It is actually amazing how many people still talk optimistically about the Crypto space.
Surely, the blockchain technology will revolutionize the world further, but we find it astonishing to (still) hear such widespread positive tone regarding the entire Crypto space.
Much money has been made, and more has been lost. Out of 2000 cryptos, all pushed as the decentralized way forward, many have vanished, and most are down 80-90% from the highs.
Below is the chart of Bitcoin that people still try to make bullish assumptions about. We have no great view on the space, but the smart guys have probably sold their coins and deposited them as real money with banks.
Bitcoin, down 70% from highs. The big support level is the 6k level. Note how Bitcoin still trades inside the red negative trend line. Watch that 6k level carefully.
Hope among the crowds isn’t helped by the latest words from Vitalik Buterin, the wonder kid and co-founder of Ethereum. In an interview from Bloomberg he says:
“The days of explosive growth in the blockchain industry have likely come and gone now the average person is aware of its existence”.
“The blockchain space is getting to the point where there’s a ceiling in sight…”
“If you talk to the average educated person at this point, they probably have heard of blockchain at least once. There isn’t an opportunity for yet another 1,000-times growth in anything in the space anymore.”
Left seems only hope for the people that joined the rally too late.