It´s not long now until Christmas, and what most crypto hodlers are praying for is a bull run. I have to admit, I am in that camp myself, and whilst I want to be hopeful the reality of the situation is that I don’t see why Bitcoin or crypto in general should have a bull run, as most of the arguments are actually quite weak when you look in to them.
The Bitcoin ETF
Lots of people were speculating on the Bitcoin ETF bringing untold riches to the crypto market, but if you follow me on social media, you´ll no doubt have noticed that I had been wearing the “NO2EFT” handle since August 23rd 2018.
Some people asked me why, so I uploaded a video entitled “NO2ETF” to YouTube. The message here was that we were being played big time. The EFT “delays” where being used to drive the price down, but why would an EFT even bring value? After all a Bitcoin ETF is a paper Bitcoin that would not have any impact on the market as it was bought and sold, essentially it seems quite pointless.
All an ETF would do for Bitcoin is reduce the scarcity and increase the control that the US government would have over the number one crypto. As such, I personally don´t see the Bitcoin ETF being the catalyst for a bull run, but what else could trigger it?
Bakkt Futures Trading?
The Intercontinental Exchange launching futures trading is another highly hyped potential catalyst for a bitcoin bull party, but come on??? Really? The CME (Chigaco Mercantile Exchange) announced on December 1st 2017 they would be opening bitcoin futures trading on December 18th and we all know what happened here. Bitcoin hit an all time high of just under $20k and it´s been on an unstoppable downtrend ever since.
This is institutional money doing what is does best, fucking over the retail investor. With hindsight being 20-20 it´s clear that the price of bitcoin was artificially pumped to an unsustainable high, so that shorting would be like taking candy from a baby for those in the know. But it wasn´t fucking candy was it?? No, it was cash, billions of it wiped off the marketcap throughout 2018 whilst agencies like the SEC and IRS made a few flex´s to remind the public that they are still here. For example, there was the heavy handed 120 year prison sentence being directed towards the CEO Arise Bank for running a dodgy ICO. Whilst I’m not advocating what he did, it’s clear that he is being made an example of. I have even read scaremongering articles about a student that owed more tax than his crypto hold was worth due to the huge pump and dump that occurred between 2017 and 2018. All of this was most likely orchestrated by institutional money that we begged to join!! What the fuck did we all expect?? That they roll over and let us tickle their bellies but not until they took a fat position via binance? It just doesn’t sit right with me.
$589 XRP Could be Life Changing
Quite possibly the most absurd crypto meme for 2018 is that of the $589 XRP. But that didn´t stop people claiming that XRP will be crowned king and take the number 1 slot. People believing that this would in turn trigger the next bull run as it´s adopted by the big banks. There´s a few problems here, and I´ll lay them out for you. First of all, you will always be able to make money with XRP for as long as the SEC and big banks are still in the picture. Buying XRP reinforces that we are not ready to be responsible for our own money. We as a society have been conditioned over centuries to listen to what we are being told, as well as being more at ease with a system where others can be held accountable. XRP has always been developed with banks in mind, this doesn´t make it any less of a cryptocurrency, but it makes it one with a very different agenda.
That goal is to support the enemy by using the very creation that could render them obsolete. XRP aims to actually help banks and institutions save money and maintain their monopoly. If you were to ask me if I thought that XRP would someday be the number 1 cryptocurrency by market capitalisation , I would have to answer that yes. Yes I could see that. But it will never be $500+. In fact I doubt it will ever go past $5. I do however believe that if we did see these prices like this I doubt it would trigger a bull run. In fact, I think it would instead trigger a huge XRP sell off that would crash the entire market again.
So what could trigger the next Bull Run??
Well I doubt there will be one to be honest, I think the smart money is in identifying low market cap coins that have huge upside potential, and the investor needs to be a bit more savvy than back in 2017.
Gone are the days, that you can buy and HODL to the moon. Now any multiplier is a victory, 2 X, 3 X, 4X …. whatever your goal, look at the caps between $100k and $2m for your gains, and don’t go in to heavy. If you put 10k in to a 300k cap coin that went on to 3m you would no doubt crash the price by taking your profits. Instead, put $100 here, $100 there and take bolder risks, you´ll find it easier to sell $1000 after a 10 x than they people trying to sell a huge bag of an overbought asset. With over 2000 assets listed on coinmarketcap.com and assets being added daily, there´s no shortage of opportunities in crypto. You just need to adjust your game and look for that acorn that can grow in to a mighty oak to provide those desireable gains.
So with that I conclude my thoughts on the state of the crypto market, but what do you think? Share this via social media to get the conversation going.