Volatility is not just in Crypto as this is the GBP and the lowest I have ever seen it.
This is the chart for GBP (British Pound) and it is not looking so healthy if you consider the currency has fallen over 20% since the beginning of 2022. This is not considered normal, but then what is today as normality left the building 2 years ago.
All this now means is all those items the country used to manufacture and now import have increased due to currency conversions alone besides the inflation we have seen worldwide. The reality is those pries cannot return to the levels everyone once knew if the currency doesn't gain back lost ground.
For so long the British were protected by the buying power of the Pound from what they purchased to holidays abroad. When I lived there and went on holiday things were cheap in comparison to what the prices were back in the UK. This has now changed drastically and bought the Pound back to the levels of everyone else in Europe and the States.
According to moneyfacts the Brits spend around a quarter of their income on holidays each year. Guess what that may still be the case, but the buying power has lost nearly a quarter of what it used to purchase. The habit of having a regular holiday is surely going to be afforded by the elite few or those with other income sources. Those that know the Brits is they tend to frequent the same Costa da something every year in Spain.
It is quite scary and daunting how the world is changing from what we knew 2 or 3 years ago. There is nothing normal and the GBP I have has unfortunately taken a tumble and lost some value. How low can it go as some reckon GBP 0.80 to the Dollar which would be an alarming wake up call for many. That would be staggering and a negative outlook for many as lifestyles will change.
If the reports are correct suggesting the recession hasn't even hit yet and the future is going to be rather bleaker for the next few years then mindsets have to change. Getting out of currency and into safe havens has to be the right call going forward. Just by doing something simple could save you 20% if nor more of what you already have.
Bitcoin must be looking mighty attractive to the UK right now.
The trick is to get ahead of what is about to happen if it does and I am sure it is coming. Gold, silver are the obvious ones, but Crypto is possibly the one many will reach out to. We saw that with Turkey when their currency went like a rug pull earlier in the year so don't be amazed if suddenly billions pour into crypto over the next 6 months. I do think we will have new money pouring in out of the masses looking for a safe haven which could trigger something special. we are all still so early and we have to see the benefits at some point.
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Good blog title! ;)
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This makes me think of the movie Eurotrip when the kids end up in some Easter Bloc country and they only have some spare change to get by. They give a guy a nickel as a tip and he quits on the spot and says he is going to open his own hotel. Of course it was exaggerated, but now everything is pretty much worth nothing everywhere.
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I remember that movie and had some classic pieces or clips.
It was so stupid but so good.
There is definitely the case that certain events that are generally negative could be catalysts for Bitcoin. However, we need a bottom. Even if BTC went lower than $13K, I would be happy with that level. I am waiting on a final cleansing flush-out!
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This is really sad... This just feels like the case of Nigeria. We are facing a serious inflation. The only thing I am grateful for is my knowlede of crypto and so I keep some USDT and some small BTC
I am not so knowledgeable about precious metals but I intend to do some research and work on adding it to my port folio