OK. So I have egg on my face if you read my previous post….!
But as my eldest son likes to say “the monkey’s out of the bottle”.. Don’t get me wrong, Chinese investors have significant clout and due to constraints on Renminbi Yuan outflows have historically piled into bitcoin and other altcoins as they find it difficult to invest outside of China.
However, the rest of the world is still alive and well. And the fundamentals of bitcoin (as a pure competitor for fiat currency with first mover advantage) and ether (as the oil lubricating the next internet for distributed apps) remain unchanged. Fear and greed will still stoke volatility but altcoins are here to stay. Despite what dinosaur fiat bankers may say the Russians are still with the program and the insurers are finding uses for the blockchain.
However, I am staying clear of initial coin offerings popping up all over the place as that really is the wild, wild west!
Oh. And they still haven’t solved the problems bought about by money creation in the modern economy.
Still, it’s a great news story!
PLEASE NOTE USE OF THIS BLOG IS AT YOUR OWN RISK AND SHOULD NOT BE CONSTRUED AS FINANCIAL ADVICE!