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PSA: The future of Bitcoin and cryptocurrencies

August 14, 2017 by Cody Willard

$BTC bitcoin hitting $4300. Holy cow. I was a bitcoin bull since it was at $100 and I still own some. But I do expect a bitcoin crash back below $1000 at some point in the next few months or year or so. Buyers/traders/speculators/miners of bitcoin at $4300 beware.

I think it’s later in the Bitcoin/Crytopcurrency Bubble than today’s bulls think. Bitcoins and cryptocurrencies of today will probably be a lot like the dot com bubble and subsequent dot com crash. Bitcoin and other cryptocurrencies will probably crash 90% plus when they do crash, much like Amazon and Priceline from the years 2000-2002. Most variations of Bitcoin and most cryptocurrencies of today will go completely to $0 before the crash is over — and that will be the time to invest in surviving cryptocurrencies, which will probably include Bitcoin.

After I posted the above comment about Bitcoin likely being headed to $1000 on my Facebook page, one of the perma-bear hedge fund managers I talk about here on Trading With Cody all the time direct message’d me on Facebook because HE JUST STARTED BUYING BITCOIN AND OTHER DIGITAL CURRENCIES TODAY! He wanted to know “the best way to buy Bitcoin, Etherrium, EOS and BNT because I want to buy some now but I have no idea how to.”

This particular money manager is one of the guys who has hated technology stocks and has been all about investing in metals, oil and commodities for as long as I have known him. I thought he was kidding so I asked him.

Me: You are being serious, yes? Him: Yes. Let’s chat later when you’re free.

I’m speechless.

Would I short Bitcoin and/or other cryptocurrencies right now? No reason to. Bubbles can inflate larger than you ever thought possible and trying to time the top of a bubble is very tough. Just consider this a public service announcement.

Finally, I’ll share this dialogue I had with a long-time Trading With Cody subscriber:

Subscriber: You’re probably right about the timing, too, because after buying a little in it’s short June/July consolidation between $2-3000, I had the emotional thoughts of buying big and not caring after it shot up over $3,800. As I’ve learned from following you, that is the time to think letting a little go. Currently, I have very little and it’s for a short term trade with the momentum.

Me: Well-phrased and you are correct, I do believe: “I had the emotional thoughts of buying big and not caring after it shot up over $3,800. As I’ve learned from following you, that is the time to think letting a little go. Currently, I have very little and it’s for a short term trade with the momentum.” The right trade is often the hardest one and emotions are the enemy, so it’s usually best to sell when the emotions tell you to buy. You can always sell a little bit of a little since the reality is that you have “have very little.”

Related posts:

What if Cyprus were Dallas?
FB at $19, AAPL at $1000 and ETFs too
Live Q&A Today at 2pm, me on TV yesterday, and factoid about Twitter's valuation right now
Some holiday gift ideas for the trader or investor in your life
The Cloud is dead; long live The Cloud
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Filed Under: Free Trading and Investing Articles by Cody

Disclosure: At the time of publication, the firm in which Willard is a partner and/or Mr. Willard had positions in some of the stocks mentioned above although positions can change at any time and without notice.

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This does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation of any security or cryptocurrency or token any other product or service by Cody Willard or any other third party. Furthermore, nothing in this is intended to provide tax, legal, or investment advice and nothing in this should be construed as a recommendation to buy, sell, or hold any investment or security or cryptocurrency or token or to engage in any investment strategy or transaction. You are solely responsible for determining whether any investment, investment strategy, security or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your business advisor, attorney, or tax and accounting advisor regarding your specific business, legal or tax situation.

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