Bitcoin should hold or leave? Look at what the big guys in the circle say

The fourth week of June is an ordinary week, but it is unusual for Bitcoin enthusiasts living in El Salvador.

The fourth week of June is an ordinary week, but it is unusual for Bitcoin enthusiasts living in El Salvador.

According to Documenting Bitcoin’s tweet: El Salvador’s President Nayib Bukele stated that the Salvadoran government will provide every citizen who has registered for the Bitcoin wallet Chivo with $30 in Bitcoin, and emphasized that citizens do not need to change their mobile phones. The wallet can be used in any internet-connected wallet. Run on the phone.

The world of coins-Bitcoin should hold or leave?  Look at what the big guys in the circle say

According to Reuters, Nayib Bukele announced in a national speech that the bill to “make cryptocurrency legal tender” will take effect on September 7.

In the future, it will take time to verify how Bitcoin develops, but for those who already hold and will soon obtain Bitcoin, they will definitely benefit from the following KOL’s suggestions.

The world of coins-Bitcoin should hold or leave?  Look at what the big guys in the circle say

Some tips about Bitcoin

At the end of June, Bitcoin briefly touched US$35,000, but there is still a big gap compared with the high of US$65,000 in April.

In mid-to-early June, the crypto sector was shrouded in pessimism due to currency price fluctuations. As we all know, the prospect of decentralized currency and the specific value of Bitcoin are based on the consensus and active participation of community members. In other words, pessimism will have a very negative impact on Bitcoin.

Therefore, for all those who wait and see, hold and want to know when this decline will end, and when they will start to march towards $100,000 again, FOMO sentiment and consensus are needed to balance current fear, uncertainty, and doubt (Ie FUD emotions).

For this reason, we specially emphasized with the interviewees in the interview: every system has flaws, and investors should fully exercise the right to know, knowing themselves and knowing each other. Any strong community is inseparable from self-review and criticism, and the cryptocurrency community is no exception.

First, let’s take a look at the views of billionaire investor, entrepreneur, and well-known Bitcoin advocate Tim Draper : Tim Draper stated that there is no real FUD emotion (FUD is short for Fear, Uncertainty, and Doubt, meaning fear , Uncertainty and doubt), the only thing people need to worry about is that the supply of Bitcoin exceeds demand.

“In the future, Bitcoin will become the currency that more retailers want, so it’s better to hold some from now on.” Tim Draper said: “Retailers can save 2%-4% by using OpenNode. With this With the widespread dissemination of news, the conversion from legal currency to Bitcoin will soon be realized.” It is reported that Draper recently announced that it has invested in the Bitcoin payment processing platform OpenNode.

“Bitcoin is the representative of trust and freedom. These are the two cornerstones of the success of any economic system. Trust means that everyone knows that the total number of Bitcoins is only 21 million, and people no longer have to trust existing banks or politicians. Freedom is Refers to open and transparent Bitcoin, which can be used anywhere in the world.” Draper said.

Brock Pierce, chairman of the Bitcoin Foundation, is also cautiously optimistic: “The magic of the Bitcoin and cryptocurrency markets is that they will become stronger and stronger over time and can withstand various tests. , And to deal with all the difficulties caused by the technical and regulatory situation.” Pierce said.

Pierce believes that Bitcoin has proven that it can withstand any challenge. “It is worth noting that although China, India, and other countries or regions in the world (such as New York State) have adopted strong stances and regulations on cryptocurrencies, the market is still growing and developing.” Pierce said.

Encryption masters have something to say

The Wolf of Wall Street, podcast host, investor and writer: Scott Melker

Scott Melker, a well-known cryptocurrency advocate, is not only a long-term cryptocurrency holder, but also often studies its models in his podcasts and investments. However, as a realist, Melker also acknowledged the inherent volatility of cryptocurrency in the interview.

“Cryptocurrency is an emerging asset class with high volatility. In view of this, investors must understand the risks that may be brought about by the huge fluctuations of this type of investment portfolio. For non-professional investors, if you do not understand investment Risks, perhaps we should choose traditional assets with slower returns instead of trying to trade cryptocurrencies. We should look at crypto assets from a long-term development perspective and treat them as a decades-long investment project.” Melker said.

However, Melker believes that such volatility will not change the long-term value of Bitcoin as an asset. “Bitcoin has the potential to change the world. From a mathematical point of view, it is scarce. It is a perfect hedge against inflation and abuse of monetary policy. It is also a means of exchange and a store of value for long-tail users that cannot be covered by the traditional financial system. The price and value of Bitcoin are different, especially when the traditional system fails. Cash is used for consumption, while Bitcoin is used for savings.” Melker said.

CryptoFinally: Rachel Siegel

In the interview, Siegel’s frankness is refreshing. After all, not everyone can always HODL (hold, generally refers to long-term investment strategies that don’t care about short-term market). “If you make a profit, it means you haven’t kept it. It is important to make wise decisions for yourself. The crypto market will not keep rising. Don’t be too addicted to Hopium (narcotic hope), otherwise you may lose money.” Siegel Say.

