Even with the multiple attacks on the cryptocurrency industry lately, the losses sustained have not taken them down. Though dwindling values and substantial losses challenge how long this industry will thrive, Brian Kelly encourages consumers not to fret, as “this is not the funeral of Bitcoin.” Here’s a few of the reasons that consumers can take to the bank on why they shouldn’t give in to the naysayers regarding Bitcoin.
First of all, the sudden drop in price isn’t entirely bad. While this drop could signify the loss of interest, it is also an opportunity to purchase more Bitcoin at a discounted rate. As more people contribute, the price will rise again, eventually proving that the drop is temporary. Expressing this sentiment, Kelly said,
“When we start to declare a funeral, and things get really horrible, the sentiment is approaching the lows. So, hopefully, we’ll use that funeral FUD to say, ‘You know what? That was near the lows.’”
Secondly, Kelly credits the change to recent regulations established in Japan, which has caused several restrictions and some confusion, while consumers wait to see what is next. However, the fact that there are new regulations in place shows that Japan is planning for the future of cryptocurrency as a whole. Kelly said,
“That’s actually a good thing. In the short run, it’s going to be a little tough because they’re stopping new accounts from coming in, but actually they’re cleaning up the system. They’re making sure it’s more robust. They’re making sure it’s better for people.”
The final point that Kelly makes regarding this point is the recent news about Mt. Gox’s “Bitcoin Whale,” which should give consumers a sense of promise about what’s to come from the Bitcoin exchange. In Kelly’s quote, he states,
“And then finally there was news today that Mt. Gox is going into rehab, rehabilitation. And they’re going to distribute the rest of the $1 billion worth of bitcoin. But here’s what’s great about that: they’re not going to distribute it until at least Q1 of 2019. Everybody thinks all of a sudden there’s going to be a wave of selling — not happening now.”
With these things in mind, anyone that is looking to pull out of Bitcoin may want to think twice.