Imagine being a Korean or Taiwanese alt-coin investor with no fiat on hand and unable to take advantage of the low market prices now seen in crypto, or being a new and potential investor in the same predicament. Enter the lunar new year and the accompanying tradition of giving little red, green, or other-colored envelopes filled with cash to single people and young people. (And not to forget the increasingly common practice of sending digital envelopes filled with credit or crypto).
After this Friday, when these paper and digital envelopes are sent and received worldwide as part of the lunar new year gift-giving tradition, that problem of crypto-investment insolvency will have been solved for many—potentially tens of millions of new or returning alt-coin investors who will raise their investment voices in a phenomenon soon to be known as the crypto Lunar Howl of 2018.
LUNAR NEW YEAR MIGHT SEND PENNY CRYPTOS & MAJOR ALTS TO MOON
Alt-coin markets are in perfect shape for this investment push that could eclipse the Wall Street Rush of 2017. The crypto Lunar Howl’s title references the 2018 Chinese lunar new year’s Year of the Dog, as well as Ozzy Osbourne’s seminal 1983 anthem “Bark at the Moon,” a sublime and contrarian psalm of electric crash-guitar to the dark energy of the cosmogony.
Though there are no comprehensive statistics on the exact amount of money that will influx global markets because of these lunar new year gifts of cash, credit, and crypto, it could be as much as $350 billion or more based on an estimated percentage of total lunar-new-year spending in the countries that celebrate it, including of course South Korea, but also Taiwan, Hong Kong, Macau, Singapore, Indonesia, Malaysia, the Philippines and quite a few other countries and territories where the lunar new year is celebrated as a significant socio-cultural festivity on par with the American Christmas holiday (and where there are plenty of legally accessible alt-coin exchages). How much of that envelope fiat will make it to the crypto markets? The answer will be clear by the end of the month.
Conspicuously, China has been left off of this list. Not because it doesn’t celebrate the lunar new year—far from it—as China is the largest country that celebrates a lunar new year festival and is also the country with the largest gross-spending in relation to a lunar new year festival.
China has been left off of this list because it is increasingly closing cryptocurrency markets and reinforcing a national firewall known as The Great Firewall of China in order to deter Chinese investment in cryptocurrency.
However, these Chinese laws meant to deter crypto are not being enforced and it is difficult to do so, according to numerous news reports and industry-expert opinions, such as that of George Kikvadze, Vice-Chairman of the Board at Bitfury USA, who tweets on February 12 that “China’s negative stance on Bitcoin & Crypto has be[en] already priced in [/] What many failed to grasp – impact of the Testimony of CFTC and SEC Chairs! Go get more Bitcoins until too late!”
And what that means (between the lines) is that even though the Chinese government is trying to strictly regulate crypto, Chinese residents are figuring ways around the limitations, sending money offshore to relatives and friends who can invest it for them, or working through ftp connections to access offshore crypto exchanges, and other means.
Crypto market prices are lower than they have been in months. Simultaneously, in a few days from now, hundreds of millions of lunar-new-year celebrators worldwide will be holding envelopes filled with cash and wondering what exactly to do with their money. Did anyone say crypto? (Get your sharpies, proof of residence, and government IDs ready!)