How to hodl on till dinner ends
It’s the most exciting time of the year again, who doesn’t love Thanksgiving? You get to feast on turkey, cranberry sauce, mashes potatoes, etc., but for us crypto lovers, Thanksgiving is never complete without giving (or dodging) the annual crypto talk at family gatherings, parties, and probably at some point during your holiday weekend.
Crypto & the Alleged Thanksgiving Rally
Some analysts and traders believe that Bitcoin always rallies for Thanksgiving or Christmas, but the crypto’s track record has been mixed. In the 2017 Thanksgiving, a lot of people gave thanks to Bitcoin as it pushed up a mind-boggling 724% compared to the beginning of 2017. The hottest topic on Thanksgiving dinner that year was whether it was a good time to catch the crypto train and by mid-December, Bitcoin rocketed to $20,000.
Yet just when these Thanksgiving traders are ready to put money on crypto, Bitcoin started to stumble and saw an equally exaggerated downfall. Near the 2018 Thanksgiving, Bitcoin was still trading at below $5,000, suffering an approx. 70% loss below its peak.
How about 2019?
Just a week ahead of Thanksgiving, Bitcoin returned to around $6,500 level following price drops and alleged government regulations. Not really a triumphant Thanksgiving, but the market is slowly bouncing back.
The awkward moment when you are forced to talk about crypto
We get it, there is no easy way to explain crypto to your families over dinner. Here are the top 3 (most annoying) questions you might get asked, just to prep you before you actually sit down for that stressful meal
1. Should I buy Bitcoin now?
We’re almost 100% sure that this is THE conversation starter at any Thanksgiving dinner table.
The question itself is amusing considered that people who ask you are probably just looking for a quick buck to profit. But if your aunt or uncle didn’t buy into the market around the 2017 holidays, they might not be as enthusiastic this year after watching the recent Bitcoin slump.
There is no perfect timing to buy, and Bitcoin price has already risen from $3,000 to $8,300 this year. With a significant increase in crypto use cases and more businesses looking to explore or issue their own crypto, we can expect to see tremendous growth and innovative developments soon.
2. Is Bitcoin real money? Crypto looks like a bubble to me.
Relax–we all have one Uncle Charlie who loves to talk down other people’s passion. You might want to avoid getting into too many details of how crypto works, instead, you could simply highlight the fact that most of the largest players today, including CME, investment banks, hedge funds, asset managers, etc. have also started coming into the crypto market. All these well-educated people and well-established businesses strongly believe in the future of crypto, do we look like bubbles to you?
3. Which crypto should I buy? I heard that Facebook is launching a coin…
Investing in crypto in some ways is showing your support to the blockchain technology behind the coin. Share with them links to crypto market data websites, trading platforms like OKEx, news, and analysis, etc. so that they can familiarize themselves with what’s going on in the market. Or if you’re particularly nice, send them some of your assets to get them started 😊
In case someone at your table bought some crypto from the last Thanksgiving peak and couldn’t get out in time, it might be a good idea to quietly change the subject, pass along the gravy, or volunteer to sit at the kids’ table.
Let us know your most crazy/hectic/stressful/funny/amazing crypto-occupied Thanksgiving dinner below!
Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involves significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.
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