IOverall, everyone seems to agree: the future belongs to cryptoassets. Cryptocurrencies, non-fungible tokens (NFT) or maybe just their key technology, the blockchain, will have a major impact on all of our lives in the future. I definitely don’t want to shut myself off from this thought. Cryptoassets exert a fascination that one can hardly escape, especially as a person who is fundamentally positive about the future. But I am also concerned with the question of whether a gigantic, power-guzzling technology can be the future on our planet – especially when clean forms of energy are infinitely far behind in the global energy mix. And as a technical analyst, the hairs on the back of my neck stand up when almost everyone agrees. Usually that doesn’t go well: either everything turns out very differently or much later.
However, their charts, especially that of the forefather of all cryptoassets, Bitcoin, also contribute significantly to my skeptical assessment of the crypto markets: It reminds me very much of the charts that I observed more than 22 years ago on the new markets: a gigantic one Hype, accompanied by very loud statements about the end of history and the beginning of a new age, followed with a disillusionment such as the world had not seen before. Within two and a half years, the Nemax 30 fell back to around 3 percent of its maximum value: 100 became 3 euros. Anyone who thought they were already in the Hamptons in March 2000 could not even afford a two-room apartment in the German end of the world in autumn 2002.