June 15, 2024

Bitcoin Volatility – Decentralizing Social Platforms – NBA Updates. MGR Unplugged Podcast | MGR Marketing & Lifestyle Blog


Bitcoin is very volatile, get used to it. Should social media platforms be decentralized? and the NBA is struggling to keep the season going with COVID cases increasing, but the Harden trade dominates the news.

Cryptocurrencies including Bitcoin and Ethereum suffered a severe crash this week.  Whether it was expected or not is beyond the point right now.  We’ve always thought that crypto’s wild volatility is normal and to be expected from this relatively new asset class and especially, after experiencing a huge price appreciation in a very short time.

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In this episode:

David and I go over our opinion on what caused the crypto crash this week.  But above all, we put it all in PERSPECTIVE.  That’s our keyword for this episode.

Bitcoin (BTC) reached an all time high at $64,829.14 in mid-April, and during this week’s crash, it lost as much as 40% in value in just a few hours.  Ethereum’s token (ETH) suffered just as much if not more after dropping to around $2,000 per token from an all-time high of $4,382.73 set earlier this month.

And of course when two key players plunge, the rest of the players in the crypto neighborhood suffer just as much.  But here’s where Perspective comes to play…

Despite the recent drastic drop in value, over the past six to eight months, the value of Bitcoin has more than quadrupled since lurking around $10,000 last September.  By the same token (pun intended) if you look at the price of ETH in September 2020 it was around $325.  Now, AFTER the crash, it’s trading at around $2,800 as I type this.  True, it’s not the $4,200 from a couple of weeks ago, but still, I would take this 8X gain in 9 months anytime, anywhere.  That’s PERSPECTIVE.

It is also worth mentioning that during this period, major financial institutions including Goldman Sachs, National Bank of Canada, Wells Fargo, JP Morgan, as well as major hedge funds and other public companies including PayPal and Xbox, are adopting cryptocurrencies as part of their assets class or offerings.

If you’re just a casual trader trying to make a quick buck over the past few weeks with all the free money received from the government, chances are, you’ve lost it all and then some more.  However, if you’re a long term investor with a proper strategy, even after this crash, you’re still much better off than you were just 10 months ago, and definitely much better than if you had just parked your money in a traditional savings account.

What goes up, must come down.  You just need to plan for it and make it part of your game plan.  At the same time, not all crypto currencies, exchanges, protocols are created equal.  Solid protocols will survive these types of crashes and come back stronger.  The weakest ones, will just disappear and rightfully so.  It’s no different than any company surviving a recession or becoming a victim of it.

So, there you have it.  It’s crypto.  It’s volatile.  Get used to it.

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Note: this article and related podcast are for entertainment purposes only. It is not intended to be financial advice. The opinions and views expressed on this podcast, (written, video or audio format) are solely of their respective authors and do not express the views or opinions of MGR Consulting Group, its employees, clients or affiliates. Individual results will always vary depending on your individual investment experience, work ethic, business skills, perseverance and diligence in applying your own business plan, the economy, the normal and unforeseen risks of doing business, and other factors. All trademarks are property of their respective owners.

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