The global crypto market is at a low with several projects like Luna liquidated and others like Gemini, Coinbase, and BlockFi cutting down their workforce. This has caused panic and fear in the crypto community globally.
During the Blockchain Vibes event in Lagos Nigeria, a panel session consisting of Kwame Opoku, DaVinci J15,Carl Runefelt, Alex Meurer and anchor, Grey Jabesi, was held with focus on the global crypto market crash.
In the introduction, Kwame said that after spending 32 years in the banking industry, he understands what it feels like when seasons like this come up. But for him, leaving crypto is not an option. Despite the trajectory of the market currently, Kwame believes that understanding the technology behind the asset and the revolution crypto is bringing is more important than waiting for pumps and dumps.
Being in a hurry with crypto is negative, he continued. The problem is that “you miss a lot… The least you should look at for anything you’re doing in the [crypto] space should be five years.”
Carl spoke about his support for centralized and decentralized exchanges. He explained that there is room for the two types of exchanges in today’s market but that by 2030 he sees everyone moving into decentralized exchanges and using them with ease.
On the future of Bitcoin, Alex, who’s a YouTuber said that there will be some corrections coming in. While DaVinci made it clear that he has other crypto assets aside from Bitcoin like Shiba and Ethereum, the Guru who advised people to buy bitcoin in 2011 and 2013 worth $1 believes that “Bitcoin is the best form of money out of all the cryptocurrencies”.
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There is Always a Buyer for Bitcoin and Gold
DaVinci responding to Grey’s question on what the global financial market will be like in two years explained that we’ll see a situation where inflation metrics will cause a “bail-in” for banks and those who have fiat monies in the banks will either not have access to them or a little portion of it will be available.
For Alex, inflation will get worse over the years. He cited Dubai, his residence , Germany, and California as examples. For the three locations, the price of gas has gone up with Germany having a situation where logistics companies are already going out of business because the cost of running those brands is getting higher.
Carl said that he sees a bearish crypto market in the next two years. He advised that it’s better to take that money from the bank because the banks and governments “can rob you through inflation on a daily basis.” Try to have assets that are out of the control of the central authorities like bitcoin and gold because they are the best so far. Allow 10 to 20% of your net worth to be in bitcoin and gold because “there’s always a buyer for bitcoin and gold,” said the investor.
Lastly, Kwame related that no one can fully predict what would happen in the next two years… this is not the season to be looking for the next Shiba… no need to look for coins without utility. As an Altcoin “lover”, his eyes are on the top 50 to 100 Altcoins that are still delivering value in the market, said the CMO of MyRocketGlobal.
As the chaos approaches, so also opportunities to make more money. “Just don’t think short term”, said Kwame. “Don’t put your rent. Don’t put your school fees. Don’t sell the family land and put the money, and tell uncle you’ll bring it in December. You’ll be shocked.”
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