Dumb Money Bought The Dip

almost 3 years ago

Bitcoin is back above $50K, the total market capitalization is currently sitting comfortably on $2.4 trillion and the Elon Musk FUD will probably be forgotten in less than a week, once we get back to the levels from where everything fell from.

Elon Musk has been the FUD creator with its nonsense tweets lately, but he hasn't sold anything though, he hasn't mentioned anything about willing to sell either, nor if he has bought his own created dip. I got to say he's a sneaky one.

Michael Saylor has indeed bought the deep, worth around $15 million of bitcoin and one could say that he somehow orchestrated this whole thing with Musk. Michael Saylor seems to be quite often buying the dip and he's definitely on the smart money side of investors. He's one of a kind...

Dumb money is buying crypto lately as well it seems. I met with a couple of friends this afternoon and one of them, not really a close friend of mine, who knew about Bitcoin and crypto since 2017 has just decided to buy some. He actually hasn't bought real life crypto but he calls himself investor in crypto.

What he did was putting some money into Revolut and buy their crypto options if you will. They have the crypto section on their app where you can buy all sort of tokens, but you're not really buying actual crypto as you can't transfer any of it out of the app. It's more like sports bets the way I see it. Not your keys, not your funds. The idea is that this guy has managed to buy a dip of this bull market.

Funny, but he didn't felt like entering the market during the hype before the Tesla FUD. Well, he could have gotten into crypto since 2017 as well, but didn't see any value in it back then. Now he sees it, or at least the investing side of such assets and he's not the only one from that table that seemed interested.

Another friend of mine who was listening to the talks was somehow developing laser eyes as we were talking. I told him about BTC when it was $6,000. I offered him the technical support if he wishes to invest in crypto, as he had quite some money at hand that he spent on all sort of nonsense. He didn't listen at all back then. He needed confirmation and now he has it.

Bitcoin is at $50,000, some random guy sitting next to him was showing off his portfolio and how his account grew and that's what drives dumb money entering the market. They're not attracted towards such assets when there's blood on the streets or during the bear market, because they don't have the vision. They just react psychologically. Something gets triggered when there's hype around.

The first one I was writing about above seems to be having long term thinking as he doesn't mind HODLing for years if he has the chance to make a million dollars by just HODLing. I doubt you have any chance making that sum with a couple of grands, but you have to try and see.

This is a good sign though. For me such events are a confirmation that the bull market is in full swing and that we might not be that far away from the top. We're not there yet either, I haven't hard random people talking crypto on the streets, but there's some signs worth noticing.

I can't take any credit for luring any of them into crypto, but happy to see this revolution is gaining traction. If you were wondering on what has this guy put his money on, well it's LTC, ADA, BNT and a few others. He's been quite inspired imo and he might be lucky to have entered the market right on time. I know he hasn't bought real crypto, but that's probably the first step.

He has a Binance account that he created right there at the table and who knows, maybe he'll get into the real deal after all. Have a great weekend and see you to the next one.

Thanks for attention,
Adrian

Dumb Money Bought The Dip

No Loss Lottery

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