It’s been 7 MONTHS since I’ve made a video talking about Bitcoin and cryptocurrency…but after seeing Bitcoin drop near the $3500 mark, I had to come out of my cryptocurrency retirement. Enjoy. Add me on Snapchat/Instagram: GPStephan
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What happened to Bitcoin? A year ago, it had just broken $10,000 with no end in sight. Less than two weeks after that, it was nearing $17,000. And on Sunday, December 17th, it reached the price of just over $20,000…then the selloff began. Large investors began taking massive profits, the price of Bitcoin began falling back down to $13,000 as people continued selling off…and that’s when we saw problems. Here’s what I think.
First, the prices we saw a year ago were NEVER a real indication of what it was actually worth. Just because it was selling for $18,000 never meant it was actually worth $18,000…for all we know, it could’ve always been worth $2000 and a frenzy of enthusiasm and speculation drove it up WAY beyond what was ever sustainable. So I feel it’s more likely that Bitcoin is returning to what it should actually be worth this entire time, than that it’s losing value…because that value was never there to begin with, if that makes sense.
Second, in terms of Bitcoin’s recent drop, we have a somewhat recent investigation into Bitfinex, a cryptocurrency exchange which MAY have manipulated bitcoin prices in its favor. Regardless, it’s pretty evident that cryptocurrency prices are HEAVILY influenced by positive OR negative press. In this case, just about ANY negative press means lower prices.
Third…and this might be unpopular opinion, but people are impatient. I think it’s safe to say that not all, but a LOT of people buy Bitcoin to make money…not use it day to day with their purchases. Given that, after a period of relative stability over 5 months, if you haven’t made a profit, you’re likely to sell. And that’s what I believe a lot of people have been doing.
Combine those factors together, and it makes sense that we’ve seen prices continue to drop. But at the same time, ANY price predictions for cryptocurrency is LITERALLY just a guess. I’m taking the stance that it is IMPOSSIBLE to predict what this is worth, other than saying it’s worth what someone is willing to pay.
I will say this, however…it’s going to take awhile to restore the confidence in Bitcoin before we see an upward turn in prices.
Don’t hold longer than you need to because of sunk cost fallacy making you believe it’s better than it really is. See every investment as though it were an investment in TODAY’S PRICES, not as something where you don’t lose until you sell. You’ve lost, on paper, and only time will tell is that plays out in your favor or not. And that’s the risk you take anytime you invest, especially if you invest on speculation without fundamentals to back it up.
So that’s all I have to say on that…I’m going back into Cryptocurrency retirement again for another 7 months. Enjoy.
And that’s how much YouTuber’s make, and how much I made from a viral video…chances are, it’s higher than you expect it is.
For business inquiries or paid one-on-one real estate investing/real estate agent consulting or coaching, you can reach me at GrahamStephanBusiness @gmail.com
Suggested reading:
The Millionaire Real Estate Agent: http://goo.gl/TPTSVC
Your money or your life: https://goo.gl/fmlaJR
The Millionaire Real Estate Investor: https://goo.gl/sV9xtl
How to Win Friends and Influence People: https://goo.gl/1f3Meq
Think and grow rich: https://goo.gl/SSKlyu
Awaken the giant within: https://goo.gl/niIAEI
The Book on Rental Property Investing: https://goo.gl/qtJqFq
Join the private Real Estate Facebook Group:
https://www.facebook.com/groups/therealestatemillionairemastermind/
Get $50 off for a LIMITED TIME with code ThankYou50 - The Real Estate Agent Academy: Learn how to start and grow your career as a Real Estate Agent to a Six-Figure Income, how to best build your network of clients, expand into luxury markets, and the exact steps I’ve used to grow my business from $0 to over $125 million in sales: https://goo.gl/UFpi4c
What happened to Bitcoin? A year ago, it had just broken $10,000 with no end in sight. Less than two weeks after that, it was nearing $17,000. And on Sunday, December 17th, it reached the price of just over $20,000…then the selloff began. Large investors began taking massive profits, the price of Bitcoin began falling back down to $13,000 as people continued selling off…and that’s when we saw problems. Here’s what I think.
First, the prices we saw a year ago were NEVER a real indication of what it was actually worth. Just because it was selling for $18,000 never meant it was actually worth $18,000…for all we know, it could’ve always been worth $2000 and a frenzy of enthusiasm and speculation drove it up WAY beyond what was ever sustainable. So I feel it’s more likely that Bitcoin is returning to what it should actually be worth this entire time, than that it’s losing value…because that value was never there to begin with, if that makes sense.
Second, in terms of Bitcoin’s recent drop, we have a somewhat recent investigation into Bitfinex, a cryptocurrency exchange which MAY have manipulated bitcoin prices in its favor. Regardless, it’s pretty evident that cryptocurrency prices are HEAVILY influenced by positive OR negative press. In this case, just about ANY negative press means lower prices.
Third…and this might be unpopular opinion, but people are impatient. I think it’s safe to say that not all, but a LOT of people buy Bitcoin to make money…not use it day to day with their purchases. Given that, after a period of relative stability over 5 months, if you haven’t made a profit, you’re likely to sell. And that’s what I believe a lot of people have been doing.
Combine those factors together, and it makes sense that we’ve seen prices continue to drop. But at the same time, ANY price predictions for cryptocurrency is LITERALLY just a guess. I’m taking the stance that it is IMPOSSIBLE to predict what this is worth, other than saying it’s worth what someone is willing to pay.
I will say this, however…it’s going to take awhile to restore the confidence in Bitcoin before we see an upward turn in prices.
