Is Crypto a poor man’s investment?
Dear steem-bountiers
the man on the picture in my post is Nouriel Roubini.
He is an economist and as many other fiat money defenders, he is saying that all crypto is a scam and in near future will definetly braeaking down.
All of us do not believe on it and this is not the first and last economist who is saying it, but crypto is still alive.
But one of the words of this man it take my attention and i would like to share with you this matter.
He is saying that Crypto is a poor man's investment.
I think he mean about who are joined this crypto in 2018, because before it was a growning market like in 2017.
Do you know in 2018 some owner of billion dollars buying Bitcoin or another crypto?
I do not know that, the only think i know is that pour countries like Venezuela and Turkey are going to buy Bitcoins because their country fiat money is loosing value and instead to buy euro or dollars, they are going to buy crypto, but who are these people?
Most of them have small savings and they are dreaming another bubble of crypto to get double of them, but i am worry that this crypto stabilization will be like as it is now, there are too many coins now and capitalization is the same as it was last year with half coins and i am worry about it, what do you think about it?
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I think there arent investments for rich or poor people.
However it is true that cryptocurrency market status is not good and we should prepare for bad times because nothing indicates that situation may improve in near future
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I would say its and every mans investment as there are large returns for even the smallest of investments if you pick the right coin.
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As long as the general trend is up, investing is easy. And with some small cryptocurrencies acting as penny stocks, short term returns can be spectacular.
But it also comes with high risk. I would not recommend it to poor people who need all the money they can save, unless it is money they can afford to lose or hold on (their investment) for a couple of years.
I think that it great that even poor people can invest in the crypto market. So that phrase is a great one.
I live in Venezuela, here people with some luck can earn 30 dollars per month. It is really hard to save some money and a lot harder to invest. Steemit is a great opportunity to make some extra money and a whole new world.
Some digital coins have existed before crypto and haven't popped yet. Like the second life lummens (I think is called like that). If the people think the artifact has some value it will have a price for it. The cryptos bubble may burst, a lot of coins has no value, another will be scams, but the ones that make a real value to the communitty will prevail.
well he said true i think becouse i have experienced when btc pump 8k to 20k just in 24 hour 😳 and then go down to 3k then stable there for few month. thats true! Venezuela and Turkey buying btc this is not in my knowledge. in my point of view who pump btc they are big mafia in crypto . some people called them whales. they pump and get banefits and then out this is kind of business for them .
Well, I actually couldn't agree more. I do believe that crypto and bitcoin prices will go much higher in the future, but it doesn't mean it isn't poor man's investment.
It's too risky and rich people don't have to risk anymore. It's poor/average people who see promise in buyng "golden eggs" cheap and selling them 10x or even 100x higher. I also used to be like than, now kinda realized it probably won't happen in such a big scale.
The thing is, that what masses do is usually not right. Several years ago, not many people were into crypto - and they were right. Now masses came...and I feel we won't be as right as we hope to be. Yepp, we're dreaming of another bubble as you said.
But do everyone's dreams come true? The dream has to be special and have the X factor to happen. This is a shared common dream of soo many peeople that I'm starting to be more and more sceptic. Let's see tho :)
Hello @intellihandling
Interesting your question, your proposal.
I will comment first as a Venezuelan that I am. Certainly, in countries with a high inflation rate like Venezuela, in which the currencies (the sovereign Bolivar in my country) are not worth anything compared to the dollar, the fact of working with cryptocurrencies gives a breath to the pocket, we would have to talk about the reality in those countries to know why.
Now, Turkia and Venezuela, whose governments are opposed to the United States, prefer to assume any other currency that does not belong to the American dollar, as long as it is against the US state, regardless of the negative effects this may have on its people. politician.
In countries where the dollar is a highly valued currency, where the majority of the population is poor, cryptocurrencies are easily exchangeable in dollars and at the same time in fiduciary currencies. The poor class will see in the cryptocurrencies a help, if it is true, I know .
But there are many billionaires who support cryptocurrencies, when someone like Bill Gate gives good comments about cryptocurrencies, they are points in favor.
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