It is tough to be Bitcoin investor as these are the testing times. People will come to you with many questions as to why you are believing in a currency which has virtually no existence. Additionally, there are critics who keep coming up with the equations of Bubble. These can be said to be times that try out one's soul.
The prices of Bitcoin saw a steep decline especially after surging to the value of $20,000 in December last year when the Bitcoin futures contract was introduced in CBOE and CME exchanges. In a matter of a month, the world's leading cryptocurrency has lost more than half of its value, plunging to as low as $7,614 USD on some exchanges on Friday.
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In recent times- sceptics like Jamie Dimon and Nouriel Roubini have described bitcoin as bubble and those who have swept in the bitcoin mania seem to have lost millions of dollars now as the signs of deflating began. The latecomers who have not been able to understand the calculations of the cryptocurrency are said to be selling with "weak hands". We can contrast these investors with the views of early advocates who have promised and pledged upon holding or HODL. The frenzied trader's supplication to hold onto the tokens during an immature retreat period has become the pundit mantra of the Bitcoin purists.
Bitcoin rose to the consciousness of the mainstream when last year the retail investors propped in with FOMO- fear of missing out after viewing that Bitcoin futures contract has found an endorsement from the leading and regulated exchanges around the world. You can witness the graph from October to November where novice investors jumped in and Bitcoin shot above $10,000, then $15,000 and at the end of December near Christmas, it shot to $20,000 in a matter of few weeks.Analysts had warned before
Some of the supporters and bitcoin analysts had warned way back that the prices are the result of the euphoria around the currency and ...