The number of crypto “hedge funds” launched also more than doubled last January meaning a good deal of money was buying in at the top.
This helped push coins of all stripes, from Ripple to Porncoin, 500% to 1000% gains in a matter of months. Now, they are all well below, not only their peak, but from their year-ago level. Many are completely worthless.
This not only made for uncomfortable Thanksgiving conversation but has ravaged some supposedly sophisticated hedge funds and tarnished some respected analysts reputations.
Keep this in mind when some young whippersnapper with a HODL attitude tells you that the current price is a buying opportunity. They’ve been saying it at every level down for the past six months.
Like another old saying goes, “there’s a sucker born every minute.”
Enjoy your holiday.
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