Bill Gates’ recent slam-dunk on NFTs and crypto has been making headlines all over the world, and as you may have already guessed, it is not too likely that the crypto industry is going to be able to get through this ordeal unscathed.
This whole fiasco has the potential to create lasting consequences for the crypto industry, and finding out what these effects will be can help us make better decisions as to what we should do heading into the future. Let’s jump straight into it and talk about what Bill Gates’ takedown of NFTs means for crypto.
Insert image = Stock Market Chart Phone – Free photo on Pixabay
The Markets are Undoubtedly Going To Take a Hit
If you keep up with current news and trends, then you already likely know a little about the current situation that crypto finds itself in. Bill Gates’ slam on NFTs is just the icing on the cake – most cryptos were already hitting record lows before this whole ordeal occurred.
However, it seems as though Bill Gates’ stance made things go from bad to worse. The vast majority of cryptos are currently worth close to nothing, and even the most popular coins are struggling to stay afloat. As you would expect, Bill Gates practically comparing crypto to playing at a casino online is going to drive investors away, despite the fact they are entirely different. In fact, if you take a look at the charts and graphs, you can see a direct negative correlation with crypto and Bill Gates’ statement – just look for the sudden decline.
So, when it comes to an immediate effect, this whole ordeal has undoubtedly had a huge impact. Crypto is truly struggling right now, and in fact, many coins might not even be able to bounce back.
Not Likely To Have a Substantial Effect In The long-Term
Whilst Bill Gates’ stance on NFTs and crypto has had a dramatic effect in the short term, in the long run, any damages will be mostly unnoticeable.
However, knowledgeable investors do not fall for these same scares and incidents. Expert crypto predictions cite that crypto is going to be unfathomably huge in the future, with it being the most likely candidate for a worldwide currency.
Even if this doesnt come to fruition, this notion alone is enough to give crypto some sort of inherent value, and the chances that we are going to see some of the most popular coins return to their previous value and then some in the near future are near-guaranteed.
To sum things up; it is looking increasingly likely that Bill Gates’ slam on crypto is going to have very little effect in the long run, and while it most definitely will have effects in the short term, crypto’s growth is unlikely to be thwarted. If you are a fan of crypto or have a sizable portion of your portfolio dedicated to it, you need not worry.
Crypto is likely going to bounce back in no time at all, and in fact, because of the lower value of most of the popular cryptocurrencies, now would be a good time to expand your collection. Good luck.
