In the grand schemes of things this doesn’t really matter because it’s all make-believe anyway. The idea of a monetary system free from the claws of government is a pipe dream that lives in the fringes of civilized society. Do you know how many people have tried to end the dollar’s hegemony only to end in misery? It’s not going to happen as long as the United States has 11 carrier strikes groups circumnavigating the world. So stick to mining and hope that someday your coins will be accepted at Walmart. But what about the Blockchain? Blockchain adoption is coming but you won’t make a dime from it because Silicon Valley and Wall Street will make sure you don’t. That’s the narrative nobody wants to hear because they keep telling themselves this time is different.
Look, people jumped on the crypto bandwagon because there was money to be made and most people live in financial desperation. It was their chance to make it big, but this is a world of haves and have nots and there’s only room for a few success stories, enough to maintain faith in the system. The truth is, if you came in at the tail end of the mania, you are now holding the biggest bag of excrement in the history of popular finance. That’s the tragedy of the commons. Everyone wants to get theirs at any cost and instead of salvation they end up in financial ruin.
So what happens now? I don’t know what’s going to happen, but the laws of speculating are the same whether you’re trading stocks, oil, or crypto. If the Fed raises rates again in December, the market will tank and so will crypto. In that scenario, you’re going to wish you sold at $6,000.