Cryptocurrencies have been going through quite a rough patch in recent months and have fallen to their lowest since December 2020. And, while Ethereum, Bitcoin, and other major cryptocurrencies reacted by lowering their exchange rate (as one would have guessed), the real panic on crypto exchanges hit in June this year.
And, what better way to deal with panic than with humor!!!
I find it quite amusing that crypto-enthusiasts stood as one man in what most devotees believed to be a financial revolution or a movement with force.
But, when times are tough, friends are few and unities disintegrate, like the crypto rooters, that now find themselves in different camps.
There are the HODLers, the blamers, the dip-buyers, and the ones that are positively awaiting the next bull run.
And, these memes tell the whole story!
The Rise of Crypto
Erik Voorhees is the perfect example of a Bitcoin advocate that capitalized on crypto when Bitcoin was on its most steady rise. He sold his company, Satoshi Dice, for 126,315 BTC (worth $12.4 million USD at the time of the announcement) back in 2013.
And interestingly enough, although Bitcoin is most probably at its most volatile ever, if he sold it today, the same amount of BTC would have been worth much more – $23.68 million !!!
Had he sold it in October of 2021 when Bitcoin was at its highest ever, 126,315 BTC would amount to a whopping $75.25 million.
Yes, that’s how volatile it is.
And, then came the crash in June 2022…..
The June 2022 Crypto Crash…
At the beginning of June 2022, the world’s biggest token, Bitcoin’s market cap kicked off with a healthy $31,693 but by the time the calendar rolled over to July, Bitcoin was worth $18,880 – down by a massive 41%!
And, people reacted differently….
This is what a metaverse billionaire looks like right now…
And, others are waiting for the next bull run…
Then you get the HODLers
Interesting fact: HODL was actually a typo that was posted by a drunken user GameKyuubi on a Bitcoin forum back in 2013. He meant to type HOLDING, and instead typed HODLING but this typo went viral and has stuck in crypto vocab ever since.
And the ones that just can’t give up…
And, of course, the ‘’I-told-you-so’’ers…
Something Interesting is Happening
Here’s the thing. Cryptocurrencies are still in their early stages and it’s volatile because it is still going through growing pains and needs to earn trust before they become more stable, and this will take time.
But, things are undoubtedly moving in a direction, and away from analog assets as we know them.
Crypto is so ridiculously exciting because it can go either way, fast! You can invest and make or lose a ton of money in an instant, and this is exactly why it has caused such a frenzy in a world where we previously believed we had it all figured out.
I suppose it’s a bit like gambling, don’t spend (or in this case invest) money that you can’t afford to lose.
And, don’t take it too seriously 🙂