As The bearish market set in, everyone out there started asking questions about when to buy and sell cryptocurrency assets. The question of how to buy and sell Bitcoin is painted on every wall and every forum thread, being salivated at and speculated over by every user and so-called expert in the digital assets space. Some are claiming that Bitcoin and crypto is done for, others are claiming that new assets like the Binance coin will take over and become the new gold, overtaking every other cryptocurrency in terms of capitalization. Seeing as how the world is developing with one crisis being supplanted by the next, it is difficult to agree or disagree with any of the predictions, but it is just as difficult to think positively of the future of the digital assets market.
Many market participants mistakenly believe that cryptocurrencies are immutable and the market will never fade into oblivion. On the one hand, they are right that blockchain technologies are here to stay, but on the other, they are mistaken in thinking that cryptocurrencies are forever. It is only a matter of time before the last vestiges of shitcoins and so-called Bitcoin killer projects fade and the remaining survivors are overregulated by the authorities and eventually consumed or merged by major corporations as part of their financial service offerings. The banks and central banks of many states will inevitably become the sole operators of the blockchain and the issuers of digital assets, their overseers at the very least.
The reason for such a rather grim outlook is quite simple – the cryptocurrency market is not a unified whole, but a fragmented space run by fanatical colonials, pirates, profiteers, opportunists, and, well, madmen, each seeking to earn as much as possible on a technology they do not care about at all, but are using to the fullest extent to milk what fiat they can from trusting users. The question of how long the users can tolerate such a state of affairs and attitude towards them is rather rhetorical and was answered shortly after the collapse of Terra/Luna. Outrage and a bit of a painful outcry was what followed, shortly resulting in an all-out crypto winter.
The reasons for the current bearish market are found in the major players of the market itself, since they made it happen with their greed and unbridled corruption. FTX is a shining example of how corruption and money laundering was run on an almost government scale to dupe millions of users out of their money. The users were trusting enough to leave their funds on an exchange that had never been audited and was run only on its goodwill. What more proof of gullibility is needed to give a general assessment to the cryptocurrency market’s state and the way it was being managed?
So When Buy Bitcoin in 2023?
Many newcomers into the crypto market are wondering if alternative coins like Ripple XRP are the future. Exchanges like Coinbase are constantly blabbering about price increases on XRP or other coins, essentially promoting them. The reasons for such actions on the part of surviving exchanges are the following:
- Attraction of liquidity from users;
- Maintaining user interest and engagement;
- Ongoing marketing and advertising campaigns;
- Paid advertising efforts.
Other coins like ETH and USDT are no exceptions to the given rules and are just easily pumped on any exchange in an effort at attracting new capital or moving existing assets into the trading channel. Combined, all altcoins follow the major trends of the overall cryptocurrency market, which traditionally obeys the price of Bitcoin. With such an established scheme of operation, it is rather easy to identify when altcoins can be purchased in order to make a profit. If the price of Bitcoin grows – then altcoins will grow along with it.
As for the best time to purchase Bitcoin, the answer is simple – when it is at its lowest. The market is a cyclical phenomenon, meaning that any downturn will eventually be followed by an uptrend, and the prices of all assets in the basket will grow. Bitcoin is currently at a low, so anyone with so much spare cash to spend can go ahead onto any exchange and buy as many Bitcoins as they can afford in expectation of their growth in price.
Key Takeaways
Bitcoin is not the end of the world, nor is it the beginning. Everyone wants to have a piece of the Bitcoin pie, thinking that the asset is some manner of a holy grail that must be held in high regard. The truth is, Bitcoin is nothing but a digital footprint, a digital asset that draws its value solely from its perception by a mass of deluded users. There is no intrinsic value to Bitcoin other than the equipment used to mine it. The given equipment itself will eventually turn to scrap metal in a year or so, the moment perceived demand for Bitcoin stops, the price of the asset will collapse to zero. With no practical application outside a narrow scope of speculative and trading activities, Bitcoin is just a digital toy and a means of enrichment for the cunning.
