Here comes another round of the naysayers saying "Bitcoin is dead" for the 800th time." Stock market loses 27% and nobody says "The stock market is dead."
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Yeah. Right now all tech is undergoing a drop due to the overall economic uncertainty. Until Ukraine situation plays out and the US economy stabilizes and the Nov election settles, Web 3 and crypto will stay down. But if you have the money, buying at current low prices and holding for years will pay off eventually just as buying BTC at $100 did.
Tech factors affecting crypto:
General tech is in the start of what is at minimum a two year slump. VCs are pulling back. Parts manufacturers are being profitable in this even with shortages of product to sell. Parts unavailability depends on relations with China, and that affects the auto industry. However cloud continues to grow as industries adopt it. But cloud is limited by parts availability for servers and memory devices, and that will take two years to level back out and up. Micron manufactures in the US and thus has good prospects. Western Digital has missteps and may spin off its flash production. Samsung and Hynix are asian and doing okay.
Economy factors affecting crypto:
Food production will be a problem and it will make food prices rise. That in combination with gas prices and job losses will cut into people's ability to buy crypto. Inflation of the dollar should make crypto prices go up but these other factors all weigh it down.
Even gold and silver are way down. Silver at 22 and gold is at about 1,800.
Gold is DEAD, I'm telling you dead. Gold was always a ponzi scheme. All that silver stuff was too. Note, I'm joking here. Commodities and crypto goes up and down with the stock market. Always has. The market is way, way down now, so everything is way down.
Anyway, I generally agree. I think the losses will soak up people's excess income, or make people feel poorer because their inflation hedges took a beating; the 401k, the crypto, those silver coins you have stashed in your dresser. People will stop spending, and the economy slumps and we get a full blown recession.
With food prices up 25% you would expect hedges like gold would rise. But gold is totally manipulated on the paper side.
I forgot one more important factor. The Fed. By their raising interest rates, it pulls investment out of alternatives hence precious metals take a beating.
We are heading into a recession for sure; expect no recovery for a year at least. Hopefully this will at least shovel out the Democrat stables somewhat as the proles realize how much they have been screwed.
An interesting idea, increase everything while decreasing silver. I fucking hate the global bankers.
I know some people in another country. Silver has been very heavily marketed over there and they bought a whole bunch of it. The people doing it knew this was going to happen.
No, it won't. All it does is lose money. It promises highs but drops. No fix rate, nothing but liquidity. And it's another tranny fetish or Xgen trend. Buy stonk, it's going to the moon. No it isn't. It's GME. The only people making money are pumping and dumping as regulation tightens and the market plunges. It really doesn't make much money, because it loses it even quicker. But at least you're holding the bag like an ape, for all those others dumping it, as they buy back the dips, and dump. Find yourself a real investment. Assets not ponzis. Unless you're really into tranny fetishes. Continue holding that bag, it's gonna dip.