1 year is an eternity in crypto land. I’ve invested in the stock market for a decade and one year in crypto has been more exciting and excruciating than the past 10 years in traditional markets combined.
Wall Street is old veteran money. These guys aren’t dummies. They got all the money in the world. They have political power. And time is on their side for now. You can see how much sway they have manipulating prices and releasing FUD in the media. They’re just getting started.
Most millennials got into this game hoping for a get rich quick scheme. The truth is very few of us have a substantive understanding of what this is beyond a cover letter of knowledge, myself included. I work in tech, admittedly I’m not the genius in the room. But I’ve been voraciously consuming bitcoin content for a year and a half and I recognize I have so many blind spots in knowledge just to try and figure out all the ways this can play out for the best or worst.
In my experience most of my fellow millennials don’t really have the stomach or the pocketbook to fend off a long siege if Wall Street decides to put it on us. I’d like to see us HODL it out but everyone has a breaking point. I know enough grown folk to know those in power are there because they are patient, organized, and have seen a whole lotta shit in their lives.
You remember Occupy Wall Street? Quite a large movement. Powerful in the moment. Lots of genuine anger and passion from us fighting the dominant old guards reckless abuse of power. But guess what, didn’t really leave much of a mark in hindsight beyond making the cover of Newsweek.
Here is what i see today, Wall Street is sowing fear and doubt throughout the media, rattling cages and scaring the crap out of us. Like lions circling the herd of water buffalos picking us off one at a time. And a lot of us don’t have it in us to hang in the pocket. Hopefully I’m proved wrong.
But in my experience we millennials aren’t patient, we aren’t experienced, we very loosely organized and we aren’t disciplined. And i know a lot of people in crypto. Most of whom still leave their holdings in an exchange.
In many ways it should fall a lot more in order for the tough lessons to sink in. That’s how life typically works. There’s a lot we all have to learn and most people are not putting on a jersey and getting in the game. We’re cheering or booing on the sidelines waiting for our team to score.
Honestly, how many people know someone who is contributing code to any meaningful crypto project?
I’m long because I see a bright future. How long that takes is anyone’s guess. But I can see things remaining turbulent for another agonizing year or two before any sun shines. Please convince me otherwise.