But in Siegel’s view, it is only a matter of time before people from other parts of the world catch up with Bitcoin believers. “The adoption of cryptocurrency is inevitable. I can’t imagine a world without Bitcoin and blockchain technology. It is only a matter of time before others catch up.” Siegal said.

Chief Operating Officer of Sheesha Finance: Benjamin Leff

Benjamin Leff, chief operating officer of Sheesha Finance, believes that FUD emotions can be properly handled through some simple rules. “Before cryptocurrencies, there were emotions such as fear, uncertainty, and doubt in the market, but this is not a bad thing… Regarding this, I have two suggestions: The first suggestion is simple, that is, do your own research, and Not DYOR, and learn and explore together with people you believe, truly trust, help and support each other. The second suggestion is not to make decisions before going to bed. Don’t think too much before going to bed, so that you can The brain returned to a brand new state the next day and made the right decisions.” Leff said.

All in all, Leff believes in the power of blockchain technology that underpins cryptocurrency. “Bitcoin is the most decentralized cryptocurrency in the world. It can be seen that if you want to stop Bitcoin transactions, you need to shut down the entire Internet. This is impossible… Bitcoin is volatile because it is a kind of The market is completely unrelated assets, but the Bitcoin infrastructure blockchain has been very stable since its birth 12 years ago, and has never been hacked, destroyed or negatively affected in any way.” Leff said.

Decred.org International Business Leader: Jonathan Zeppettini

Zeppettini stated that investors should not be easily influenced by media reports on Bitcoin. “Investment is an everyone-to-everyone war. When big players want to buy, they will get rid of their weak hands in the 24-hour news cycle. Forced to ship)… If you lack a sense of faith, it is easy to shake and sell.” Zeppettini said.

Zeppettini believes that the power of Bitcoin can change the unfair competitive environment of traditional finance. Zeppettini said: “Encryption technology provides us with an opportunity to replace very easily manipulated systems with clear rules, and will not favor any stakeholders.”

Coinme CEO and Co-founder: Neil Bergquist

Bergquist emphasized that Bitcoin is still in its early stages, but we have seen this pattern in the development of other assets. “Bitcoin is still in its early stages. Many assets have periods of volatility, such as when gold was officially decoupled from the financial system in the 1970s. The more value it increases, the greater its volatility. Bitcoin is in a similar stage. , That is, there are obvious rises and falls.” Bergquist said.

Bergquist believes that Bitcoin’s short-term fluctuations can be resolved through a long-term perspective. “From a long-term perspective, if someone wants to buy Bitcoin as a store of value, then when to buy is the right time. Looking back at each year’s market lows, Bitcoin has only one year lower lows than the previous year The market value of the asset will continue to grow due to the fixed supply of Bitcoin and the increase in global adoption rate.” Bergquist said.

CEO and founder of Apifiny: Haohan

Haohan believes that the main problem facing Bitcoin is regulation. “Because cryptocurrency is still at a relatively early stage, regulatory uncertainty will affect the development of the industry and the value of encrypted assets.” Haohan said.

However, he believes in the market’s demand for cryptocurrency and the control it can provide investors. “In addition to faster clearing and settlement speeds than all legal currencies in the world, cryptocurrencies also give individuals more control over their own finances. As the number of times institutions let people down increases, people will increasingly want to have this The right to control.” Haohan said.

Founder and managing partner of Future Perfect Ventures: Jalak Jobanputra

Jobanputra believes that investors should not pay too much attention to negative news. “In the past 8 years, we have seen a lot of news reports about the death of Bitcoin, and most of them are based on incomplete information. The difference between the development of cryptocurrency and other major technological and financial model changes is Now, the information shared instantly is rarely verified.” Jobanputra said.

In the final analysis, to believe in the future of cryptocurrency is to believe in the capabilities of the relevant personnel and the technological power they create. “The development and adoption of encryption technology is faster than we thought 8 to 10 years ago. The reason why countries try to ban Bitcoin is because Bitcoin poses a threat to its power, but whenever a country restricts mining or use With Bitcoin, ten countries will embrace this technology, and talent and dollars will follow.” Jobanputra said.

Dawn is coming

It is always the darkest before dawn, but we really cannot be sure when it will arrive.

Earlier, the infrastructure plan announced by US President Biden helped boost cryptocurrency and traditional markets. Recently, the good news about Bitcoin seems to extend far beyond blockchain innovation centers like the United States, including Venezuela, which is considering following the example of El Salvador and using Bitcoin as its national currency.

Perhaps this short-term decline is precisely the opportunity for innovation in areas that desperately need Bitcoin to provide solutions-providing financial services to people without bank accounts, providing services to more people in the world, and ultimately People of all socio-economic backgrounds create a better life.

The current volatility may be something that some investors don’t want to see, but from a security perspective, this wave of market volatility may be seen as a positive growth period in the later period.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/bitcoin-should-hold-or-leave-look-at-what-the-big-guys-in-the-circle-say/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

Like (0)
Donate Buy me a coffee Buy me a coffee
Previous 2021-07-05 03:22
Next 2021-07-05 03:24

Related articles