Prominent Forbes Journalist Who Bought BTC at $14 Says Not to Fear Bitcoin’s Volatility
The Experience of a Forbes Journalist that Bought Bitcoin for $14: Don’t Be Afraid of Volatility
There are different kinds of investors: those that are afraid of volatility and others that see on it a trading opportunity. But Bitcoin is clearly becoming very popular for investors of all kinds.
Jeffrey Tucker is an experienced economic researcher and editor at Forbes. And indeed, some years ago, he decided to buy Bitcoin for $14 dollars and try this new technology that was just starting to grow.
He explains that his interest for bitcoin was intellectual since he was always fascinated with money as a topic. And indeed, learning about a new alternative to money was very attracting for such an expert in economic and financial topics.
Mr. Tucker started to talk about cryptocurrency adoption before other individuals and experts in the field. However, he had several critics. When the price of the famous virtual currency increased, critics said that he was ‘blowing the bubble.’
He commented about Bitcoin:
“I was mistaken for being a stock picker of sorts, not because of anything I wrote but because many people are too intellectually dim to imagine that a financial technology can be admired for its architectural beauty completely independent of its price.”
As he entered the market in 2013, he experienced several hard drops and bear markets. He advises people to think about the long term and forget about the price. And indeed, nowadays, these words are still spreading around the internet. However, back in 2014, the price fell from $1,150 to just $200 dollars. Now Bitcoin is being traded close to $6,500 dollars, a big difference in price.
Moreover, Tucker believes that price is not the real point of virtual currencies. Indeed, their value is not based on their price, but in their functionalities. Their utility is much more than their price volatility.
He then says that investors should always think in the long term, in periods of time of 5, 10 and 20 years. Bitcoin grows and falls, but the overall trend is positive.
It is clear that 2018 was not a good year for Bitcoin in terms of price. The same happened with other virtual currencies such as Ethereum (ETH) that lost over 80% of their price since their all time high. But he says that humans are use to think in terms of trends without focusing in the big picture (the long term).
Several experts in cryptocurrencies are very bullish about the future and what the market has prepared for most of the investors.