Long term I am super bullish on Crypto. As an IT guy I do think that Bitcoin itself is technologically redundant already but with First Mover Advantage and the way Proof of Work operates to secure transactions it’s here to stay for a while yet. No other PoW Crypto can really emerge without facing a 51% attack from the big Bitcoin Miners so we have already hit the point where there is a barrier to entry for new players and Bitcoin can Monopolize PoW to some degree.
Source
Currently, however, I own zero Bitcoin. I’m not real happy about that because I sold it all to pay for my families new house and the Bitcoin price is already higher than when I sold. I want to be invested and I am feeling the FOMO...especially because it’s started looking like a New Bull Market has begun a bit earlier than I had expected. Even so, I am trying to be patient and get my affairs in order before taking a new position for good reason.
The Hype that accompanies every Crypto Bull Market has been going on for months now and it’s all about the supposedly imminent Bitcoin ETF Approval. Having experienced how sentiment works in Crypto over recent years this suggests to me that it might actually be Overbought. To me the downside risk is two-fold. If the Bitcoin ETF is Denied we will likely see a savage sell off as the hype implodes spectacularly....but if the Bitcoin ETF is Approved we may see a Sell-The-News type of drop because the market widely expects an approval and so the good news might already be Priced In.
Thus I need to quell my FOMO and be content to wait this little Hype Cycle out. If you have any doubts about the impact this announcement can make then have a read of this very amusing piece about the SEC Hacked and Signals Approval of Bitcoin ETF. It once again shows how the market can make big moves on the basis of 1 Tweet. To me this whole situation is a bit of a sideshow, but Mr Market seems to care deeply about having a Bitcoin ETF and you have to respect that the market will respond one way or another as a result of this pending news development.
Sell the news either way isn't it?! (I'll go with approval, spike, sell-off)
Hopefully cashflow improves at the right time for you. I'm not feeling the FOMO at present for some reason but I am looking to buy a bit this year, like the last.
Yes, I think that is the most likely scenario. This isn't your first rodeo either so you've seen these sorts of market shenanigans before.
Indeed! Hoping I can improve on last time, which was an improvement on the 2017/18 spike.
The shitshow with the hack was hillarious
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I can barely say that I have Bitcoin that’s how little I own. But I’m trying to increase my crypto holdings. While long term Bitcoin might be the coin to hold. The alts will have a better performance for gains. Bitcoin May 2-3X. Good alts will 8-12X being conservative. Then you convert to Bitcoin on free money. Or you bank it all in a stable coin and then buy Bitcoin.
Sounds like a plan. Picking the right alts is tricky though. Seen a few too many duds in the last couple years.
I’m not going with new stuff. LINK, Solana, Osmosis, and a couple others
I think whatever happens it will probably drop back down and then sit there for a while. I'm not sure we will even make it over $50K in the near future now.
If the SEC had approved a BTC spot ETF at the same time as the futures ETF far fewer people would have been harmed by the FTX collapse and other honeypot shenanigans.
I've been looking at the pros and cons of Bitcoin ETF approval for a while now. Anyway thank you for sharing something about this.
Maybe, as you said, it is better to wait the BTC ETF approval out. Maybe it is better to invest a little money first and see what happens. Thanks for writing.
Keep doing 👍hope good and see results
Let us await the outcome
I even saw and heard that ETF said their account was hacked and some of their allegations against BTC were lies, lol
I’m yet to confirm though
Hope so You achieve your target. Best of luck and try hard.👍
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