prelude to the crash
“It has risen fivefold. It has made a huge profit.”
“Now, I think we can take a profit, but when is it better to sell?”
Entering August, the prices of cryptocurrencies, including Bitcoin, were skyrocketing overall.
Some people who were recommended by Eugene to invest in cryptocurrencies were constantly contacting Eugene and asking about the timing of the disposal.
In general, the price of Bitcoin has been recommended around the $1,000 range, so those who started investing at that time made five times the return, and those who waited a while and entered the $2,000 or $3,000 range were making more than double the profit.
“Why don’t you jump right now? Experts say it will rise at least tenfold in the future.”
And everyone felt that the rise in cryptocurrency prices was unusual.
Those who were already investing, or those who were still hesitating, were increasingly falling into the chaos caused by the cryptocurrency craze.
Rather than asking about the appropriate liquidation timing, there were many people who asked if it would be better to start investing now.
It was quite natural to decide whether to invest or not according to the opinion of Eugene, who is the most knowledgeable person at this time, and not anyone else.
Moreover, they usually started investing at Eugene’s recommendation and already made a lot of money, so there was no choice but to do so.
“At this point, I can’t even make a decision. In terms of the unprecedented level of interest in cryptocurrencies, there is still plenty of room for upside, but since it rose in such a short time, it would not be strange if it collapsed at any time. It has already risen more than four times from its previous high. I get a little worried.”
Eugene gave a warning rather than a recommendation to those who would invest in cryptocurrencies.
“Once it starts to fall, it will fall very terribly. As is usually the case with bubbles.”
“It does. The current price is definitely a bubble.”
People generally hesitated to pursue investment after hearing Eugene’s warning for the first time, but when they saw the price of cryptocurrencies not slowing down and rather continuing to rise, they could not overcome their desire and started investing more fiercely.
“Aren’t we going to invest in cryptocurrencies?”
Joanna asked gently.
The cryptocurrency exchange managed by Yoosung already owns cryptocurrency that accounts for nearly 10% of the total cryptocurrency issuance, but the manager in charge of Joanna and William has not yet entered into cryptocurrency investment.
“Let’s just let it pass by this year.”
We did not allow additional investment because we could make enough profits only with the cryptocurrency we already have.
Above all, since cryptocurrency investment is actually more of a speculation than an investment, the management company, which is the mainstay of the cryptocurrency, was not allowed to touch it at all because it could cause a very large loss if done wrong.
If Eugene had not had a major impact on the cryptocurrency market by running a cryptocurrency exchange, now would have been the right time to invest.
However, since Eugene’s influence made it impossible to predict the cryptocurrency price, I had no intention of taking the risk.
He also warned several of his important clients from time to time to be satisfied with the profits he has earned with cryptocurrencies so far.
From now on, I had to look at it from the point of view of speculation, not investment.
“On our part, we plan to increase our investment to $1 billion. In fact, I was scolded by my lord for putting too little money into the initial investment.”
The problem is that. When Eugene first recommended investing, few people really expected the rise in cryptocurrency prices to be this huge.
Naturally, the initial investment amount was insignificant.
Most of the time it was a few million dollars, or at most ten million dollars.
However, the rise in cryptocurrency prices was so dramatic that everyone turned their eyes to seeing a 400% return in just a few months.
“Actually, I know it’s pretty dangerous from here, but the pressure from the top is too great.”
Zhang Xiwei also wiped the sweat from her head and said. He knew well what kind of people he was talking about, so it was understandable enough.
“A billion dollars is pretty risky. It’s not going to have a huge impact on the market, of course, but it could be quite troublesome if you time your liquidation at the wrong time.”
“We know it too. But there is no way.”
Jiang Xiewei is not simply an agent who manages the money of those in power. It is not known for certain, but it seems that there is some special blood relationship with the top government factor.
Seeing that even Zhang Xiwei says there is nothing he can do about it, the pressure from above seems to be quite severe.
“A lot of our directors are of the opinion that we need to be cautious now.”
Considering that there are several managers who are quite capable on Wall Street under Jiang Xiewei, I can fully understand the embarrassment she must be feeling.
“I thought Chairman Kang would know the right timing.”
“The current market situation is a situation in which no one other than myself can predict one hour ahead. Statistics show that the number of investors has already exceeded 100 million. How can you read and respond to the psychology of 100 million people? If it was stocks or bonds, it would be predictable because it would rather be affected by performance or the economy, but this is not the case at all.”
“You are right. It is unpredictable because it is separated from any other indicators. In fact, I posted the story. It’s a completely crazy market.”
However, human greed works even greater when that happens.
