Rick just came home from work and asked "What the fuck is going on with Bitcoin, man ?"
I just shrugged and replied with "No idea, dude."
What do I tell him about this dump ?
I have no idea what's going on.
I think you already gave him a honest assessment. You've set enough aside to carry you to the next halvening. Light some candles, pour a drink, cuddle, and forget about it for a while.
Nothing to worry about for the long term guys. I assume youre both willing to HODL until 6-12 months after the next halving?
Thats when the real fun will start, what well see until then is just posturing & whales playing around.
6-12 months after the next halving - 1 bitcoin = over $50,000
We are in a unique situation now. Due to the rising difficulty the reward of the miners is the lowest in history. In 3-5 months their profit will be near 0 or a negative number, which means those with an expensive electricity will have to stop mining. Then the difficulty will drop a bit and those with cheap electricity will continue to mine with a very small profit in therm of cents. They will prefer to hold the new bitcoins waiting for much better price. My prediciton is that a new storm of ATH's will come out of this situation long before the next halvening.