $eth. Interestingly enough, Hive actually didn’t dip that much at all.
Peace & Love