Glen Goodman, the trader who successfully shorted stocks during the financial crisis of 2008 has now termed Bitcoin and cryptocurrencies a ‘once in a generation’ investor opportunity.
Goodman is famous for his short call of the financial market in which he made about a 100,000 Euros from an investment of only $3000. He also gained massively with cryptocurrencies like Bitcoin [BTC] and Ethereum [ETH].
Bitcoin was launched at around the same time as the financial crisis. According to Goodman, he has compiled years of data from new and emerging markets in his new book, ‘The Crypto-Trader.’ In an excerpt from it, he wrote:
“A multi-billion-dollar market has arisen from nothing in less than a decade. Huge fortunes have been made. Some, of course, have been made and then lost almost as quickly—as with any new market, there are dramatic up and downs—but many more will be made in the future,”
Bitcoin’s rise has often been compared to the day pizza when worth 10,000 BTC was purchased at a Papa John’s in the US on 22nd May 2010. According to the current BTC rate, the pizza is worth $867 million.
Bitcoin [BTC] has risen as a ‘store of value’ challenging age-old gold by adopting the most advanced cryptographic technique in developing a global system of payments. Due to its, exponential rise, it has often been called a dubious financial scheme. However, the people supporting Bitcoin [BTC] and cryptocurrencies have increased massively in the past couple of years as well.
While a lot of predictions around the price of Bitcoin has been made, Goodman has tried to explore the trading strategies that could be implemented in the cryptocurrency market which carries a high risk. He also calls for people to “grab it with both hands.”
Do you think that Bitcoin and cryptocurrency will transform the current financial system? Please share your views with us.
Nivesh from Engineering Background is a full-time Crypto Journalist at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com