I Just Lost $2 Million In Crypto

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Why Bitcoin Fell:

24 hours ago, there was news that China clamped down further on their regulation on Bitcoin, and that sent a blow across the markets, causing the price to go down.

Now, in all fairness…this information is NOTHING NEW, it happens on a REGULAR BASIS…and even though many of these policies were ALREADY IN PLACE…the worry is that China might continue to ACTUALLY CLAMP DOWN even further, driving markets away from the region, and that would have an impact on future pricing.

Instead, we have an even bigger concern: TETHER

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Tether is what’s known as a “Stable Coin,” which means its value is always pegged and redeemable 1-to-1 to the US dollar. For cryptocurrency, this actually serves a REALLY USEFUL purpose of being able to digitalize your money, send them around exchanges instantaneously, and keep them easily accessible for whenever you need them.

HOWEVER…over the last few years…there’s been the growing suspicion that there’s not actually any PROOF that Tether is REALLY backed by USD…and that, perhaps…there’s nothing stopping them from creating as much Tether as they want, buying up Bitcoin, and essentially creating the illusion that’s it’s backed by USD if…in fact…it’s NOT.

The worry is that, if it turns out that Tether has been artificially created to drive up the price of bitcoin…that has the potential to break people’s trust in cryptocurrency, and - potentially send prices downward. When this happens is ANYONE’S guess…but, it’s certainly something to be made aware of.

But, overall…in the big picture…I think it’s more important to understand your risk tolerance, and if you have the money to accomplish your goals…there’s no shame in taking profits. I think it’s unhealthy to have the mindset of “diamond hands” at all costs, because it promotes a narrative that it’s disgraceful to sell…when, in reality, these are all investments - and there’s going to be a time where you cash out. It’s about understanding when you’ve won, don’t get greedy, be objective, and take profits along the way to hedge your position.

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