2018 has seen the crypto bears rule over cryptocurrency prices as the price of Bitcoin hit its lowest since Dec 2017. The drastic fall of crypto prices even caused some crypto-affiliated firms to be dissolved. Additionally, as they pulled the crypto prices down to new lows, the crypto bears did not leave mortgages and marriages behind.
According to Sky News:
“Married men accessed equity through their family homes, and often – whenever because they felt they needed to act quickly to make the most money, or because they feared that their investment would be criticized by their spouses – did so without informing their families, only to see the value of their assets evaporate, followed by their homes.”
Sky News quoted a man who was not identified by name fearing reproach from friends and family and who lamented losing his marriage and ‘remortgaged his home after he defaulted on loans he had used to invest in cryptocurrency.’ For the man, as the crypto bears pulled down the price of Bitcoin, instead of Bitcoin lighting the way to riches, it was a curse.
When crypto prices soared in December 2017, so many people got involved without necessarily having the slightest clue of what they were getting themselves into.
Hugh Halford-Thompson, a founder of several blockchain companies which have been involved in the installation of Bitcoin ATMs, said that:
“I had people asking me genuinely which coin to put their children’s university funds into. That’s not good. I didn’t follow up with them, but I hope they didn’t. For the first time a lot of normal people who didn’t understand investments [were getting involved, and they] made or lost money in fairly big ways.”
As the bulls defeat the crypto bears, do you think crypto prices will reach last year’s peak in 2019?
Let us know your thoughts in the comments section below.