Ric_C wrote: ↑Fri Dec 10, 2021 5:40 pm
Despite all the turbulence:
Year to date:
Bitcoin up 168.57%
Ethereum up 639.50%
Solana up 10,696.54%
But, but, my money in my savings account was much safer for that same time period and the stocks and share I have have also gone up. Look at the average for the SP 500, 10% a year, much better than banks, so over the last 7 years my S&P fund compounded has gone up 100% and was so much safer.
How many years has Bitcoin gone up over a 100%/year for the last 10 years, this trend is why many forecasters are saying end of 2022 it will be in the $100,000 range, but yet every year so many say I'm not buying because it's to high an entry price right now.
If we go back to banks, I'll hate on them a little more, along with Governments and will take the US as an example:
In the last 100 years only 13 with deflationary years, and those by a small margin! In the last 50 years only ONE year has been deflationary, and that was by 0.3%.
Yet we have a government, which is spending like mad and making numerous statements around this is just transitionary inflation, well yes some items could be but the inflation is now the worst since 1982, worst in 40 years, but the interest rate is at one of it's lowest ever! The FED refuse to put interest up so far and continues to see this as a good thing. As previously mentioned the lowest rates for a long time are encouraging people to buy things and take out long term loans from banks mostly, yet the government has kicked the can down the road for repayment of it's debt, people who kept there money in banks lost over 10% this year alone to inflation.
This is in the country who are supposed to be world leaders, look at the numerous countries that see inflation regularly 15%, who have a large part of the people who don't have bank accounts, look at say all those expats sending money back to family in the home land, banks, western union, paypal, etc. all taking more than there fair share, crypto has allowed these people to ensure that there families got more of their hard owned money, instantaneously almost, no waiting for central clearing houses to hold there funds for days, no more excessive fees to pay. It is a blockchain system and the money can't be stolen, much safer than banking systems, yes you have to be very careful to ensure you have the right currency to send and the right address to send it to but the system is there and it's gaining more adoption every year, the pandemic actually heled this happen, fueling the growth 2020 & 2021.
Yet for the most part anyone who invested in decent crypto a year have lost zero and most have significant percentage increases in the value they hold today even though the crypto market has been falling significantly for the last week. Many in the crypt0 market are presently buying to average down costs depending on when they bought in the last year. Certainly my holdings are significantly above inflation, and therefore a store of value against inflation, next year may be different but that's an unknown but for 2021 and the pandemic it has been a very good move from my perspective. Yes there's be added risk but this has been calculated and not just a shot in the dark or throw it at the casino games. it's funny how doing research and putting the effort in makes me very lucky.