SURVIVAL MODE: Bitcoin Gets BULLIED – Sharp Decline!
Bitcoin is under pressure and everybody’s trying to call the bottom. Some investors, hoping for a repeat of 2017, bought near the top and wonder how much further Bitcoin has to fall – and whether we’ll ever see all-time highs again.
We’ve already seen this type of forecast:
McAfee has good reasons to be long-term bullish on Bitcoin. With a hard cap of 21,000,000 Bitcoins and 17,000,000 of them already mined, the limited supply practically guarantees that the value of each Bitcoin will go up over time.
Furthermore, each new Bitcoin becomes more difficult to mine than the previous one – again, causing the price to go up with each newly mined Bitcoin.
Meanwhile, billionaire venture-capital investor and Bitcoin super-bull Tim Draper has a less sensationalistic, yet optimistic outlook on Bitcoin:
For Draper, as for McAfee, the value of Bitcoin is destined to rise while the U.S. dollar, which is susceptible to devaluation through inflationary forces, is bound to approach zero eventually.
Indeed, as Tim Draper sees it, “I am more confident in my Bitcoin than I am in the U.S. dollars in Wells Fargo.”
Draper also brings up an excellent point about Bitcoin, which I totally agree with: it’s based on blockchain technology, which is in the process of changing the course of history. In Draper’s words: “This is the beginning of something that’s bigger than the Internet ever was… It encompasses commerce and banking and insurance and real estate. More broadly, medicine and healthcare are going to change because of smart contracts.”
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That’s why Bitcoin is here to stay, and all dips should be bought, according to Tim Draper.
One incredible and irrefutable fact is that buying the previous big dips in Bitcoin and holding on has always worked. A timeline of large Bitcoin corrections shows that we’ve recovered from deeper contractions than the one we’re currently in:
The Bitcoin crash in 2011 makes the current correction seem like child’s play. In half a year’s time, Bitcoin shed 94% of its value in dollars, from $32 to $2 after a hacker managed to transfer a large number of Bitcoins from Mt. Gox (the most popular cryptocurrency exchange at that time) to his own account.
Investors, who had the foresight to stay the course and hold their coins, were richly rewarded in the long run.
It’s easier to stay the course in 2018 and 2019 when we appreciate how new the technology is – and the fact that there are going to be bumps in the road as new technologies work through their growing pains.
Even today’s technologies that we take for granted, like the Internet and smartphones, had to deal with major bouts of resistance in the beginning.
As for a broader implementation of blockchain technology, Sberbank’s CEO, Herman Gref, specified the time frame as being one to two years away. Thus, “the hype around the technology is now over, and the technology is entering the stage of industrial development. It needs a year or two to be implemented at the industrial scale.”
Gref also opined that, due to the “immaturity of the technology,” global markets are “not yet ready” for the large-scale commercial adoption of the blockchain, which Pure Blockchain Wealth has been saying for a long time.
Clearly, this is not to discredit blockchain technology, but is merely Gref’s way of highlighting the huge expansion potential for a relatively new technological breakthrough.
Fundstrat’s Rob Sluymer sees that this dip has pushed the crypto markets into a “deeply oversold” area from which it will take “weeks, if not months” to rebound.
However, Sluymer allows for the possibility of “a multi-month rally” when Bitcoin does recover from its recent decline in price.
And that’s the point of looking at the bigger picture; we don’t have to fear the dips when we understand that the blockchain, like other world-changing technologies, will have its ups and downs on the way to mass adoption.
Bear markets are a natural part of any lasting asset class, and Bitcoin will likely reward the faithful, just as it has done many times before.
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This work is based on SEC filings, current events, interviews, corporate press releases and what we’ve learned as financial journalists. It may contain errors and you shouldn’t make any investment decision based solely on what you read here. It’s your money and your responsibility. The information herein is not intended to be personal legal or investment advice and may not be appropriate or applicable for all readers. If personal advice is needed, the services of a qualified legal, investment or tax professional should be sought.Please read our full disclaimer at PureBlockchainWealth.com/