BITCOIN WILL CRASH - Your Daily Hash - 9/26/2017
Impending Doom
According to USV's Fred Wilson, it's only a matter of time until we experience a gigantic crash involving every cryptocurrency. Wilson, the co-founder of Union Square Ventures (USV), a venture capital firm believes that people should diversify in order to prepare for an upcoming crash, greater than anything we've seen before in this rapidly expanding space.
In a blog post, he talks about his experiences during the dot-com boom/bubble where he lost around 90% of his net worth. His 10% consisted of assets in real estate that managed to keep him afloat.
Losing most of his net worth changed his investment decisions for the rest of his life. He now advocates for maintaining a diversified portfolio of assets and advocates for that in the crypto space as well.
Concerning a potential big crash , Wilson states:
"I am certain the big crash will happen. I don’t know when it will happen and I think it may be some time before it does."
Source
Regardless of what he went through, he still advocates for people to invest in the crypto market .
According to him, the young should invest at least between 10 and 20 percent in cryptocurrency .
He's not advocating for people going all in, but he is advocating for people to be smart .
Opinion
I'm also not a fan of going all in, especially if you have a family and kids to feed. I'm not going to say that I fully believe there will be a gigantic crash in cryptocurrency across the board, but I will say that there are a large portion of coins/tokens/ICOs that I'm positive will not be here in the near future. There are maybe 20 or so coins/tokens that have a bright future, and the rest will bite the dust, unfortunately.
In the dot-com boom, there were winners, and there were losers. Wilson lost 90% of his worth from his investments. However, I'm sure that there are people who gained 900% from their investments during the dot-com boom.
The same could be said for the crypto market. Everybody can't win, but everybody won't lose.
What do you think of this? Comment below
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Sources:
Fred Wilson Predicts Big Cryptocurrency Crash: https://www.coindesk.com/usvs-fred-wilson-predicts-big-cryptocurrency-crash/
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If it's going to crash why would you invest even 1% in this market? No logic in that, you can't back something you know isn't going to work.
Don't all markets crash? People still will invest, hence HODL.
I think the point that Wilson is trying to make is that markets will inevitably crash, but the legit tokens/coins will survive the crash.
When Bitcoin goes on sale, I will buy more and become even richer.
HODL baby!!
Excellent Work,
Thank you!
"I am certain the big crash will happen. I don’t know when it will happen and I think it may be some time before it does." lol I love it when people try and just talk shit to get some publicity.
Agreed. However, I couldn't f ind a video on this. So I don't know if his intention was to talk shit. He is trying to get publicity though.