Great Time to Get In
You’ve probably heard about the big drop in Bitcoin (BTC) and just about every other cryptocurrency. Let me give you my take. All the sellof is a result of the result addition of the ability to speculate using futures on crypto. This means that people can bet on it going up or down. I suspect that some major holders took advantage of the relatively small market cap (compared to NYSE etc.) and their large ownership percentage to move the market. A short and selloff can be a nice payday if you can move the market.
The net result is a discount to get in. I see this as an opportunity for those sitting out who fear they missed the boat. I am still a very LONG investor in BTC and others. I still think it is going to grow many multiples of where it is now.
Think about this. There was a Thanksgiving bump – not because BTC was used to buy turkey – because family got together and shared the cryptocurrency story. I see the same bump happening in the week following Christmas when the largest economic engine in the world brings family together and conversations happen.
Don’t waste a minute – if you wait until the holidays, everyone else will drive the price back up.
by Chris Doelle
Also published on Medium.