People always see only what they want to see. If you had invested when the price of Bitcoin was around $500, you would have already made a 10x return. And if you invest at $50, your return is 100x.
What’s more, if you invested less than $5 five years ago, your return is a whopping 1,000 times.
And now, there are even rumors that Bitcoin will surpass $100,000 at any time.
If you think it will go up 20 times from now on, it would be strange not to dream of a $1 billion becoming $20 billion.
“We plan to invest in other cryptocurrencies other than Bitcoin.”
Alexei took another drink.
“The rise of Ethereum and Ripple is not unusual. We are going to invest some money in that as well.”
The investment company Alexei is managing also said that it would invest at least hundreds of millions of dollars in cryptocurrencies from now on.
Most of them are investments in Bitcoin, but some are said to be in altcoins.
“Altcoins are going to have to be pretty careful. The more upside you have, the higher your risk will be.”
“Of course I know. Ripple in particular seemed the most dangerous. There are too many issuances. Thorough supply control of this kind of goods is the most important thing, but compared to other cryptocurrencies, it lacks competitiveness due to too much supply. Still, it has already risen by almost 50 times compared to the beginning of the year. I have no choice but to view this as a bubble that can burst at any time. And I think that bubble is not far away.”
Unfortunately, the evaluation of Ripple, which will show the best return that many people understand, was weak.
There may be various reasons, but the common risk factor was the huge amount of issuance, which is 2,000 times the amount of Bitcoin issuance.
“I don’t have much to say about altcoin investment. In fact, I have been investing in altcoins for a few years now, but I have almost put my hands on it for the past year.”
“You are also Chairman Kang. If I had invested then, I would have been very comfortable now.”
Jiang Xiewei gave her eyes full of envy.
Eugene did not hide the fact that he had already invested quite a bit in cryptocurrency.
After all, the people he deals with are people who can easily access the top-level personal information of each country.
In September, the market price of Bitcoin was over $7,000.
Even Eugene did not know exactly how much it was at this point. I just know the peak of understanding words.
Even as such Eugene, I had the feeling that the current coin price is somehow rising much faster.
There is nothing strange about it. His intervention would have produced this result.
The people Eugene personally recommends investing in cryptocurrencies are usually not ordinary individuals, but people with at least hundreds of millions of dollars to tens of billions of dollars or more.
Of course, there are those who suspect that the top level may have hundreds of billions of hidden funds.
Such people usually don’t jump into risky investments easily.
Most of the time, they manage their funds through a private investment firm or secure their funds through the best investment advisors in the industry.
Moreover, even if tens or hundreds of billions of funds are hidden, it is rare that all of them are actually cash.
Most of the time, it is hidden with a lot of real estate and stakes in state-related companies.
If it is a cash equivalent, it will be at the level of a few percent of the total assets. Of course, that’s a lot of money.
Eugene’s fame brought such huge amounts of money that would not have flowed into risky investments such as cryptocurrencies originally.
It wasn’t a huge amount at first. Even the best investors in the world cannot make risky investments in unpredictable markets such as cryptocurrencies.
However, seeing such a huge profit in a few months stimulated their desire.
Because of that, the money they put in was getting bigger and bigger.
As a result, the cryptocurrency price was approaching a dangerous level more quickly than in Eugene’s past life.
“From here on, we need to be more careful.”
As the Bitcoin price hit $10,000, Eugene was even more alert.
“It has increased tenfold in less than a year. It’s better to be content with the earnings you’ve earned so far. We need to watch the trend for further upside, but the further investment is too risky. Once I crossed $2,000, I haven’t made any additional investments.”
“In two months, we made a 120% return.”
Despite the opposition of Alexei, Jiang Shiwei, and Eugene, he did not stop investing.
“Looking at the current trend, the uptrend seems to be accelerating. Even if $100,000 is unreasonable, up to half of that doesn’t seem like a big deal.”
And it seems that Eugene’s warning is not heard, perhaps because he has made a lot of money from the beginning of understanding.
Moreover, as it crossed the $10,000 mark, he did not even ask Eugene for advice on the future of cryptocurrency.
They seem to believe they have much more control over themselves.
It is unavoidable. Once on the bull market, everyone dreams of a paradise beyond the rainbow in the distance.
Of course, they aren’t the only ones having such rosy dreams. The surge in the price of cryptocurrencies, including Bitcoin, has increasingly attracted media attention, enticing more and more people to dive into this risky speculative market.
Now, even the elderly in the countryside were rushing around saying what coin, what coin.
There is a famous saying that when the shoe shine boy gets interested, it means that the market is not far off.