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Hey, Everyone!

On December 17, 2017, Bitcoin skyrocketed past a valuation of $19,000. With the media going crazy, talking about how Bitcoin is the next “big thing” and how Bitcoin will create hundreds of millionaires, novice investors started pouring into the cryptocurrency by the thousands. According to Futurism, the “number of users on Coinbase [surpassed the] number of brokerage accounts at Charles Schwab.” In case you don't know by now, Coinbase is a mobile cryptocurrency exchange platform. Being a downloadable mobile application, it became the #1 most downloaded application of the Apple App Store and also the Google Play Store during the months of October and December. This only added fuel to the crypto fire by legitimizing the hype around cryptocurrency and encouraging more novice investors to trade their fiat for Bitcoin.

At the time of this writing, February 5, 2017, Bitcoin is currently valued at $6,750. That’s a fall of close to 70%! What the mainstream media called “digital gold” and a “millionaire creator,” they are now asking if Bitcoin is a bubble, a scam, or even a Ponzi scheme. This market correction has led to many negative testimonials from novice investors. In the following video, we see a man that states he had to move back in with his parents because he “invested” all of his life savings into Bitcoin when it was valued at $20,000. He did this because his friend told him it was a smart investment decision. He soon realizes his mistake.

I don't mean to share this video to kick this man when he's down. I'm using his story to prove a point and to share a lesson with others so that they don't "invest" everything they have because of FOMO or media hype.

All of these people who are creating a negative image of Bitcoin and cryptocurrency because of their huge loss do not have the standing to do so because they let their emotions and media hype guide their investment decisions instead of proper research and analysis. Most people who invested in Bitcoin when it was $19,000 or higher do not even understand blockchain technology nor what Bitcoin actually is. If a person does not understand the most basic investment fundamental of buy low and sell high, then they do not have the necessary skills to be considered an investor. If a person decides to invest in something due to emotion and media hype without any form of research, then they are gamblers and not investors.

Let this correction be a lesson to all people who bought Bitcoin when it was at $19,000+ thinking that they were going to be overnight millionaires. Do research about the investment prior to parting ways with your money. If you want to continue investing into cryptocurrencies, then learn about the specific coin and learn the basic fundamentals of investing. If you wish to become successful in the cryptocurrency market, then you must shift your mindset from a gambler to an investor.

Cryptocurrencies will make a comeback later on in 2018 simply because there is a strong demand for the new technology. But only savvy investors will reap the rewards. When the novice run away, the wise come to play. When the gamblers start selling their crypto because of FUD, the investors will come to pick up the cheap crypto. It's all part of the market and investing cycle.

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Best Wishes!