- By Luis Ferreira
Is crypto currency dead?
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Less so if and more when, the whales cash out of bitcoin, ethereum and other crypto currencies, we could witness one of the biggest wipe outs of global wealth ever! Estimated at half a trillion USD.
Caution is advised! Its a funnel, there is more crypto currency in circulation than could ever be exchanged… hot air dilema… this will be more evident as regulators and governments continue to crack down on exchanges… panic will reign…
As a final note, in large monetary transactions AML flags are raised, so at such artificially inflated valuations will this not be commonplace when converting back to fiat currencies? Just exchanging a single bitcoin at current values will raise automated official flags with the financial regulators.
Therefore you could be fined, taxed, assets seized, etc.. If you cannot convert it, it is worth ZERO…. makes you think doesn’t it.
The higher the value the bigger the problem! This is one of the reasons the whales want ETFs and other financial instruments…. they need to cash out big and they are stuck. Bitcoin was not conceived to be a speculative vehicle… the tech is great but we forgot to factor in human behavioural traits such as GREED.
Now is the perfect time to cash out, if you can, which for any fairly sized investment will be almost impossible in today’s climate.
For the micro user spending millionths of a coin per transaction, entirely online with no exchange in to FIAT currencies, there seems to be no complications for now. Yet hackers are becoming increasingly sophisticated in breaking into crypto wallets and with no insurance or guarantees available, once your money is gone, it’s gone.
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