(Disclosure: This article describes the Christmas Crypto Crash of 2017 that is now underway. If you’re a Bitcoin Believer who would rather not read anything that will challenge your version of reality, just as we felt when we learned the truth about Santa as a youth, now is a good time to stop reading and denounce me as a FUD (Fear, Uncertainty, Doubt). I support Bitcoin Cash, Ripple and others. At the time of writing, I own only Ripple and USD. This is not a recommendation to buy or sell any currency.)
Merry Christmas Eve!
Twas the night before Christmas and all through the house, not a creature was stirring, but the click of a mouse. While Santa soars from house to house, Bitcoin Believers will pray for a bounce.
Bitcoin (BTC) is about to drop to new near term lows below $10,700. If you’re invested in Bitcoin, sell on today’s bounce and be prepared to buy Bitcoin Cash (BCH) or Ripple (XRP) on lows.
Unfortunately, market mania tends to get the best of us. That’s the nature of the fear and greed that drives markets.
Recently, I learned of a man who put his daughter’s college and marriage fund into Bitcoin only to watch it crash this Christmas weekend — and the worst is yet to come.
Don’t let a Christmas Crash bring you down. Get out of Bitcoin before the pain forces you out. Enjoy the holiday with your family and know that while Bitcoin may suffer lasting damage, the crypto market as a whole will rise from the crash to reshape our world. Opportunities abound, millions will be made— and I want you to be a part of it.
So sell now and live to tell the story of how you sidestepped a collapsing market to preserve your capital and enjoy the holiday with your family.
If you think I’m a FUD, do your research. Find someone who held onto Enron, Radio Shack or Pets.com or that expensive Florida condo purchased at the height of the real estate bubble; ask them how well that decision worked out.
You might also want to check out my warning from two weeks ago about the anticipated effect of futures trading on Bitcoin. Granted, I was early, but to paraphrase Warren Buffett, “It’s better to be early than late.” For more detail on one possible reason for Bitcoin’s crash, besides the due factor after this year’s historic appreciation, and why Bitcoin Cash, Ripple and others have proven more resilient, read “Bitcoin’s Dirty Little Secret” (formerly “Bitcoin’s Dark Secret” as published on CryptoCoinsNews.com). You may also enjoy “Can Terrorists Hack Bitcoin?”
With that said, there is good news to report as well!
This Christmas Crash is a gift in disguise, as the best deals tend to come after sunrise. (Read: post-holidays). Everything will be on sale in a day or two. So get ready to shop until you drop at a steep discount!
Forgive me for the rhyming puns. I woke up singing holiday songs this morning and simply couldn’t resist!
Joe McHugh is a licensed (crypto) currency trader, political and economic analyst, and founder of Earth Loans, a tokenized asset fund of funds platform. Mr. McHugh holds a position in Ripple as of the date of this writing. Follow me on Twitter: @joemchugh