Oh, my goodness, 300 billion dollars of real money is gone from the crypto market. It's been wiped out just in days ethereum down 25 cardano down 25 bitcoin down from the highs of 65 000, all the way to 38 000. This is insane what's going on. Is the crypto market crashing? Is this the big crypto crash? Now, in this video, like i like to do on my channel, i'm not going to be doing the hype, i'm not going to be doing the fear-mongering, i'm gon na give you the actual nuanced truth, even if it's complicated, even if it's not simple, even if it's Not that pleasant, i'm not gon na be playing any games.

I don't have any skin in the game. I have a little bitcoin investment, but i'm not a bitcoin fan, i'm not a bitcoin hater, i'm just the guy who's going to give you the facts why? This is happening and, more importantly, what's next, how this thing plays out where bitcoin ends and trust me. You absolutely want to hear this now. As you know, on my channel, i don't take from anyone and i don't care if you're a bitcoin lover or hater.

I think you need to hear what i got ta say so stick around with me. My name is tom nash and i quit my corporate job as a senior financial analyst to break down companies for you there's one thing you need to know about me: i don't take from anybody good morning allegedly squad. This is your friendly former senior financial analyst tom and in this video we absolutely have to talk about what's going on with the cryptocurrency market, but first don't click, nothing, don't smash, nothing don't buy. Nothing.

Just give me your attention for the next five minutes, because this is really important. So, first of all, i actually called this a few days ago. I did an interview on mike winits channel and i spoke about what it means to be a cryptocurrency investor and i did a whole spiel about how insanely wild the cryptocurrency journey is, and actually i have that clip to show you check it out. So, first of all, what is bitcoin? It's a decentralized currency, no country.

No man controls it. It's a completely open ledger. Everybody can look at it at any given moment and that kind of sets it apart from what you would call a state-sponsored currency right. However, it's just 100 speculative, which is not the most healthy thing.

However, neither is money. Money really doesn't really have a specific purpose other than to pay for and if you look at bitcoin this way. Well, that's another form of money. You can kind of live with it.

Why do i think that, even though it's extremely speculative, it is extremely volatile? It can literally go to 150 000 tomorrow back down to 25 the next day. It's extremely extremely volatile to the point where you would say: investing in bitcoin is like imagine a human being trying to smuggle drugs into cuba. Getting arrested going to prison, then he gets broken out of prison. Swims to shore gets eaten by shark fights through the inside of the shark.

To come out, gets abducted, becomes a male prostitute somewhere in the third world, goes back home for seven years as a billionaire because he made a killing on some investment. Why is this happening? Well, there's two main reasons that actually started this massive sell-off. First of all, we got elon musk, pretty much doing a whole u-turn without a car. Basically, saying hey guys, you remember when a few days ago i told you, i'm gon na be a revolutionary and i'm gon na be starting accepting bitcoin for cars.

Well, i changed my mind and that announcement started madness on twitter. Basically, the world got divided into two camps: the illinites and the people who hate him pretty much. That was it. There was insanity and at that point, elon actually went double down on the doge tweets, pretty much tweeting stuff like hey, we're, looking into actually improving those.

So we can actually accept that as payment and posting polls about whether people want him to accept doge's payment so essentially that whole thing started. The whole mess whole volatility in the cryptocurrency market, and that was just the opener. That was just the appetizer, because what followed? Next was nothing short of insane. The chinese regulators just yesterday came out and said: hey we're not gon na allow our banking system to accept cryptocurrency anymore, essentially saying hey we're banning bitcoin, and that was essentially the combination that sent bitcoin and the rest of the crypto world down the drain.

Now the real question is what is actually going on here and how this thing plays out in the long term. So, first of all when in doubt just zoom out, i did not invent the sentence, but it is extremely relevant to what's going on right now. If you take a look at a one-year chart, not even saying the five-year chart, because that one is also important for bitcoin cardano is up from six cents to a dollar. Sixty ethereum is literally ten next itself, bitcoin tripled itself in the past year.

So the whole context of these cryptocurrencies, coming out of a massive bull run, is actually a normal correction. Now it's actually happening worse than people imagined, but this is not the first time. Bitcoin had multiple 20 and 30 crashes this year. It's nothing out of the ordinary, and if you invest in cryptocurrencies for longer than half a year, you know how insane this journey is.

Essentially, if you're an all-timer in the crypto world you'd be holding out, then you could say: hey you, don't know where i've been man, you do the weapon. I mean that's pretty much. What's going on, i mean these guys have seen it all for the new guys. It's the first, but this is about to get crazier trust me because, what's going on here for real is not exactly a correction, this is actually going to be pretty insane.

However, i don't think the final results are going to be as bad as some of the crypto haters are predicting. Allow me to explain in 2018, bitcoin went from nineteen thousand dollars at its peak to three thousand dollars so fast. You can't even blink now what followed next was the winter, the cryptocurrency winter two years of hell. Now it was a really cold time to be a cryptocurrency investor and a lot of them actually left the only people who stayed in crypto during that time were the true believers, the true evangelists and you know the rest of the story.

They were the ones who benefited from the massive spike that actually followed, but it took a long long time a couple of years and you needed to have a lot of belief, a lot of conviction and a lot of patience which most investors unfortunately don't have that's. Why most of them actually left during that winter at some point and missed out on the huge bull run? Now here's the thing the china thing needs to be put in context as well, because mainstream media is making shish kebabs of the story because it's a great headline, but it's not as bad as the teams. Even i do it even i did it in this video. I mean the chinese government has been at war with bitcoin since 2017..

In fact, in 2017 it already banned trading. I mean it's, nothing really. New. The chinese government and bitcoin have been at odds for a long long time.

This is just another step in the whole. China versus bitcoin story - it's nothing really dramatic. However, when you have a lot of speculation, a lot of short-term players in bitcoin. All they need is two little flags like this to send everything down.

That's exactly what's going on so now to the 38 000 question. What's next for this cryptocurrency market, is this crash for real? Well, yes, but it's not as bad as it seems. Allow me to explain, but before that, it's just my opinion might be accurate, might be wrong, might be the ramblings of a madman, allegedly blah blah blah. You got to do your own research.

Never forget that. So i think that this time we're about to experience the winter of 2021, it's going to be as bad as the 2018 crash, meaning at least a couple of years of really sad moments like we had in 2018, the price of bitcoin might even touch 20. Might even touch 15. I don't exactly know where it's going to stop, but it's going to be very very bad.

However, here's where i think this thing actually makes a lot of sense. I think that the rubber band effect this time around versus 2018 is going to be much stronger. I think this time we're going to be flying to 120 000 once the rubber band releases, which can take two three four even five years - i don't really know so. Don't be all uh hurrying up to buy bitcoin you got years to buy after this thing crashes and just sit on it and wait, but unless you're gon na be patient, unless you're gon na have high conviction, probably not the best investment for you and that's my Thoughts on that, as always a huge thanks for channel members, our patrons for making these videos possible.

Thank you so much post your thoughts about what the hell is going on below i'd love to engage with you in the comment section we'll see you guys in the next video.