Hey guys,
I was watching some documentaries the other day about our monetary system. I'm convinced that crypto currency is the future money and fiat currency will be erase in the future. How long do you think can it take?
Thanks!
They will co-exist in my opinion. Fiat will always have the backing of the government. Maybe crypto will replace all online payment methods but it will not replace fiat. The government will protect it. And there will be regulations and laws that will limit the use of crypto, so it will be hard to erase fiat.
With so much pessimism and with so many selling their coins bragging how they are geniuses, they are now waiting for the Big Dip. What if it doesn't come?. Bull markets are born in Pessimism and die in Euphoria. Are we Euphoric yet? No we have an abundance of pessimists waiting for a dip to 4500 some even a retest of the low at 3200. Talk about waiting for a water truck in the desert. Now we have used gold as a comparison before.
For nearly 5 years Gold traded between 260-330 not really doing much, but towards the end of the 4th year it started rallying. I remember when gold hit 400 again and everyone was selling, thinking "I'll buy the dip back at $300, after all you sell the highs right? But was it really a high? Nope the previous high in 1980 was nearly 900 and for years I heard "gold is dead, just a shiny pet rock. Thank God they sold in the nick of time, or so they thought. It proceeded to move higher and I heard, it will pullback, nothing goes straight up. Sure there were some minor pullbacks or pauses, but guess what it didn't pullback.
The same thing applies to cryptocurrencies.