As of this writing – December 30, 2017, @ 10:00 EST, the price of Bitcoin dipped by approximately $1875.00 (down about 13%) since 10:00 pm EST December 29, 2017. No problem (for me). I am actually happy about it. Why? Because I can buy more Bitcoin. It is at times like this – when the price of Bitcoin is low – that you buy more.
I believe in Bitcoin as a store of value.
What’s is happening? Why has Bitcoin seen a dip in price as of late? This is what I think …
- It’s The Holiday Season. We saw the same thing around Christmas time. The price of Bitcoin dipped. People need money to buy gifts so they are selling some of their Bitcoin to purchase them. When Christmas passed over and now we are nearing the New Years festivities, people need money so they are selling some of their Bitcoin. I am certain of this. So do not panic.
- Stock Markets Are Down Too. Not only is the cryptomarket place down, so are the U.S., European, and Asian stock markets (i.e. Dow Jones, NASDAQ, S&P, DAX, etc)
- A Recent Japanese Announcement. Ripple (XRP) overtook Ethereum as the second highest cryptocurrency today. Ripple has been gaining a lot of traction. Why? Well, last week, three of Japan’s big credit card companies signed up to use Ripple’s technology. This move will certainly cause other financial institutions to jump onboard. So, many Bitcoin investors are selling off some of their Bitcoin to buy into Ripple. (Get your self some Ripple, if you can)
- Coinbase To Add Ripple? Rumor has it that Coinbase will be adding Ripple (XRP) to its platform. Again, people are buying Ripple now – will the price is low – in anticipation of this event. They are purchasing Ripple with their Bitcoin, thus pushing down the price of Bitcoin. (Remember, Bitcoin is not the only game in town. Diversify. See my portfolio as an example).
So relax, all is well.
Enjoy your holiday and may we all have a prosperous 2018!