El Salvador starts accepting Bitcoin as Money and Crypto crashes! Coincidence or well planned? Mmm..
Above is the Youtube video expanding on this article below.
El Salvador became the first country to make the largest Cryptocurrency project, Bitcoin, a legal tender for transactions in the country. The same day this happened, the whole Cryptocurrency market went through a terrible crash. Seems like a coincidence? I don’t think so.
One of the things that those that oppose Bitcoin say is that Bitcoin cannot be used as Legal Tender because of it’s volatility. So having Bitcoin crash after one day of a country, albeit a smaller nation, making Bitcoin Money, makes other countries that want to do the same rethink whether they should pursue the same path. One thing that these naysayers are missing is that Bitcoin is still coming out of it’s infancy as a technology so there are still a lot of speculators in Bitcoin. Even though Bitcoin fell by a lot compared to regular markets, if you take a historical view, it has become less volatile compared to what it used to be when it was worth a few hundred dollars or a few thousand dollars.
This is because more people believe that it cannot go to zero anymore. I mean that’s absurd to even think of that at $46K but there are still lots of people outside of he space that still believe that garbage.
Anyway, when we peel back and look at the Bull Run charts of 2013 and 2017, we can still see that we are still on the uptrend like the other Bull Runs where there are corrections along the way until it peaks. It’s usually around September and October of Bull Run cycles, that things start to get interesting. In regular traditional markets, this is also the time that there are more trading volume in the markets since people are coming back from vacations. For one thing if you are new to Crypto, you should be using these corrections to snap up projects that you might feel that you have missed. If you are already out of fiat, then just hang on to what you have. Don’t panic and sell.
There is usually a 20-50X run up from the all time high of the last Bull Run. Now as Bitcoin starts getting more adopted, we might not see these kind of run ups but no one can ever be sure because the amount of money that has been pumped in the economy has never been pumped in the history of economies. Conservatively, we should expect a 10X from the last Bull Run which should get Bitcoin in the $200K mark at the peak. It might be a little lower or higher but remember, the massive amount of money printing has not been factored in. Since it is a Bull Run, Altcoins will do a whole lot better. Be expecting some projects to do a 50,100 or even a 1000X.
This is why, having experienced the last Bull Run, I recommend holding some Bitcoin, Ethereum but being heavily invested in Altcoins especially if you don’t have a lot of money. These will get you a big bang for your buck. Once the bear market sets in, you should go heavy on Bitcoin and less on other Alts since Bitcoin will continue to be a safe heaven. My prediction from looking at the other Bull Runs is the Bull Run might peak by the end of the year. Now with all that has happened with Covid and the economy, the Bull Run might enter the beginning of next year. Lets watch, see and keep our fingers crossed!!
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