What's going on with crypto? And news out of Panama!

A special news flash / bonus episode.

Hey everyone, no one on this podcast is a financial advisor.

All information presented on this podcast is for informational purposes only.

Now that we have the legal stuff out of the way, let's jump on in.

Welcome to the Generational Wealth with Cryptocurrency podcast.

I'm your host, McIntosh.

And today I just wanted to jump in with a real quick news update.

I am not going to be putting out podcasts every day or every couple of days.

Obviously we just posted one this morning, but I wanted to jump in because we've had

some more news come out.

A couple of things.

You may have woke up this morning and looked at the markets and said, what is going on?

The industry, if you're chicken little, welcome to crypto.

So we had about a 20% drop in Bitcoin from top to bottom this morning.

I think we went from somewhere around 52,000 down to a low of roughly 43,000.

Quite a bit.

Quite scary if you haven't been in this for a while.

I was irritated because of some things that I had going on.

I haven't lost any money.

I haven't sold anything.

I'm not going to sell anything.

There's no reason to because in another probably a week, it'll be right back where it was or

maybe even higher.

It's already recovered a good bit.

I'm not sure exactly of the percentage, but as of eight o'clock central time here in the

US, I should say.

What do we have?

Let's see here real quick.

Bitcoin is right at 47,000, Ethereum is at 3451.

So Ethereum actually dropped down to 29, looks like right around 2,900.

I don't have the exact figure in front of me, but they both recovered nicely.

I fully expect that recovery to continue.

What caused this?

Well, the reality is we really don't know.

We do see these type kind of flash crashes they called or maybe a few other things that

aren't podcast friendly.

They happen.

They're just part of the natural.

They're part of the volatility of the market and you have to expect them.

There was a few things going on.

On a technical analysis side, Bitcoin was pushing at a resistance level.

It had gone through a couple levels and it was sitting at another one.

Looked like it was going to go through.

I don't know that that really caused the problem that everything seemed to be progressing fairly

well there.

We did have the rollout of El Salvador.

Bitcoin is illegal tender.

That was today, which overall sounds like it went really well.

There was a few bugs.

Of course, as things rolled out, strike may have had some issues for about half an hour.

Strike is a lightning network enabled app that could be used to send money to El Salvador,

for example.

There was an app.

The wallet that they were telling people to use in El Salvador was actually unavailable

for a little bit.

But overall, I think actually consider they're rolling this out to a country.

I think it went really well.

I think the market will prove that.

I think from everything that I've seen coming out of El Salvador today, the vast majority

of it has been very, very positive.

People are using it to go to Starbucks or McDonald's or pay for their tacos at the taco

stand, which they have a Spanish word for that, which I don't know what it is, and so

on and so forth.

That's really cool.

In the long run, that's going to boost the Bitcoin price.

The second cool thing came out.

I saw this, I believe this morning as well.

I tweeted about it much later today.

I don't get on Twitter very often, so it's not really kind of a, it's not a big thing

for me.

I don't jump right on and tweet the latest news, but Panama, Panama has now got a bill

in their house of Panama, just in case you don't know, is a country in Central America.

It's where the Panama Canal goes across between the Caribbean and the Pacific.

They are a US dollar-based economy, so the USD is their legal tender, and this bill,

if it passes, and I do not know if it will or not, it's just a bill at this point.

Just be like saying, well, we have a bill in Congress, in the US Congress, but the bill

supports people being able to pay, deal with the government, essentially pay for their

taxes or whatever, in crypto, specifically from what I can tell, Bitcoin and Ethereum.

They are not going Bitcoin only.

They are including Ethereum in that.

No others at this time.

Those things probably will change down the road, maybe a few years from now, as other

currencies evolve, so to speak, become more dominant, maybe, but certainly the two big

coins there are being used.

That's terrific news.

Didn't have anything to do with the crash, as far as I know.

I don't see why it would.

Again, like I said, it's just kind of one of these things, and I wanted to get on here,

in fact, really, because for those of you who are new, this kind of event can be scary.

The thing to remember is, we're in this for the long haul.

Don't panic sell.

If you're doing something in a panic, in a hurry, whether it's a panic or not, really,

in my opinion, this is not financial advice, let me throw that out there, just like at

the start, in my opinion, it's almost always best to slow down.

There are times when, if you would have moved immediately, it might have made a difference,

but more often than not, you end up actually losing versus winning.

If I'd have woke up this morning and everything was going crazy and I'd have sold all my stuff,

could I have bought back at a lower place?

Yes, but what would have happened if right after I got off and went to work, started

doing my job, because I have a job, I don't do crypto all day, and I don't sit there and

keep my eyes glued to a monitor of the markets.

If it had bounced right back and I ended up having to buy back at a higher price and then

I lose coins, and in the long run, that really means I lose value and in fact, I could potentially

lose a lot of value.

Let's say, just to make it simple, I had one Bitcoin and I sold that Bitcoin and then I

bought it back, but I only got nine-tenths of a Bitcoin, so 0.9.

Right now, that means I would have lost around $5,000, which is one way to look at it.

What about 10 years from now?

Let's just say hypothetically, and this is, of course, completely hypothetical.

Let's say Bitcoin's worth a million dollars.

Now my $5,000 loss has become a $100,000 loss, and see, that's a completely different perspective.

I'm going to wrap this up.

I really don't want to spend a whole lot of time on here.

Just those big things kind of popped up today, thought I'd talk about them.

If you've got your coin, if you've got your stuff, hold tight, I hope you didn't sell.

If you did, you might want to consider buying back in because, in my opinion, again, not

financial advice.

I don't see it going down.

We saw a big dip.

Now it's going back up.

When it hit down, there's people who do what they call technical analysis, which I am not.

I'm not a TA.

I'm not a technical analyst.

I do not do technical analysis for anybody but me.

I'm interested in it for my own reasons, but when Bitcoin went down, when it went down,

it hit a level of what should have been strong resistance, and it proved to be that way,

or at least that's what it looks like.

It just touched it and bounced right back.

I don't think we're going to see any big drop down to $30,000, or you're going to hear people.

There's all kinds of crazy stuff going around.

Sure, it's buy and hold.

We're not looking at the short term.

Keep your blinders on if you need to, if it's a little scary.

I get it.

I've been there.

I have panic sold at times.

I have had what they call paper hands, and I regret that.

I regret it.

I regret it.

I regret it.

There's nothing I can do about it, but I did learn from it, and I hope that maybe you can

learn from my experience, or if you do sell, if you lose the faith, so to speak, I hope

you figure it out quickly, at least when it comes to these blue chip stocks, again, as

we discussed in the last episode.

Thanks a lot, guys.

Hope that was helpful.

Keep the faith, so to speak.

Maybe I shouldn't be saying that, but keep your eye on the prize.

This is five, 10-year project.

We're always looking down the road.

Don't look at what's going on right now.

Yes, we need to know what the price is.

Yes, to some extent, we need to follow things.

Don't get lost in all the noise.

Keep your eye on the prize.

Where are we going?

We are looking at long-term success.

We are looking at setting up assets that not only are they going to increase in value,

but they will be able to generate revenue for us.

Okay?