Why I Think Cryptos Are Going to Keep Going Up, and It’s Not For A Good Reason
Imagine you’re a regular, middle aged guy working in a MNC. You’re comfortable enough to be “surviving the pandemic easily”. You visit the grocery store one day and notice your toilet roll just went from 4 ply to 2 ply at the same price point. You’re annoyed but it’s just toilet roll, so you just take it and move on. You think about complaining about it to your mom living in Texas. Walking out of grocery store, you head over to the nearby Starbucks to buy a mocha frappe.
“Is it just me or did the drink just jump by $0.20?”
You head back to your car, drink in hand, and get in. The tank is at half. Better safe than sorry. You drive to a gas station near your apartment and just as it has been for the past few weeks, gas prices are up again. It’s absurd. But you don’t have a choice. Kevin O’Leary ain’t getting nobody to sell their car and take Uber.
After you get home, you sit down at your sofa. You think about your day and how your daily expenses have really risen for no reason.
“Fuck. Not like my salary has gone up.”
Is the magic i-word reared it’s ugly head? You remember your financial guru friend warning you about it, so you pop open your Macbook and glance through your stocks. Shit, stocks don’t look too good. Thank my lucky stars I listened to him and bought some Apple stocks when the country closed down, you thought to yourself. Things are starting to plateau though, guess the stock market probably isn’t going to give as good returns as last time anymore.
You recall your colleague telling you about real estate prices. You open up a website that’s showing some popular apartment prices. The place you were eyeing just went up 20% since the start of the year. She told you that you should take a loan this year before interest rates start rising again. You didn’t like the idea of taking a big fat loan in the middle of a pandemic. It doesn’t seem like you’ll be moving out of your rental apartment anytime soon, let alone investing in real estate.
You see yet another news article about Dogecoin is “going to the moon”.
“$0.70 already? These kids these days are crazy.”
You pop open your Coinbase account. You opened the account a couple of months back when you read a Reddit post about someone buying a NFT for $69 million and Tesla buying $1.5 billion worth of Bitcoin.
$1.5 billion dollars. That’s USD$1,500,000,000. Yikes. What on Earth is this Elon Musk smoking?
You look through the crypto charts. Ethereum just went from $2,200 to $3,500 in a week. That’s a 60% gain. You previously told yourself crypto was dumb and dangerous but your friends were making gains out of it. You think back to your stocks and how you haven’t really made much money the past few months since your Ark Innovation investment took a dump on your unrealised gains. Probably should’ve listened to your colleague about moving out, you think to yourself. You glanced back at the Coinbase website and the i-word pops up in your head again. You haven’t spent your savings on much since the lockdown started. Sigh.
You reach into your wallet and pull out your card.
Image Credit: https://www.nytimes.com/2021/01/16/upshot/inflation-rise.html
