Cryptos keep crashing, but everybody still says BUY BUY BUY
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Speaking of cryptocurrencies, they’re crashing again and Bitcoin itself is now down 25% from when I wrote two weeks ago that it was likely time for the cryptos to crash again. I thought it might be interesting to revisit the two specific examples of unrestrained bullishness (or greed?) that I highlighted then.
Remember the guy who posted on Twitter on May 5th when Bitcoin was at nearly $10,000 (it’s now at $7500): “Imagine my face 45 days ago when my wife told me we were all in in bitcoin and imagine my face now.” I asked simply, “Did you sell? Did you sell any?” His answer: “Of course not.”
I asked him today: “Thoughts now? Buying more Bitcoin or other cryptos? Sell any?” His answer: “Great time to buy. Mainstream adoption hasn’t even happened. Lots of projects in the works. Btc down 20% in 30 days. So imagine increase in next 30 days.”
I wrote back: “Or imagine another 20% crash in Bitcoin over the next 30 days. And another 20% from there. Also, does that mean it was a terrible time to buy 30 days ago?” No reply.
The other guy who told me that “The real big money is about to get in over the next 12 months and 10x is from here seems highly probable. I’m not expecting a better entry point in the future.”
I asked him today: “Still buying cryptos now?” His reply: “I’m looking for an entry point. It’s getting close. I still expect the upside to happen. $100,000 in 12 to 18 months. You can quote me on that.”
Anyway, you can clearly see that there’s still much greed, exuberance and overriding bullishness from anybody in cryptos right now. I continue to think there’s much more downside in most every crypto.
