Crypto Savant Joseph Young Talks Bitcoin (BTC) And Altcoin Trading Strategy
The cryptocurrency market is still waiting for institutional investors to place their funds in the space. However, it seems that they are waiting for more regulations and the intervention of the U.S. Securities and Exchange Commission (SEC).
Joseph Young, an important and known Bitcoin investor, said that he noticed a pattern in which most of the traders end up with less Bitcoin than when they started. Indeed, most of the virtual currency investors entered the market because of the high returns they can make in a very short period of time.
Mr. Young described a pattern in which users bought Bitcoin, then they moved into a token/BTC pair and made a 10% profit. After it, as users see that they were able to register important gains, they invest in more tokens. Unfortunately, things are not so positive, and they lose 10%. Trying to recover their losses they even lose more BTC.
The conclusion is that they end up with less Bitcoin than when they started.
This pattern is repeated by other investors that try to make the same strategy, but most of them end up with less Bitcoin.
Some experts think that there are some users that get attached to a specific virtual currency, leading to their downfall without being able to change strategy.
Beginner investors do lack the experience needed to be part of the market. This is why, they move to the virtual currency that is being hyped and end up losing their funds.
What Joseph Young says is related with what Litecoin’s founder, Charlie Lee believes. Back in July, he tweeted that investors should own at least 1 BTC. Before it, they should not invest in other virtual currencies.
There will be at most 21 million bitcoins in existence. There isn't even enough BTC to go around for EVERY millionaire to own one. So before you buy any other coin (LTC included), try to own at least 1 BTC first. 🥅
Once you have 1 BTC, buy all the shitcoins you want! 😂 pic.twitter.com/bc3xKKGB0m
— Charlie Lee [LTC⚡] (@SatoshiLite) July 17, 2018