Crypto, Still Down
We are, right now, seeing Bitcoin trading for a lot less than it was trading for just a year ago. This has been the downfall of many fortunes, I can only hope that most of what was lost was actually gained when BTC went to its ATH of nearly $70,000.00, but being realistic if somebody cashed out at 60K it is inevitable that whoever bought at that price is seeing big losses.
I have the example of our neighbor, El Salvador, President Bukele has bought over 100 million USD in BTC, most of it at around $40,000.00 thus that country is right now facing a loss of $50 million just in coin value, not including what they have spent in adapting BTC to the local economy. That is a heavy loss for one of our countries, you can build a nice highway with that.
Nevertheless was Bukele crazy for investing public money in Crypto? Well, right now it appears he was. I do not know how far his plans for including Crypto in his country's economy have come along but regardless, you now buy less with 1 BTC than just a few months back, so he is, i believe in some trouble, his opposition must be having a party. But to those who have been in Crypto for a while, it is known that these downturns happen, if history holds we will see a comeback and Bukele will be safe again.
But this does show that Crypto is too volatile, nobody can be sure of where it is going. Actually this is what makes it attractive, the idea of investing a little and reaping a huge payback, unfortunately sometimes it works, sometimes it doesn't. I guess the answer is well known, buy low and sell high. The problem is knowing when these extremes happen.
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