How to reply random crypto questions this Christmas

We’ve got to say it, 2022 was that year, right? There are no words to round up the rollercoaster of emotions we felt. We had the highs and lows, especially with the price movements of top cryptocurrencies and, of course, the never-ending drama. You will probably get a bucketload of questions during Christmas as you celebrate with family and friends, especially if you referred someone. 

Don’t worry; we’ve got you! Buckle your belts and gear up. Here’s how to handle the numerous questions you’d be getting from crypto-curious, sceptical and teasing loved ones.

1. BTC is still not $100k; when Lambo?
   Last year, you were excited by bitcoin’s ATH; you probably encouraged your favourite persons to invest in crypto before it got too late. One question you’d get from your loveliest aunts is, Still not a millionaire? You’ll most likely get this, especially if you shared the price predictions for the year.
   No worries! Bitcoin is trading below $20,000 but like the co-founder of Ethereum, Vitalik Buterin, said, “focus on the tech, not the price”. All you have to do is remind them of the real purpose of cryptocurrencies. It’s not going to be easy! But you’ve got it! 
2. What’s an SBF?
   No, skincare experts, it's not a misspelling of sunscreen! SBF is the acronym for Sam Bankman-Fried, former CEO of FTX, who led the famous crypto exchange FTX to almost bankruptcy. SPF was forced to resign after news broke out of the mishandling of customer funds and the overall lack of transparency that resulted in losses for several traders.
   
   SPF was arrested in the Bahamas for his actions and awaiting extradition to the US for potential criminal charges. 
3. What happened to Luna? I thought it was the next bitcoin.
   FTX crash wasn’t the only hurricane that hit the crypto space. Earlier in the year, we witnessed the crash of the algorithmic stablecoin LUNA. Several investors lost their investments and are still trying to regain losses.
   While the crash of LUNA was indeed a sad event, it further emphasised the need for in-depth research before investing in any asset. Since the crash, Interpol has issued a red notice (arrest warrant) for Do Kwon, founder of Terra’s parent company, for his actions leading to the LUNA crash. 
4. Bear market, Crypto winter and now contagion, what’s happening?
   OK, maybe you did say last year that the upcoming Ethereum Merge would make ETH bullish or that Bitcoin would hit $100K in 2022. Your friends and family will definitely have questions about the market moves.
   Bear markets are a regular occurrence in the crypto space, as is a bullish market. A bear market is a continuous drop in the prices of assets. However, in a crypto winter, the price dip continues for a prolonged period and remains substantially lower than its recent highs.
   The contagion is limited to the FTX crash. The contagion affected companies involved in the FTX crash or that had assets connected to FTX. Rest assured, Yellow Card was fully protected from the FTX crash as we had no relation to FTX in any format.  Bear markets will always happen but again, remind them “focus on the tech and not the price.”
5. What happened to the funny monkeys?
   NFTs were one of the biggest buzzwords in the crypto space. With several celebrities purchasing NFTs, your family will have several questions about NFTs. One of the most popular is “why you didn’t make money from the funny monkeys, (Bored Ape Yacht Club.?”
   Firstly, remind them there’s more than one form of NFT. True, it’d be harder to explain how NFTs work and that their use cases go beyond Bored Ape Yacht Club.  However, remember to have a bit to eat before you get started. You’ll need it.
6. Metaverse? I don’t even like video games.
   Shocked?! Only some people like video games, and surely not everyone understands the metaverse. It was an excellent year for the metaverse this year, so you will need to do a lot of explaining. The Metaverse is a virtual world used by real people and represented by digital avatars. Yet, it isn’t a video game platform.
   Covid-19 restrictions have shown the limitations of interactions and networking. Metaverse allows networking, virtual tourism, remote working, marketing and real-time communications.  Be sure to remind your loved ones that metaverse has many applications for individuals and business owners. 
7. Still not given up?
   Definitely not! Crypto is going mainstream. This year, the Central Africa Republic adopted bitcoin as a legal tender, and South Africa officially recognised cryptocurrencies.  We saw several stakeholders buy crypto regardless of the dip. In fact, several countries have enforced crypto adoption initiatives and regulations. So yes, we are definitely spreading the crypto gospel. 

There’s no need to eat humble pie this season. It is true that a lot of things happened this year, and top cryptocurrencies are far from their All time high (ATH). But you can rest assured that there’s nothing to worry about!

Also, use these answers. They’ll very likely help you appease your crypto-sceptic friends or relatives and ease tense conversations.

Merry Christmas and Happy New Year!