Young Investors Should Shift Focus to Bitcoin Cash

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Right before the peak in May, a report appeared about Gen Z and its investment habits. Of course, when younger, everyone tends to follow the hype and investing knowledge is very weak. The result is losses as most investors will be buying the top of the hype of these assets.

The report claims that almost 25% of Generation Z in the US had invested in meme coins like Doge. (Source)

So, the youth is attracted to memes and fancy opportunities after reading about those that got rich quick investing in Doge, Shiba Inu, and other pointless meme coins of the crypto market.

The hype never lasts and currently, all Doge and Meme coins after they attracted the maximum they could, are now falling apart and losing 25-30% every week.

The Dogecoin hype initiated by non-other but Elon Musk, has also caused damages to investors that thought Musk could pump the price of this pointless asset to $1.

Shiba Inu is at a similar spot and all the rest of Doge Coins are meeting their end soon.

I've written two posts warning everyone about Dogecoin, right when it was peaking at price, and currently Doge is down by 68% since its ATH.

I've written both these articles right before the market crashed and lost more than a trillion USD in total market cap. 

I would expect Dogecoin to retract by 95% more before it finishes its current consolidation cycle.

The price of Dogecoin will eventually go back to where it started since this coin has zero use case. In previous years it was used by some obscure websites (faucets) and I was also using it to transfer dust from exchanges. But when its fees reached $2 it became worthless to use.

Preice of Bitcoin Cash didn't held well either though.

There was almost zero hype on Bitcoin Cash, and I think that many preferred it this way, but I am still expecting to close down the gap with the BTC pair. One day the market will stop being extremely irrational and most investors will finally understand the fundamentals behind each coin.

I've talked about Bitcoin Cash a lot so far and why it is one of the final hopes for cryptocurrency's massive adoption. I will not stop supporting software with developers that understand what is required according to the needs of the populations.

I consider the main reasons for Bitcoin Cash rapid decline in price to be:

  • Tether

  • the BTC trading pairs

It makes no sense to have this much utility in a network and losing so much price just because Bitcoin is found to be polluting and not working as a network.

Stablecoins are not used to support Bitcoin Cash in any exchange. Binance, Kraken, and possibly Coinbase too, they'd allow Bitcoin Cash to plunge and not spend one tether to support price. Selling is automated since trading bots are set to support just BTC when the market experiences a crash.

This is also the reason the dominance of BTC increased lately back to over 40%. The spread between BTC and BCH has increased a lot due to the stablecoins. I'm still expecting this to change in the future, but for the time being, I'm waiting for more developments and an increase of user base for Bitcoin Cash, as what I see is more people using BCH and abandoning other more expensive options.

Any bearish trend can only be countered with development and increase of utility. The more the merchants that adopt Bitcoin Cash the better for the network. Also, the developments as SmartBCH, and on chain proposals with an aim to improve DeFi applications infrastructure will certainly help Bitcoin Cash grow.

Writing on the following platforms:

● ReadCash ● NoiseCash  ● Medium ● Hive ● Steemit   ●Vocal ● Minds

Also active on social media:

● Twitter ● LinkedIn

Source of Lead Image: Unsplash by Mohammad Asadi

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Comments

Glad we have you here who do not withhold telling the truth!

$ 0.00
2 years ago

I was encouraged by someone to invest in Dogecoin. He told me about he bright possible future of the said coin and even how Elon musk promote it. At first, I was persuade and think of ways in order for me to invest in dogecoin. But that moment, I have realized how BCH helped me and offered a lot of opportunities. It was the first cryptocurreny I've known. So instead of investing in dogecoin, I invested my money in bitcoin cash and so of my choice.

$ 0.01
2 years ago

I'm also part of the Generation Z. Social media hype have a way of swaying us. Due to the wealth Elon musk has, his influence on the present Generation (myself included) cannot be underestimated. Since he is rich, we believe he can't give advices that will end up being wrong.

Ahead of the Saturday night live show, some of my friends bought Huge amount of Dogecoin, with the hope that after the show Dogecoin will hit  at least $1 . But Elon went there and put on a show worthy on a Nobel prize in heartbreak. The rest is history. 

Till now my friends still regrets not yielding to my advice of not investing in Dogecoin. I asked them to go for BCH but they called it shitcoin. It isn't like I myself I'm well grounded in stuffs like this, but I remember reading so many articles and post prior to the show. I'm grateful I did. Though currently the price of BCH is down, I believe BCH has a far greater chance of surviving the scare compared to Dogecoin.

$ 0.10
2 years ago