Hello Crypto Griffin here to explain this meme.
Weak Hand traders are selling crypto in crypto winter, but stay strong boys and buy the dip as always coz one day this winter is gonna fade and we will be the kings.
Till then don’t panic by looking at your red portfolio, keep buying the dip and keep diamond hands.
Since peaking at roughly $3 trillion last November, the cryptocurrency market has plummeted, with the entire industry now valued at less than $1 trillion (as of July 26). Bitcoin, the world’s most valuable digital asset, has also struggled. The top cryptocurrency lost 55% of its value in 2022 and currently has a total network worth of $405 billion.
Following the Great Recession, a mysterious founder or founders known as Satoshi Nakamoto launched Bitcoin to the world in January 2009. The goal was to develop a global, decentralized, censorship-resistant currency that is not controlled by a single authority. With unprecedented levels of government borrowing, money printing, and quantitative easing set to begin in 2009, the motivation for Bitcoin is clear.
The most compelling bull case for Bitcoin is that it will become a respectable store of wealth, similar to “digital gold.” The estimated worth of all physical gold on the planet is over $12.5 trillion, so if Bitcoin can one day account for even half of that, there is a huge upside. Furthermore, when compared to gold, Bitcoin is preferable since the cryptocurrency is easily divisible, portable, and transactable, which gold does not have.
While many detractors believe that Bitcoin hasn’t been an effective inflation hedge in recent years, it’s worthwhile to zoom out and look at the bigger picture. Adopting this viewpoint provides a clear picture. Over the last five years, the price of an ounce of gold has climbed by 36%, whereas Bitcoin has increased by 734%. So, despite its gut-wrenching volatility, it’s not difficult to conclude that the latter has done a far better job of increasing purchasing power.
Many supporters also hope that Bitcoin will one day function as a global reserve currency. This concept may appear far-fetched in affluent countries with solid banking institutions and payment infrastructure, such as the United States, but it makes more sense in developing countries. Citizens in nations such as Turkey or Venezuela, which have experienced hyperinflation, may choose to keep their wealth and conduct transactions in Bitcoin.
When it comes to Bitcoin, the potential for massive financial gains has come, but this opportunity is not without risk. The word “government involvement” comes to mind right away. Last year, China effectively declared cryptocurrency ownership and mining illegal. Although other big economies are following the same path, regulators in the United States are being more helpful. Both the Fed and the SEC’s chairs have stated publicly that they do not intend to ban cryptocurrencies, which is a favorable indication for the industry.