Joey Clover

@joey.clover

Stop buying Bitcoin. Seriously.

If you like this post, please consider following me on Medium, it keeps me motivated to write more thoughts and share my ideas with my followers.
Credit: Pixabay (https://pixabay.com/en/bitcoin-cryptocurrency-btc-currency-2868703/)

I apologise for the somewhat demanding title, I had to make you click it somehow. However, the sentiment of the post doesn’t sit too far from the heading. You should probably stop buying it.

Bitcoin is extremely volatile.Whenever it goes down, a lot of traders in the Bitcoin community are crying out “HOLD, LET’S ROCKET TO THE MOON”. Whenever it climbs, the same traders cash out — protecting their profits by being loud-mouthed.

Can you tell me what the last thing you heard about Bitcoin was? I can guarantee it was either a friend bragging at how much they made from a technology they have no idea about or an article telling you how fast Bitcoin is exploding. Bitcoin is useless. I feel like it’s VHS vs. Betamax where the inferior product just has more interest.

It’s easy to call me jealous or suggest that I’ve made a loss on Bitcoin. You’d be correct, I am jealous and I regret not buying in much earlier, any sane person would. However, this does not affect my observations on Bitcoin — I’ve been studying crypto-currencies for a while now.

Bitcoin Predictions

Credit: Pixabay (https://pixabay.com/en/bitcoin-money-gift-hand-keep-give-2947949/)

I have predictions for Bitcoin. On December 10th CBOE will start offering Bitcoin futures. This is to be followed by CME on December 18th. What does this mean for Bitcoin? It means that the thousands of people who want to short Bitcoin and profit on the crash now have the opportunity.

My prediction is that many people will get future contracts and investor confidence will drop. When the confidence drops, so does the value and once people are profiting from the shorts, the value of BTC will drop horrendously, to a more reasonable amount.

Most people I know who have Bitcoin don’t understand the underlying technology (Blockchain). The ones who do, seem to believe that blockchain is a modern technology. It’s not. Satoshi made it popular with BTC and I’m glad he did, the Blockchain has some amazing uses but BTC just isn’t one. The number of people who have Bitcoin just because they want it to increase in value is insane, even though the underlying asset has basically no use.

I don’t think Bitcoin will crash completely for a very long time. I recommend selling BTC before the 18th. You should invest some profits into other crypto-coins. One of those I wish to talk about is Ripple Coin (XRP).

What is Ripple Coin?

Credit: Coindesk (https://www.coindesk.com/global-banks-test-ripples-digital-currency-new-blockchain-trial/)

Ripple Coin (XRP) is the asset offered by Ripple to provide financial institutions with a reliable, on-demand option to source liquidity for cross-border payments. Basically, Ripple are a business that are helping banks cut costs when sending money internationally with a scalable approach at a massively increased speed.

The best part? The banks don’t have to use Ripple Coin. They can use other currencies whilst benefiting from the Blockchain technology. This interoperabilty here is great and very promising. The first step is to have banks trust Ripple and see the benefits, then they can use XRP to further cut their losses.

XRP has had a lot of ups and downs recently, primarily due to the court case with R3 for $1billion and the fear that Ripple could flood the market with tons of XRP at any time. However, Ripple just completed escrow for 55 billion coins on the 8th December. This is massive news for XRP and we can expect a large rise soon.

There had been a leak from a friend of an employee of Ripple that suggested escrow was happening on 8th. The same person also suggested that a large bank in India will be buying a lot of XRP on December 11th. If this happens, we will see XRP value rise by potentially 50–70%.

Conclusion

Basically, I suggest you take a long and hard look at why you’ve got Bitcoin in your wallet. Do you intend to make use of it, or are you just letting it stagnate, waiting for the value to rise like the rest of the market?

If you followed the post, you should also consider selling your BTC before the 18th. Use some of your profits to invest in XRP and leave it there for a long time. XRP has a long term strategy and you’ll probably see a 10x in the next two years if you’re lucky.

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