With a whopping $70 billion gone off the table which resulted in a 33% slump in total market capitalization, confidence is crypto markets is super low as everyone is trying to find a bottom. While investors and traders are dumping coins and token across the board, crypto enthusiasts and propagators are asking investors to stay in the game as the long-term outlook still stays positive.
Long-term play is still pretty healthy for cryptocurrencies- say crypto experts
Its been over a week now that Bitcoin and other cryptocurrencies broke their multi-month stability and nosedived over 33 % to bring the bears in command. This downpour has also shattered the confidence of many investors and traders who were expecting markets to spike up after a slow year.
But crypto enthusiasts, propagators and the ones who have skin in crypto business are still pretty bullish and are asking investors to have patience as the future of blockchain and cryptocurrencies has just begun to unfold.
Bobby Lee, Co-founder of BTCChina & YourBTCC, Creator of BTCC Mobi and Board Member at the BTC Foundation; tweeted comparing Bitcoin to Gold. According to him Bitcoin has a lot of potential and believes in the long term, Bitcoin will be worth more than Gold.
In this bear market for #Bitcoin, it's worth reminding everyone that $BTC is still only one-hundredth of the value of #Gold: $80 billion vs $8 trillion.
Gold is worth 100 times more than Bitcoin today!
What will the ratio be in 10-20 years?
Will it flip, with Bitcoin worth more? pic.twitter.com/VIpzIDKfo0
— Bobby Lee (@bobbyclee) November 20, 2018
Joseph Young also echoed the same similar sentiment and said even after the downfall, people who invested in Bitcoin in Q1 of 2017 is still up 2X to 4X. He ended his tweet by saying Patience is key in investing in any emerging asset class
Anyone who invested in Bitcoin in the 1st quarter of 2017 is still up 2x to 4x in a period of 2 years.
Yes, BTC is down 77% from its ATH and it could hit 80%+ but it's also up 340% since last year
Patience is key in investing in any emerging asset classhttps://t.co/dFaZ3igHvQ
— Joseph Young (@iamjosephyoung) November 21, 2018
Joseph tweet was a reply to Mike Dudas, who is a founder and CEO at the Block and is one of the early investors in Bitcoin. Dudas had tweeted that despite the drop-in prices his investment was still up by 40 x. Dudas also added that he is still confident on Bitcoin believes it is a wonderful invention that brings together technology and money
I’m up 40x on my long term $BTC investment and as confident as I’ve ever been in the future of this incredible invention that blends the best of money and technology.
— Mike Dudas (@mdudas) November 20, 2018
Chris Burnskie, the famous author of the book titled “Cryptoassets: The Innovative Investor’s Guide to Bitcoin and Beyond” also gave his view on the bear market. He tweeted that “Bear markets strengthen the survivors. It’s okay to feel sick through the process, it’s these depths that later give strength.
2/ But don't get paralyzed by any sickness or anxiety you may feel — be aware of it, acknowledge it, then go back to your fundamentals (ie, buidling, analyzing, investing, etc) with sharpened focus.
— Chris Burniske (@cburniske) November 19, 2018
With so much of development happening on the ground and the way Bitcoin and other cryptos are progressing, this meltdown looks temporary in nature and definitely investors will see a bounce back- at least this what these crypto stalwarts believe.
What is your view on the future of cryptocurrencies and blockchain? Do let us know your views on the same.
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Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.