Even if bitcoin runs with the steep decline, analysts are confident on it. Lou Kerner, the Cryptocurrency expert is bullish on Bitcoin, says it has “huge value” despite market slumps. At press time, Bitcoin remains on top valuing $4304.04 with the red figure of 0.55 percent during 24 hours.
While discussing at the worldwide exchange about the “latest development in the value of Bitcoin”, he pointed Bitcoin as the “greatest store of value”. Certainly, he compared the value of Bitcoin with the value of gold and said: “it will surpass over time, but it’s not going to happen overnight”.
Despite the red picture of the market, many analysts and players are betting on Bitcoin and its underlying technology. As reported by Coingape, Overstock founder bets on bitcoin’s underlying technology, blockchain which has eventually surged the value of its shares by 66 percent. Addressing the severe volatility, Lou Kerner said;
Nobody likes being down like this but this is part of what investing in crypto is all about.”
On questioning the reason behind bitcoin’s fall by 44 percent since last 12 months, he replied: “it is the excitement”. In his words;
“What’s behind it is the excitement of people who really believe that – you know early people thought it was going to be a new form of cash?
The other reason is that “bitcoin is struggles to evolve” he said.
“It’s a confidence game; people get excited, people get ahead of themselves, people get depressed.
“If you believe in the long-term and if you hold on for dear life, because of the volatility, over any two year period, these people have always been rewarded.”
By joining the positive move, Dr. Saifedean Ammous is also very optimistic about the top cryptocurrency. He viewed bitcoin as a cryptocurrency that allows people to recreate the Gold standard. Mr. Ammous said that Bitcoin will one day “let people reenter to the old, unadulterated version of capitalism.
Do you think Bitcoin will recover before the year end?
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Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com