So the last time a made a bleak post like this was when the 2017 crypto collapse began. I was convinced by angry members to take the post down as it would cause panic. I wont be taking this post down.
This is the way I see the market right now & what I’ll be doing.
Im down about 50% in my stock portfolio as well as my crypto (ironically I have the same in value as I did a year ago). Ive decided not to dump as I think the more things go down the more chance of a turn around there is.
So at this point this is why I’m calm. From what I can see only one of two things can happen.
I wait it out as im pretty sure theres a hell of a lot more downside (I dont even think panic has really set in. That will happen when all countries close their borders & all industry ceases). Once we have a confirmed trend change then I will be buying as much as I can & will be in a better position once we’ve recovered than I was 3 weeks ago when we were at all time highs. I will still have more shares & crypto but I just wont have gotten it for free had I sold at the top.
The economy completely collapses & shares, crypto & money wont mean a thing as society will collapse right along with it (And maybe toilet paper will become the new currency 😂😂)
I know many in this space were thinking that when another GFC came along, crypto would start to shine, but this is NOT a crypto friendly GFC. It wasn’t brought about by the economy, it was brought about by a pandemic so it seems like safe havens like gold & crypto mean nothing. Right now cash is king as people are worried about their jobs & being able to buy essential items.
We are in uncharted waters right now because unlike the past we are not as self sufficient as we once were so things can get really ugly really quickly.
Those who are dismissive of this outbreak & keep making comparisons to things like flu, suicide, heart disease etc, fail to take into account that we are comparing those to something thats only a few months old, more contagious & only the first strain.
Be dismissive at your own peril.
I guess my position is hope for the best, prepare for the worst
