One thing is Guaranteed when you have Bitcoin;
Bitcoin is unregulated, without government or regulatory controls (except market forces, both normal and manipulated). It is also a very young form of monetary commerce, so no long term-trends are available to track.
“In the U.S., state regulators are becoming more active with BitConnect shuttering its cryptocurrency exchange and lending operation after receiving two cease-and-desist letters from the Texas State Securities Board and North Carolina Secretary of State Securities Division for the unauthorized sale of securities and suffering from denial-of-service attacks.” – Bloomberg
Charlie Lee, who founded litecoin in 2011, said on Reddit Wednesday that he had “sold and donated” all of his litecoin tokens over the past few days — except for some physical ones he keeps as “collectibles.” – CNBC
In case you have not noticed, the death of Bitcoin has been reported by major news articles 309 times.
With this volatility, regulation, state-run competition, and exposure to negative opinion, It’s no wonder that Bitcoin is taking it on the chin. While some feel the need to kick Bitcoin while it is down, Many of the hedge funds have not sold any of their Bitcoin reserves, as many credible sources predict higher prices for Bitcoin in the near future. They may even be buying more, as the next article states:
Bitcoin headed to $100,000 in 2018, says analyst who predicted last year’s price rise
Personally, I am not selling off my Bitcoins. I have been buying all the way down. And I am going to join the Hodlers keeping their Bitcoin and waiting for the pendulum to swing the other way, maybe even with another meteoric price rise.
Bitcoin is not a large part of my holdings, so I am not “betting the farm”. But I am certain it will, as it has done in the past, have wild swings in valuation.
Many established finance people denigrate and even fear Bitcoin, because they don’t understand it, don’t see any regulation or protections, and worry it will siphon money from traditional investments in Forex towards Bitcoin.
Why the Big Banks Attacked Bitcoin
For me, I am staying the course, strapped in and enjoying the wild ride. For those who are jumping with glee over the death of Bitcoin, well, we are certainly not there yet.
Yours in Cryptocurrency,
If you enjoyed this blog, please feel free to share and send some bitcoin in appreciation to my Bitcoin Address: