Unless you are going to fall into the honey pot by being born rich, will invent something very profitable, or be absolutely lucky you are not going to end up in the top ten richest in the world. But, how about ending up in the top tenth of a percent of earners in the USA? A new book, Capitalists in the 21st Century gives us clues about how the rich got that way.
Is this the time to get out and wash your hands of the whole cryptocurrency thing? Or is it time to remember the words of Baron Rothschild that the time to buy is when there is blood in the streets even if it is your own. At the root of this dilemma is this. What is the future of cryptocurrency?
For those who have gone the cryptocurrency route with their investments the question is what to do with your Bitcoin as the cryptocurrency trading downward in tandem with Nasdaq. The answer may lie in an understanding of why you got into cryptocurrencies in the beginning.
In November of 2021 one Bitcoin sold for $67.582 and by beginning of May 2022 that same Bitcoin sells for $29,724. Talk about Bitcoin reaching $100,000 by the end of the year is no longer heard. Rather, investors and traders are asking where is the Bitcoin bottom?
The Nasdaq has fallen by a quarter this year. The S&P 500 is down about 20% and the Dow by more than 10% by early May 2022. Things are likely to keep getting worse until the root causes are remedied. That raises the question: how long until the market hit bottom?
One of the attractive features of cryptocurrencies like Bitcoin is that there is a limit to how many will ever be mined. Thus, inflation is less likely to eat away at the value of a cryptocurrency than a fiat currency like the dollar or euro. But what if the economy tanks? What are the effects of a major recession on cryptocurrencies?