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Cryptocurrency : Chicken Soup for the Bitcoin Soul

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Some sensible advice from Tim Draper, Brock Pierce, and other crypto leaders.

It’s a great week for Bitcoin enthusiasts living in El Salvador. For the rest of us, the week has been “meh” at best.

According to a tweet from Documenting Bitcoin, El Salvador President Nayib Bukele promised to deliver $ 30 worth of Bitcoin to every registered El Salvador citizen, adding: “The wallet app will work anywhere with a cellular connection, and will not have that having a cell phone plans to use the application. ”

According to ., Bukele said in a national speech that the recent law making Bitcoin legal tender will go into effect on September 7.

And in all the other places that are not giving Bitcoin to everyone? A little bit of going back to Earth, but it’s a great relief to be happy for others.

Some sensible advice on Bitcoin

Bitcoin, of course, briefly touched $ 35,000 this week, still a far cry from the sweet days in April when it topped $ 65,000.

For the last week or two, there has been some notable sadness around the cryptosphere. As we know, the perspective of a decentralized currency and the value of Bitcoin is specifically based on the belief and positive participation of community members. In other words, getting discouraged is literally bad for Bitcoin.

So for all of you watching and wondering when this slide will end, when the march toward $ 100,000 will begin again, here’s a reason to believe balancing your Fear of Missing Out (FOMO) and a valuable but certainly less attractive caveat: to balance your fear, uncertainty and doubt (FUD).

Note that we asked all respondents for both: there are flaws in all systems and informed investors need to understand both parts. Self-examination and criticism are essential for a strong community of any kind, including the crypto community.

To get you started, here are comments from billionaire investor, entrepreneur, and prominent Bitcoin advocate, Tim Draper.

Draper’s comments indicate that the only thing we have to fear from Bitcoin is its lack. There really isn’t any FUD there.

CAUTION: “Bitcoin will ultimately be the currency the retailer wants, so you better have something. The switch from fiat currency to bitcoin will be quick as word spreads that the retailer can save 2-4% using OpenNode, ”said Draper.

Draper recently announced his investment in the Bitcoin payment processing platform, OpenNode. Draper has also recently confirmed his expectation for Bitcoin to hit $ 100,000 in 2021.

BELIEVE: “Bitcoin represents both TRUST and FREEDOM, the two cornerstones of any successful economy. Trust that you no longer have to trust your existing banks or politicians, knowing that there are only 21 million of them out there. And Freedom in the sense that Bitcoin is open, transparent and can be used anywhere in the world, ”said Draper.

Brock Pierce, president of the Bitcoin Foundation, was equally positive with his cautionary advice.

CAUTION: “The beautiful thing about Bitcoin and the Cryptocurrency markets is that they are becoming more and more robust over time. They are able to withstand criticism and take on all the different events that happen from technological and regulatory situations that arise, ”said Pierce.

From Pierce’s perspective, Bitcoin has shown that it can withstand challenges.

BELIEVE: “It is important to remember that China, India and other countries in the world, even places like New York State, have come out with strong positions and regulations against cryptocurrencies at different points, and yet the market continues to grow and evolve. Pierce said.

Smarter advice from crypto leaders

Crypto influencer Scott Melker takes a long-term approach to cryptocurrencies and studies patterns in his podcast and investment. However, Melker is realistic and his comments acknowledged the volatility inherent in cryptocurrencies.

CAUTION: “Cryptocurrencies are a fledgling asset class with high volatility. With that in mind, it is important to understand that there will be massive changes in the value of your portfolio and that you should probably focus on investing slowly and not trying to trade crypto unless you are a professional. It should be approached through a long-term lens as an investment for decades to come, ”said Melker.

However, volatility does not change the long-term value that Melker sees in Bitcoin as an asset.

BELIEVE: “Bitcoin has the potential to change the world. It is mathematically scarce and it is the perfect hedge against inflation and abusive monetary policy and it is also a medium of exchange and a store of value for those who have been left behind by legacy systems or have no access to them in the first place. The price of Bitcoin and the value of Bitcoin are not the same, especially if the legacy systems fail. Cash is for spending, Bitcoin is for saving, ”said Melker.

Siegel was refreshingly blunt: After all, not all HODLs do it all the time.

CAUTION: “I take profit. Yes, that means no HODL everything. Making smart decisions for yourself is important, and the cryptocurrency market won’t always grow. It’s important not to get too sucked into the hopium, it’s possible to lose money, ”Siegel said.

But for Siegel, it’s only a matter of time before the rest of the world catches up with the Bitcoin believers.

