Bitcoin – The crash. Holding Tight but not feeling good

“Quick, it’s on sale” he says…

It is 2022, inflation is rampant, I’ve downgraded everything in our cupboard and the kitchen is now a sea of yellow (Asda Smart Price are mid rebrand to Essentials) and I feel like every other day I’m getting a letter from the bank advising that my mortgage payment is to go up.

About 6 weeks ago I came to terms with £3000 savings now being worth around £1500, the promised bull run to $100k + never happened and Bitcoin dropped to around $30k. It was impressive timing for me, given how skint we are, what was perhaps more impressive was Mr Calamity’s insistence that it was a sale, huge opportunity and we should buy more immediately (with what money I can only imagine – probably would have sold the house if I let him).

But today… shockingly. It has dropped even more. I have to say, even I’m a bit tempted to put my pennies together right now. Main thing stopping me is the fact that right now, even paying for a school trip is requiring careful consideration.

So why is this happened?

Well I’m no expert, but my limited research seems to suggest that increasing inflation, raising interest rates and fears of recession are tending to put the fear into people. They are then getting rid of risky investments (crypto) in order to protect themselves. The more who do it the more then see it happening and do it.

Are we selling?

No, Mr Calamity wouldn’t allow it, I already sold all altcoins a few months ago to create a new Match Betting bank for myself for Cheltenham which basically used any favours I have.

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