RE:Digital currency frenzystocksnbonds458 wrote: At this time i believe a lot of money has been pulled out of the growth and small cap stocks and has been poured into digital currencies. Not just Bitcoin, but also the plethora of new cryptos. This frenzy now is a lot like the dot-com craze, and like all of these "tulip bulb" manias it will come to an end. When that happens money will cycle back into the HPQ's of the world. These kids have made a fortune in cryptos, but wait till they find out that tax is also due on their profits. There is no hiding from the tax man in the end, and that reality sinking in (plus pending legistlation) will dampen this frenzy at some point IMO. Lol, I'm up 20% in one day on Saturna Coin, only took 4 hours of my friend's son's guidance and countless transactions to accomplish. I havent a clue of how to even sell it now, not on my own anyway
I agree with most of what your saying the tax man will always find you lol. However i do not believe cryptos are ever going away. If you think institutions and billionairs are putiing billions of dollars into crypto because they think it will all come crashing down only to loose everything then think again. Yes the useless cryptos will eventually fail but there are some amazing projects out there that have intrinsic value beyond what anyone thinks. Just like stocks all you have to do is research. And these projects will explode onto the scene soon with efficiencies in video transmission, digital signatures, and scocial media platforms that are not only fast but completely unhackable. This type of security will drive thier crypto coins to a level where the fiat system will have no choice not to be a separate entity but become part of it. The Bank of Canada has already expressed interest in a digital loonie. Do your DD.
Regards