CREA: “Cryptocurrency adoption is inevitable. I don’t see a world without Bitcoin and blockchain technology, it’s just a matter of time before everyone else catches up, ”Siegal said.

Benjamin Leff, COO of Sheesha Finance, believes there are simple guidelines to handle any trace of FUD in your thinking.

CAUTION: “Fear, uncertainty and doubt have been around long before crypto, but the principles are true … two tips on this, the first is the easy answer, always do your own research (DYOR) and ask questions in groups / with the people you want “. We truly believe that they are there to help and support each other. My second advice is that you always, always sleep on a decision. Getting a good night’s rest and not thinking about it before bed gives your mind time to process everything and reset itself to a fresh state for the next day, ”Leff said.

Ultimately, Leff believes in the strength of the blockchain technology that underpins cryptocurrency.

CREA: “Bitcoin is the most decentralized cryptocurrency in the world. At this point, stopping bitcoin transactions would require shutting down the entire internet; it’s just not possible … the price of bitcoin is volatile and frankly it should be, considering that it is a completely uncorrelated asset of all traditional markets. However, the infrastructure on which bitcoin, the blockchain, was built is non-volatile and has never been hacked, damaged or in any way negatively affected since its inception twelve years ago, ”Leff said.

Zeppettini warned against investors being too swayed by media talk about Bitcoin.

“CAUTION: Investing is a war of all against all, the 24 hour news cycle is used to shake the weak hands when the big players want to buy… It is very easy to get rid of your money if you do not have conviction and let easily influence. Zeppettini said.

He believes in the power of Bitcoin to level the uneven playing field of traditional finance.

“CREA: Crypto offers us the opportunity to replace a highly manipulated system with something that has clearly defined rules and does not play the favorites of those with the best connections,” Zeppettini said.

Bergquist reminded us in his comments that Bitcoin is in its infancy, but that we have seen this pattern before with other assets.

CAUTION: “Bitcoin is still in its infancy. Many assets have periods of volatility, like gold in the 1970s when it was formally disconnected from the financial system. The more its value increased, the more volatile it was. Bitcoin is in a similar phase, with significant ups and downs, “said Bergquist.

Bergquist believes that the short-term volatility of Bitcoin can be addressed by taking a long-term perspective.

BELIEVE: “If someone is looking to buy Bitcoin as a store of value, it is not a bad time to buy if they have a long-term perspective. Looking back at the lowest point in the market each year, Bitcoin has shown consistent positive growth – there is only one year with a lower low than the previous year. As a result of the fixed supply of Bitcoin combined with increasing global adoption, the asset’s value has continued to increase in value in USD, ”said Bergquist.

For Xu, Bitcoin’s main concern is regulatory.

CAUTION: “Because cryptocurrencies are still in a relatively infant phase, regulatory uncertainties may affect the growth of the industry and the value of crypto assets,” Xu said.

However, it relies on the demand for cryptocurrencies and the control they offer the investor.

BELIEVE: “In addition to the fact that cryptocurrencies settle and settle faster than all fiat currencies in the world, cryptocurrencies offer much more control over personal finances, which people will want more and more as institutions begin to fail. to people more often, ”Xu said.

Jobanputra cautioned that investors should not worry about negative headlines.

CAUTION: “We have seen hundreds of Bitcoin is Dead news in the last 8 years and most are based on incomplete information. The difference between crypto development and other major technological and financial paradigm shifts is that information is now instantly shared and rarely verified, ”Jobanputra said.

Ultimately, believing in the future of cryptocurrencies is believing in the talents of the people involved and the strength of the technology they have created.

CREA: “The development and adoption of cryptocurrencies has happened faster than we could have imagined 8 or 10 years ago. Countries only attempt to ban Bitcoin when it becomes a threat to their power, but for every country that restricts mining or use, ten more countries will embrace the technology to the point where talent and dollars will follow, ”Jobanputra said.

Resume

It’s always darkest before sunrise, but we can’t really be sure when that sunrise will come.

The announcement of President Biden’s infrastructure plan helped boost both the crypto and traditional markets this week. Lately, the best news about Bitcoin seems to be a long way from blockchain innovation centers like the US, including Venezuela, which is considering following the lead of El Salvador in adopting Bitcoin as a national currency.

Perhaps this temporary drop is an opportunity for innovation in parts of the world that are in dire need of the solutions that Bitcoin can provide: bringing access to financial services to the unbanked, serving a larger portion of the world’s population, and in Ultimately creating a better life for people of all socioeconomic backgrounds.

It may not be the silver lining that some investors are hoping for, but with a bit of luck maybe this time it will look like a positive period of growth, viewed from a safe distance.

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