Unless you live under a rock, you must have heard how Bitcoin has been constantly falling in price since the last few days. As I write this, Bitcoin is worth an all time low this year being worth USD 4393.01! Also here I am ready to plunge deeper into the crypto world and put a good amount of my money in Bitcoin as I see it fall.
Here is why:
- Since October 14th, Bitcoin saw a ‘dramatic’ fall in price, which was not so bad in all honesty. The fall was quite gradual and we saw some attempted bounce-backs. Clearly it is an asset value fluctuation that is very normal and does not mean Bitcoin will crash!
- One of the primary reasons behind the fall of Bitcoin price is the mess of Bitcoin Cash, so first bitcoin is not bitcoin cash!
- Second, the crypto sphere is dampened because Bitcoin Cash decided to fork two-way into SV and ABC chain due to some differences between which direction the hard fork should take. This whole thing came out to be as messy as one could expect, and the hard fork mess is still not clear. However, this mess will end at some point, and the crypto sphere will then be clear.
- First hand experience: I work with a multicurrency fiat-gold-crypto credit and payment platform called GoodX Finance Network that gives users access to borderless banking, European IBAN and credit card linked to multiple assets (so you can spend in crypto) and crypto-backed instant loans! I love the idea of a banking alternative for expats and crypto enthusiasts like myself, and I joined GoodX believing in the concept of cryptocurrency being as good an asset as gold or fiat currencies, and seeing the immensely positive response from the market for my company’s product, I am more sure than ever before that crypto believers are true and loyal.
So even though Bitcoin tumbled more than 7.5%, I know that the last time it was at less than $4500 it took a bull run and hit a major peak. I won’t be surprised if I see a further drop in the next few weeks, however, the upcoming bull run is real! Several catalysts lay ahead, starting from early December when ICE launches Bakkt, and its only a matter of time until one of the trigger works.
So even if you think I am an idiot for putting my money into Bitcoin right now (and we’ll see about that!), you have to be smart enough to admit that all the resistance Bitcoin has shown, and more than that the resistance altcoins have shown so far, only go on to prove one thing: whether BTC hits $3,000 or $10,000, as long as the infrastructure of the cryptocurrency market continues to grow at a rapid rate, the institutional investors will only pour in more money than ever before — so it will never crash, and I will never lose my money.