Want To Become A Better Investor?
Yes, I Want To Make More Money
I Do Not Want To Make More Money.
The month of April has been good for anyone trading Bitcoin (BTC) with a significant increase in market value. The rally has been sustained into the second half of the month with BTC trading above $5,000. However, going back to late 2017, there has been a very steep drop in value for the No. 1 player in the cryptocurrency industry.
In a recent report on Yahoo’s UK Finance page by Oscar Williams-Grut, it has been suggested that this major market downturn has actually been good for cryptos in a general sense. This theory is supported by entrepreneurs involved with current crypto projects. They see the crash in value as a good thing since it detracts attention away from things like market value and price watching.
This is a platform for building decentralized apps. He was quoted as follows:
“I’m going to repeat something that everyone says in this ecosystem but it is true. When you are in crypto winter, people actually are building cool technology as opposed to watching prices on the ticker and I think that is healthy.
About The Sentiment
The sentiment was echoed by others in the industry. The Paris Blockchain Week summit started on Tuesday. This event is designed to gather a collection of developers, entrepreneurs, policy makers and investors that are influential in the crypto industry.
Back To 2017?
Going back to 2017, the value of Bitcoin and other digital currencies exploded. BTC alone grew 1,600 percent against the dollar and total market value approaching $900 billion. New coins were created to fund projects which resulted in a number of new cryptocurrencies.
The drop in value during the 2018 crash was staggering. Reaching a market value of $828 billion in January of that year, that value was dramatically compressed to just $130 billion one year later. This rapid decline led to the phrase “crypto winter”. The end result was less money for project development.
Accomplishing More With Less
This also led to entrepreneurs figuring out how to accomplish more with less. Dominik Schiener is the co-founder of IOTA Foundation. He summed things up the best by stating:
“If you have a lump sum of money you don’t know what to do with, you don’t think strategically…”