One of the greatest personalities of the Brazilian cryptomorphic community: „Is it not allowed to sell Bitcoin?
According to Avelino Morganti, a Brazilian cypherpunk, the Bitcoin community reacted badly to his exit from the market. He reported that he even lost friends because he „sold“ the digital currency.
In recent months, the cryptomaniac and gold enthusiast had announced his departure from the Bitcoin market. In explanation, Avelino pointed out that the market was full of challenges, including those related to regulation.
After his „exit“ from the cryptomotic sector, a market he had been in since 2014, some people turned against him. In comments on his YouTube video, many criticized his public speaking on the subject.
Livecoins talked to Avelino to understand the case and learn his predictions about the global economy.
„I lost friends because I sold Bitcoin,“ reported a former member of the Brazilian cryptomoeda community
By getting to know Bitcoin, many fall in love with revolutionary payment technology. Others end up taking the currency as a religion, persecuting those who think differently.
That was Avelino Morganti’s feeling when he left the Bitcoin market in the middle of 2020. In relation to the Brazilian Real, the price of Bitcoin has already appreciated more than 250%. For fans of the digital currency, the movement may be even greater in the coming years.
For some involved with the market, the inherent risks of working and undertaking with Bitcoin no longer pay off. One of them, Avelino Morganti, came to be a Bitcoin (P2P) seller in the market, but faced many problems.
In a conversation with Livecoins he declared that the market today offers many risks and he would not know how to list them all. However, he said that some of the main risks in his vision are regulatory, fiscal and civil.
He stated that he sold all his Bitcoins, no longer being a holder of the currency. In the last month, Avelino even recorded a live explaining the reasons that led him to abandon Bitcoin and bet on other hedge items.
In the last week, however, Avelino revealed on his Twitter, saying that he never thought he would be so hated for selling a cryptomeda. He also declared that he even lost friends for selling Bitcoin, a situation that was until then unexpected. He ended the vent by lamenting that a cryptomeda would be worth more than a friendship.
„They didn’t understand the reasons I sold it“.
For Avelino, the community did not understand his departure from the market, which was for personal reasons. With the risks he mentioned earlier, he now believes he has really migrated to an anti-fragile market.
Anyway, Avelino doesn’t shows regret of the sale and bets on items to survive. For him, the world is going through a huge debt, so something is wrong in the global economy.
„I believe that a bubble of 600 trillion in derivatives, 222 trillion in public debt in the USA alone, 89 trillion in corporate debt, negative interest, etc, does not end well“, declared Avelino to Livecoins“.
Moreover, he understands that Bitcoin and gold are highly liquid assets. The proof of this would be the month of March, when the markets collapsed and the assets were easily traded. But he decided to make his hedge against the financial crisis in other items.
„Bitcoin has a lot of liquidity. We saw what happened to it in March, with the gold. The 1929 crisis took decades for the markets to recover, and people went hungry. I decided to hedge my water, energy, food and weapons to prepare myself for this more apocalyptic scenario,“ declared Morganti.
What are Avelino’s recommendations for those who saw his video about leaving the Bitcoin market?
Asked what recommendations for the people who follow him, Avelino warns about the risks. According to him, people should re-evaluate the risks to which they are exposed in the market.
„Review the risks. All the risks. Not only about exposure in cryptomorphs, but throughout life (profession, day-to-day, finances). We are in a scenario of euphoria and many people lose their sanity. The risk in the world, in general, has never been higher“, declared the former investor of Bitcoin
Avelino today works with a project linked to the gold market. For him, in the long run, his project should be more interesting and profitable than cryptomoedas.
„I’m opening a jewelry store/mint of coins, blades and bars. The jewelry shop has a good profit margin and benefits from periods of market growth. The minting of coins, blades and bars benefits from periods of crisis. But the raw material is the same and so is the infrastructure. I’ll make more money in the long run like this (even because in a bear market of cryptomoedas, which I believe happens every 4 years following the halving cycle is a less favorable period to make money),“ says Avelino