What is happening to Bitcoin and other cryptos? Is the hype dying? Can Elon Musk save them? Is it worthwhile to put your money into them today? These and many questions will be answered in this post so stay tuned!!

Bitcoin was trading in the $29,000 range last Monday, Ether was down 1.25%, and XRP fell 4%. Even with that fall, Bitcoin was still up 2.3% for the year. Ether and XRP were up about 140% for the year. 

This came due to the fact that there was a huge selloff in the market globally. The Dow Jones Industrial Average had its worst day Monday since October last year. Risk assets were down across the board. There are concerns about the quality and strength of the economic recovery and the risk assets turned weaker. 

At one point in time early Tuesday, about $89 Billion were wiped off the entire cryptocurrency market in a 24-hour period. Since Bitcoin’s price of $65,000 in mid-April, it has lost over 50%. 

If you invested on Bitcoin before 2021, you still have some gains in your portfolio, but if you were some of the many unlucky that bought Bitcoin at $65,000 a coin, then you would just have to sit patiently, take a sip of wine, and wait for it to come back up. 

Who can we blame for this? We can blame the renewed crackdown on cryptocurrency mining in China. Major regions in China have shut down operations of bitcoin mining. One of their concerns is the amount of energy consumed to do this kind of mining. 

Also, China’s central bank is telling companies not to offer crypto-related services to customers. They banned local cryptocurrency exchanges in 2017 and forced them to move offshore. China is actively pursuing a crypto ban and also the different variants of the disease are affecting BTC or Bitcoin at the moment. 

Binance, the world’s largest cryptocurrency exchange was banned by UK authorities from carrying out any regulated activities. Other countries looking to do the same are Japan, Canada and Thailand. 

What people are saying today is that Bitcoin’s selloff will test the markets. It could go lower to the $22-$24k level. Kinetic Capital’s Chu says he sees potential selling ahead. 

He says that Bitcoin will remain between the $20 and $40k range for some time now before it goes bullish again. 

So, what should you do? Let me tell you a couple of things. 

First, the co-creator of Dogecoin explained why he doesn’t want to return to crypto again. He said it was “controlled by a powerful cartel of wealthy figures”.

Second, you have China who have a strong interest on not allowing Bitcoin to flourish in their country, and they are pulling other countries into the same thought process. Why do you think this is? Please comment below!

Third, Real Estate is booming, and prices of houses and rents are soaring. 

Fourth and last, in the latest podcast from PBD they interviewed General Spalding and he said a lot of things which I will not repeat in this video, but one thing he said that caught my attention was: “He who invests in Hard Assets will win at the end.” 

So, my friends, the future of Cryptos and Bitcoin in particular is not looking great. I had told you before to risk 5% of your Net Worth in Bitcoin and Ether because that was a powerful investment for the future and to hedge for inflation. I don’t think that is the case anymore. 

Elon Musk tweeted about Doge and changed his profile pic to reflect Doge on his sunglasses, it made the price spike 10% and then fell miserably. There is no more hype behind his actions like before. 

My recommendation is: if you are new to Crypto and want to invest on Bitcoin, Ether, or any other crypto coin please only do a 2% of your Net Worth. If you are already heavily invested on Cryptos, start pulling your profits from the market and start looking at Real Estate as where to place those earnings. 

If you don’t know what to do with Real Estate, check out my previous video which I will link below in the description where I explain step by step how to buy residential properties. 

Inflation is on the rise; property prices are going up, and so are rents. Even with a Real Estate market crash in the next years, those values always recover and make you money. As of stocks of solid companies, make sure you check out my other post where I talk about how to invest in stocks while there is an inflationary period. 

Do not leave your money in a Checking Account, because it turns out to be like if you were spending a fixed amount every month to buy booze and cigarettes, without actually buying anything. You are throwing away money every month that the money is frozen in a Checking account. Only keep your emergency fund and invest the rest. 

Hard assets like Real Estate, physical gold, land, and collectibles will always hold their value. They are not regulated, they are not controversial, and he who owns them is always the winner long term. 

I am not saying to STOP investing on cryptos or the markets, just do it intelligently, follow my advice on my previous posts and this one, and reduce your stake in Bitcoin because there are a lot of interests out there to stop it. I don’t care how decentralized it is, it was invented by men and controlled by men. This is not an A.I. kind of thing that regulates itself, it is still controlled by computers invented by men. 

Don’t spend your money impressing others. Have an emergency fund in place and invest the rest in HARD ASSETS. If you are heavy into Crypto, start diversifying or pulling out your profits before you get hosed. Remember, investing in great companies and properties has been the best way to preserve wealth since the creation of this great country!!