Lets talk about Bitcoin and what I THINK caused the recent jump in price – enjoy! Add me on Instagram: GPStephan
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The views and opinions expressed in this video are just that…opinions. Not Fact.
This content is for entertainment and informational purposes only, and should not be taken as investment, financial, or other advice.
Instead, consult a professional…do your own research…and invest at your own risk.
So starts start here…what happened, and what caused Bitcoin to more than double prince within 60 days from $3500 to $8000?
I have a few personal THEORIES when it comes to this…
The first theory, a potentially weakened economy:.
This happens anytime investors are nervous about the overall economy or strength of the stock market…and for many people, this can be a nerve-wracking time. When this happens, many investors decide to shift their money around to different asset classes…typically, we’ll see that in bonds, gold, and Bitcoin.
The second theory, is that it’s slowly gaining more mainstream acceptance.
One of the unforeseen benefits of bitcoin DROPPING was that, for the first time in awhile, its price wasn’t fluctuating 10-20% in a day and it could ACTUALLY be used for what it was created for: a currency. You’re noticing many more “mainstream” businesses begin to actually USE bitcoin…this includes Starbucks, Nordstrom, Whole Foods, and Home Depot. While it’s rumored that this is just an experiment for now, it’s evident that more and more people have begun to take it lot seriously.
The third theory…and perhaps a more controversial one…for entertainment purposes only…is that the price is currently being altered, yet again.
This is too long to type out, refer to 5:55 of the video for an in-depth look into my thoughts.
The fourth theory: FOMO
It’s people recognizing that the price is going up, and they don’t want to miss their chance at getting rich. So they buy in and the price goes up a little more. Then, as the price goes up, MORE people jump in because they don’t want to be left out, too – and then the price goes up even more. And then it happens again, and again, and again…and given the history of Bitcoin, this could – potentially – go up for quite a long time, until it doesn’t. And when it comes to investing, that is NEVER the habit of a profitable, long term investor. EVER.
Do NOT invest in something just because you have the urgency to not want to miss out, or to think “this is your chance to get rich.”
And in terms of where I see this going in the future, I’ll just end it with this…no one knows. If you’re OK putting your money in Bitcoin, and you accept the risk that you could very well lose a significant portion of your money, then by all means, go for it.
Again, that’s not to say that one day Bitcoin won’t be worth a ton of money – or it might be adopted on a large scale – and if you really, truly believe in it, by all means. But don’t jump in because of FOMO, do your research, and don’t EVER invest money you can’t afford to lose.