WHAT SHOULD WE BE DOING RIGHT NOW CONCERNING CRYPTOCURRENCY?
Yesterday we dipped our toes into the ‘executive order concerning crypto’ pool. Given all that we now know, is this the time to back away from cryptocurrency and run scared because we don’t know what will happen next? Because there’s an executive order concerning cryptocurrency should we just wait to see what the government does before we invest some more?
That executive order should be enough to let us know that there is something about cryptocurrency that excites some and scares others - to the degree that the government is getting involved!
What should we be doing right now? INVESTING! Getting your coins, staking coins, exchanging coins, trading crypto, being about that crypto life!
Look …. we all know that in the beginning a lot of people thought that Bitcoin was either the next big thing or a huge scam. But then the more they watched the coin and the deeper they delved into the theories behind it, the more they began to see the benefits.
In the early weeks of the Crypto Devo blog, we mentioned that heavy outflow of crypto from the exchanges is a sign that people are adopting it. In other words, BTC isn’t being bought and left to sit on the exchanges that it was bought from; it’s being moved off the exchanges and into DeFi spaces. The buyers realize these are perfect opportunities to make their coins work for them!
And guess what? Even though the percentage of retail crypto buyers and traders dropped when the price of BTC fell, larger institutions who are focused on long term investments, never stopped buying! Some retail investors of BTC (people like you and me) have pulled back on their BTC purchases, but last week I saw where $1.2Billion worth of BTC left the Coinbase platform IN ONE WEEK ALONE, and according to Glassnode (a blockchain analytics firm) that was “the highest single-week outflow since 2017!” Y’all, this.is.huge. I mean HUUUUGE!
While some crypto retailers are saying, “let’s wait and see what happens,” institutional investors, large banks, financial institutions and insurance companies are buying up BTC as quickly as they can! They know something that retail crypto holders don’t yet know.
“Financial institutions are grabbing for a piece of the booming $2 trillion cryptocurrency market, with 13 of the world's largest banks pushing roughly $3 billion in funding so far into cryptocurrency and blockchain companies.” (Market Insider Magazine)
Wait… crypto exchanges receive funding from banks? I had to do the research and yep, it’s true! Find out which crypto exchanges and which banks, I’ll get into it next week. Peace!
Copyright ©2022 Sherma Jacqueline Felix, BLACK ADVANTAGE Publishing™ . The author shall neither be liable nor responsible for any loss or damage allegedly arising from any information or suggestion in this post.