Listen, i'm not going to be one of those people who try to put a good spin on this - days the market takes a hit isn't fun for any of us - nothing is good about a day like this.
We took a hit, a real one, a decent sized one. No argument from me there.
But what we're not experiencing is a crash, collapse, or any other over-dramatic words members of less responsible media outlets are using to get clicks.
Because here's what else is true: A crash is when something becomes nearly worthless - not when it goes back to the price it was just 3 months ago - especially when it's something that's been around for 100 months! Perspective.
What hasn't changed: There's no denying Coinbase played a huge role over the last year raising the price - fees alone netted them a billion dollars. This year, tech and financial companies are on the verge of placing the power to buy cryptocurrency as built in features to apps millions already have (look at what both Square and Robinhood are doing). Major Wall Street firms have not backtracked, they're opening the doors to the crypto world to their clients, and soon.
This is an emerging market. Expect a bumpy road as it goes from it being worth hundreds of billions - to becoming worth trillions.
What's important to remember is the final destination. Enjoy the ride.
Because here's what else is true: A crash is when something becomes nearly worthless - not when it goes back to the price it was just 3 months ago - especially when it's something that's been around for 100 months! Perspective.
What hasn't changed: There's no denying Coinbase played a huge role over the last year raising the price - fees alone netted them a billion dollars. This year, tech and financial companies are on the verge of placing the power to buy cryptocurrency as built in features to apps millions already have (look at what both Square and Robinhood are doing). Major Wall Street firms have not backtracked, they're opening the doors to the crypto world to their clients, and soon.
This is an emerging market. Expect a bumpy road as it goes from it being worth hundreds of billions - to becoming worth trillions.
What's important to remember is the final destination. Enjoy the ride.
Author: Ross Davis
San Francisco News Desk
