Change of plans and prepping for upcoming financial crash
Hello everyone. It has been a while since I have posted an update. During the months of doing FB and Linkedin marketing, the public interest of cryptocurrency has decreased due to a bear market. This outcome occured despite the events of the royal commission exposing scandals and fraud of the major Australian banks. In response to these events occuring, I have decided to stop reaching out to potential leads and work in the meantime.
When It comes to my position in my portfolio, I have set up buy orders for lower prices of BTC as I believe the market hasn't reached the bottom yet. This bear market is affecting multiple areas including property and stocks as well. I personally have not invested in stocks and wont since stocks thrive with fiat being pumped in. Property is the same boat as I see the prices of single story houses for around $1.5 million. Saving up for a house deposit is not in my priority list.
2019 will be an interesting year for me. In the moment in time, I have deferred my uni enrollment for a year but I dont intend to return enrolment as the economy takes a downturn with the reserve banks holding interest rates at such low levels (1.5%) for 10 years. The debt to income ratio has increased to 190% and the reserve bank has 2 options to keep the economy running and both options have major consequences.
- Lower interest even further with quantitative easing. By printing out more money and lowering rates, the economy can keep going but the inflation/debt will skyrocket even faster and the Australia dollar will drop in intrinsic value. The dollars in your bank account will be worth even less.
- Majorly increase interest rate to deflate bubble. This will significantly lower debt but many people with home loans will start defaulting and unemployment will increase as companies find it harder to keep workers.
Either option will hurt and I believe the reserve bank will most likely choose option 1. This is when investments such as gold/silver/cryptocurrency will become more appealing but for the majority, they will not realise this alternative asset classes before its too late. With all these events happening, I have shifted my gears to prioritise financial survival than brand building. Nevertheless, I love Steem as a free speech platform as I can document my journey as an entrepreneur and investor. Thanks for reading this post and stay tuned for more updates.