If you’re still holding cryptocurrencies at this time, you’re a true believer. Since the 2017 bull run that took the price of BTC all the way to $19,500 came to an end, the price of cryptocurrencies have been on a steady decline. The sell-off has been major. Investors are dumping and trying to save what is left of their capital. At the same time, there are those who still refused to sell because they believe a bull rally is on the way. It is this set of people that cryptocurrency whale, Mike Novogratz offered a sound warning.
Mike Novogratz Warns Believers
Ever since the inception of the industry, there have been those who believe that cryptocurrencies are going to revolutionize the traditional financial sector. Going beyond the financial sector, blockchain technology, the brain behind cryptocurrencies, has the potential to change the way society works for the better. Yes, most people have established that a revolution is coming. However, it isn’t clear when and how this revolution will take place. No one knows how long it will take or if it will come at all. Novogratz believes that the revolution isn’t an excuse to keep holding in a dying market. In his words:
“No revolution happens overnight. I believe in cryptocurrencies and the underlying blockchain technology but when the market crashes unrealistically, I sell. Many people I know in the industry refused to let go of their coins. They kept saying cryptocurrencies are going to change the world.”
After the price of BTC fell below the $10,000, it eventually started correcting lower until it settled around $6,000. For up to three months, there was relative stability in the market. BTC recorded low levels of volatility and investors believed that this was a sign that the market is maturing. He continued:
“I thought that BTC was going to hold $6,200 because it was there for about 4 months. I felt like the selling pressure had ended. But when the BCH fork happened, everything went sideways. I still believe Bitcoin is going to bounce back and become digital gold. We have an investment we believe can break next year. There is plenty of cash to run the business and make money. We have cash to run the business long-term. I have been telling my guys that we are preparing for the next wave. When the next bullish wave comes, we would be the Laird Hamilton of cryptocurrency”.
Bitcoin (BTC) Price Today – BTC / USD
Even if some speculators and anti-crypto people have said that Bitcoin has reached its end, there are many, who like Novogratz, believe that the industry is not going to die due to the recent events. A Harvard University professor of economics, Kenneth Rogoff, had this to say about the industry:
“We should not be surprised by the price declined the industry faced this year. Even if coins are low, they aren’t zero. This means there is still hope.”
Bitcoin (BTC) Price Analysis
Right now, BTC is trading at $3,501.12 USD. It is up by 1.95% against the USD with a trading volume of $4,634,740,647 and a market capitalization of $60,985,846,717.