The co-founder of Blockchain, Nicolas Cary recently stated that the reports that Bitcoin would go bust have been wrong for the past 7 years. During these past 7 years, many people have predicted that Bitcoin is a bubble which is about to burst. However, after every fall Bitcoin has risen once again.
Lack of understanding:
According to him, the lack of understanding is what is prompting a lot of people to think that Bitcoin will not survive. The truth is that Bitcoin will survive. In the past as well, it has experienced more drastic drops and after that, it has risen manifold. This is the reason why many cryptocurrency enthusiasts, as well as experts, think that it will rise once again.
Also, the co-founder of blockchain believes that the scarcity of Bitcoin is what will propel it once again higher as well. This is the reason why it will rise once again. Also, as the number of Bitcoin’s which can be mined or which can exist are pretty limited. It will rise once again.
Recently, from the bottom, it has risen significantly. Currently, it is trading around $ 9000. It all went all the way down to $ 5500. From those levels, it has been rising consistently. In the past 24 hours, it is up by 6%.
This is the reason why many experts believe that the bottom has already been made. If indeed, it is able to defend these levels, it will become easier for the Bitcoin, as well as other cryptocurrencies, to rise once again. This is the reason why many people think that these levels are great for investing.
Similarly, some of the other cryptocurrencies are rising consistently as well. When you look at Litecoin as well as Ethereum, they have risen from the recently made bottoms as well. This is the reason why not just Bitcoin but other cryptocurrencies also seem to be increasing. At the same point in time, it is important to understand that Bitcoin can actually climb further as it is a pioneer when it comes to cryptocurrencies.
Whenever it comes to media coverage among cryptocurrencies, Bitcoin gets the highest media coverage as well. This is another reason why it is able to gain such a lot of momentum as well. You need to keep these few factors in mind before taking a call on Bitcoin. For now, however, it seems that as long as investors are willing to wait, Bitcoin can rise significantly.
David is passionate about learning cryptography, tech and the Internet. He has years of experience working at international investment projects. Growing interested in Blockchain and cryptocurrencies in late 2015, he joined Smartereum as an editor.