My post yesterday gave the reasons why I felt that the cryptocurrency market has been on a downward trend as of late. I discussed:
- A statement made by JP Morgan Chase Chief Executive Jamie Dimon that “Bitcoin is a fraud.” and
- A tweet by Charlie Lee, the founder, and creator of Litecoin where he tweeted that “China has banned Bitcoin Exchanges.
To compound the matter, the Chinese Exchange BTCChina (BTCC) tweeted this morning that it will stop all trading on September 30, 2017. This, no doubt, has been largely responsible for the massive sell-offs in the crypto market.
Here is my take: If one looks at where Bitcoin was last year, one Bitcoin cost approximately $600. Today – even with the market crash – one Bitcoin is worth $3284!
It is all about perspective. Yes, cryptocurrency is the new kid on the block and it will take hits. It is a threat to the greedy wealthy bankers. However, it has momentum and I believe it will weather the storms from its opposers and come out OK.
If you own good cryptocurrency, hold on to it.
If you are not afraid and cool-headed, right now is a good time to purchase more since the prices are low.
That is what I plan on doing, today.