Crypto Bull Run part II

Bitcoin crossed the $40,000 mark for the first time last week. Ethereum approached it’s all time high of $1,400 over the weekend. It appeared we were entering another crypto bull run similar to the run in 2017.

Not so fast. We officially entered a “bear market” today with the price of Bitcoin dropping over 20%.

Confused? Many people are.

I wish I had every answer to crypto and could explain everything. Unfortunately it’s beyond my expertise. I am long Bitcoin and Ethereum but also far from someone who’s putting their life savings into crypto tokens.

What I do know is that no matter how you chop it up, both Bitcoin and Ethereum are highly speculative assets at the current moment. We have yet to see widespread adoption of Bitcoin as a currency nor has there been widespread adoption of apps/tools built on the Ethereum network.

I suspect that one day we’re going to see this change as more useful tools are built on the blockchain and adoption starts to take place. Until then, you can expect Bitcoin, Ethereum and other tokens be highly volatile with large bull runs followed by corrections.