Bitcoin Down 53%? Time to panic or time to be happy?
We’ve got to put this all into perspective when people come panicking and asking if you’ve sold all of your Bitcoin. Just hold, the chart isn’t a lot different than a lot of stocks or commodities. Let’s speak in terms of the chart since May of 2016.
Let’s first look back to May 2016 where it was worth about $423 USD. Is today’s $6974.84 USD so bad?
How about April 20, 2017 whereit was worth $1216 is that so bad compared to today?
The time that makes people nervous is when Bitcoin went on a bullrun around November 1st, 2017 and was worth around $6700 USD to an all time high of around $19500 on December 16th. I would expect like with any stock that there will be a digestion period or a pullback.
Am I worried yet? No, unless Bitcoin drops below a year ago’s $1000 why would anyone worry?
Bitcoin on top of that now owns about 50% of the market with this drop so it has shown resiliency and leadership.
It’s not time to panic, it is time to hold steady and wait for the next bull run. At the end of the day government policy can’t stop Bitcoin. There will always be a country where it is legal and exchangeable. If a blanket ban happens people will start trading directly with Bitcoin for other goods. There’s no way people who have invested thousands of dollars in hardware and power will be throwing these coins away or walking away from them.