Don’t hold longer than you need to because of sunk cost fallacy making you believe it’s better than it really is. See every investment as though it were an investment in TODAY’S PRICES, not as something where you don’t lose until you sell. You’ve lost, on paper, and only time will tell is that plays out in your favor or not. And that’s the risk you take anytime you invest, especially if you invest on speculation without fundamentals to back it up.
So that’s all I have to say on that…I’m going back into Cryptocurrency retirement again for another 7 months. Enjoy.
And that’s how much YouTuber’s make, and how much I made from a viral video…chances are, it’s higher than you expect it is.
For business inquiries or paid one-on-one real estate investing/real estate agent consulting or coaching, you can reach me at GrahamStephanBusiness @gmail.com
Suggested reading:
The Millionaire Real Estate Agent: http://goo.gl/TPTSVC
Your money or your life: https://goo.gl/fmlaJR
The Millionaire Real Estate Investor: https://goo.gl/sV9xtl
How to Win Friends and Influence People: https://goo.gl/1f3Meq
Think and grow rich: https://goo.gl/SSKlyu
Awaken the giant within: https://goo.gl/niIAEI
The Book on Rental Property Investing: https://goo.gl/qtJqFq
I live how bearish ppl can be st the bottom
This did not age well
this didn't age well, bitcoin and good projects will continue to rise (there will always be dips along the way)
Incredible in 2021 botcone is worth more than 60,000k lol
Fun to watch this now
Spoiler: It did end up correcting in my favour. 🙂
Flash forward bitcoin hit 19k today.
Now its almost 20k 😀
Do an updated vid!
Hello my name is Juan Alache, sorry to bother. My father is suffering from lung cancer and I am desperately trying to get funds for his treatment, you can look for me through IG or FC if you want to know more for now, the only thing that occurred to me was leave my BTC wallet to see if someone can contribute more this say that I work and all my salary goes to his treatment. Thanks to my wallet 1MtUJN7W6Hf9cUagZuUNicpT3UY6wZgWd6
You called the bottom, why haven't I been subbed longer DAMMIT
Blockchain is the future?
in comes Quantum computer
Quantum computer crack the stank ass encryption on the block chain.
Quantum computer starts working
5 min later.
Me. Uhh a billion shadow bitcoin.
THIS GUY IS BRAINDEAD!!!!! THIS VIDEO WILL AGE VERY POORLY FOR THIS CLOWN!!!!!!!!!!!!
The same applies to any stock market. Even Tesla.
Isnt there speculation in the stock market too?
good i never invested.. sad for my friends that they never listend to me…
I think Graham has good advice on stocks and such but doesn’t understand why bitcoin is the scarcest resource in the world.
One video/day cannot lead to quality content.
After this video I am convinced, that you never spend more than 1h understanding the fundamentals of Bitcoin.
Less sometimes is more. Okay, maybe nor for your monetization 😉
Thanks for always reminding me to smash the like button!
Everyone always talks about how brilliant Graham is and his amazing advice, but he's also extremely amusing and I don't think enough people appreciate that.
Whoa this was from way back… I agree/see most of what he says. Maybe reword a bit to say that worth has to be either tied to a thing of usable value or is a promissory note signed by the government. Bitcoin… I don't know if it should be said to be tied to blockchain transactions. It's definitely not an I.O.U. issued by the government. Thank you for clarifying that the technology is a medium for holding money. I really could be just misunderstanding the whole thing, but it's been fun. Thank you (liked)!
if you see any real pattern it's prolly the fruad you mentioned. i thought i was being smart cuz i did see a pattern, but then articles about pump and dump came out and that's prolly what i was seeing.
7 months later and Bitcoin is $12,000 again. Yet you continue to insinuate that Bitcoin is manipulated or otherwise a fraud. Instead of bashing you should have been buying. For a $10k investment, when you made this video, you could be profiting about $26k as I write this. So admit that there is profit here. Yes it is risky, but so were many, many ventures in this world that ended well.
i just bought every payday, dollar cost averaging…now its back at $12k…im hoping it follows the gold historical chart…maybe reach $100k to 1 btc
Well it just hit 10k
i think bitcoin is like a Daguerreotype in photographym, compare in the future cryptocurrencies… so it's like investig if tuture art, not only in money…
Im confused i heard you didnt need any trading knowledge ,and you could put £250 investment and make money ,is it that simple or just another pipe dream?/ i watched a few celebrities saying this..
Hey what’s up everyone lol
It’s up to almost 8000 now
Bitcoin is worthless
For some people, trading cryptocurrency is seen as an investment opportunity but there is an alarming proportion of people who are ‘gambling’ on these cryptocurrency markets as they would gamble on horses or sports or slots. And it has the potential to get them into significant trouble which further fuels the notion that crypto is extremely risky to invest in. You can't simply beat the market without having the right skill set as well as the stringent ability to not only read the news and charts but to create a strategy and work with it. Abiding by these simple rules will definitely make the difference between winning and losing as a trader and/or investor. There are a few mentors you can actually follow who would guide you and show you how to use a working strategy backed with great signals. I personally follow Paul Bradely and the benefit has been immensely great with me realizing profits of at least 400% on my bitcoins which I was previously HODling and losing money on every single day. My suggestion, especially to newbies and intermediates is to find someone like him and follow him religiously. His contacts are * * (paulbradely1 @ Gmail. com) WhatsApp***+447480724121. just in case you need some help with crypto trading and I am able to share his contact because I use his system and it has always been very productive for me.
What about now bro 🤙