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Thanksgiving weekend is a welcome respite from the chore of everyday life for most Americans. On a turkey, a sweet potato with marshmallow (really) and pumpkin pie, families get together to discuss what really matters. Or try anyway.
In 2017, this also provided a great opportunity for those who had missed the stratospheric gains of buying bitcoins.
Just look at this chart, showing the price of bitcoin from November to December of last year. You can almost imagine parents sneaking out of the table to open their Coinbase accounts:
While crypto-currencies are now breaking worldwide – Pixel Bitcoin was trading at a price just over $ 4,000, up from $ 18,000 in December and $ 8,000 on the last day of Thanksgiving. You may be wondering why so many obvious mania.
Well, the media did not help.
For example, here's Techcrunch's tip on how to talk crypto to parents at the Thanksgiving dinner table. Poor aunt may:
Does your aunt always seek advice? If she owns, she should hold. If she does not have it, she might as well try. Make a [sic] him a Coinbase account and buy a few hundred dollars of BTC and Ether. Let her watch her move and begin to get used to the news cycle and, more importantly, the hype cycle. Do not forget that the results may vary and that this is no more an investment advice than saying "Hey, you should try to learn how to use Linux. You may earn a very good salary when it becomes popular in 1992.
Only 50% down since. We wonder if aunt's even presented for Thanksgiving this year. (Note the argument "it's like the beginning of the Internet," a common trope in crypto land.)
In the same order of ideas, here is an article from Forbes who says that it is "1994" in crypto. In other words, remember the dotcom boom? Because here is another maglev train that you will not want to go down for at least half a decade! Choo-choo!
Just after the holidays, he also published this article on his technological "influence" Oliver Isaacs, as well as his advice to users of the crypto market. Apparently, it is a good idea to use reddit when building a cryptographic wallet. Because we know that these assets have zero correlation.
However, in December, few media could resist the flow of tasty clicks that a cryptographic title would bring. But some were happy to give a polish of credibility or a helping hand. Here are some titles of these beautiful days:
But one media stands out among the others for its ability to cajole Day-traders investors to take a dip in crypto-waters: CNBC.
Let's start with CNBC's crypto-expert and founder of the BKCM digital currency company, Brian Kelly, explaining how to buy bitcoins using Coinbase on November 29th. Price: $ 9,957.
And here it is a few weeks later, discussing how to buy futures on Bitcoin. Price: $ 17,000.
At least, Kelly recommended to use a stop. Hope that investors have taken into account.
CNBC has also published a litany of FOMO-inducing bitcoin titles, such as this one exposing all the winnings you missed, stupid reader who did not invest at the bottom of the screen. Life Coach / Ken Doll, Tony Robbins is in the limelight.
But CNBC did not just want to help viewers climb to the top in bitcoin. No, he was also happy to discuss other coins, such as Ripple. Here is Kelly explaining how, you guessed it, buy XRP, as it is also called, in January (apologize for the Facebook link).
Price: $ 2.57:
Apparently, Ripple could be an upgrade of the international financial system. What is a big market. Then come in while you still can! Not content with having a slot machine of choice for XRP, CNBC also released a handy guide to buying on the coin a few days later.
Since then, it's down 85% to $ 0.39 per pixel.
Still, some on the channel remain optimistic for the wacky world of coins. After the bitcoin fell back to the $ 6,000 critical price this summer (which it has since broken), Kelly was still promoting the potential of Bitcoin:
He cited optimism as a source of money and Web 3.0 – the new Internet where data can be monetized, as Google has done for two decades – as two reasons to be optimistic.
Yet even after the last crypto wipeout, CNBC still speaks bull. Here is Bart Smith, "crypto king", head of digital assets at Susquehanna, a trading company, on the show last week:
Apparently, there is not enough capital to absorb the fall. So, what you are trying to say is that there are not enough people to buy it. Did not Dan write this on Monday?
It also compares the price evolution to the 95% reduction of Amazon in the early 2000s. Except that, you know, Amazon was a used company.
And what about Kelly? It's Monday, rather depressed after Bitcoin broke the $ 4,000 mark:
The argument is now "it has had a lot of draws, and a lot of massive sales before", and so it will go up. Anyone interested in our collection of immaculate baby-bonnets?
We'll leave you with this, a fun CNBC article about how investors crashed if they bought bitcoin during last year's Thanksgiving holiday.
We wonder where they even got the idea in the first place.
Readers, feel free to share your favorite FOMO-crypto articles from last year below. We will include the best ones in the list above.
Related links:
Capitulation is not the right word for the bitcoin market – FT Alphaville
A Visual Cryptographic Market Tour Right Now – FT Alphaville
The least obscure of the holy wars: "Satoshi" vs. "bitcoin Jesus" – FT AlphavilleIn hell, the crypto shatter! – FT Alphaville
Repeated scissions of Bitcoin undermine long-term value – FT Alphaville
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