[Comments] Falling Bitcoin Prices: Reasons to Embrace Volatility and Buy the Bearish with Confidence
By George Prior
The pace of Bitcoin’s price losses has accelerated as it has failed to maintain the upward momentum it experienced after last week’s lightning crash.
But Nigel Green, CEO and founder of the deVere Group, an independent financial advisory firm in asset management, UK. and fintech organizations say it embraces the volatility and “buys with confidence the downside.”
Green says, “It’s been a crazy few days for Bitcoin and other cryptocurrencies that have oscillated between price gains and losses.”
Since the 20% flash crash last weekend – which was sparked by a broader sense of risk that also impacted many areas of the global stock markets – Bitcoin had made small gains over the past few days. .
But he failed to maintain that momentum after failing to exceed $ 50,000.
He continues, “This is an important threshold and failure to secure it will likely scare some traders” and also “However, like many serious crypto investors, I embrace this short-term volatility for gains. longer term.”
“I use the lower prices of Bitcoin and other major cryptocurrencies to top up my wallet. Why? Because, like many large corporations, financial institutions, governments, prestigious universities and investment legends, I believe that digital currencies are the inevitable future of money, ”he said.
Green continues to insist, “In our increasingly technology-driven globalized world, it makes sense to hold digital, borderless and decentralized currencies. “
The boss of deVere is apparently not the only one taking this approach. The third largest holder of Bitcoin added more than $ 150 million in cryptocurrency to its holdings after the flash crash last weekend.
Figures from BitInfoCharts show that the investor has purchased over 3,000 Bitcoins in the past few days.
“Such ‘whales’, which are individuals or entities who hold enough cryptocurrency to have the potential to shift currency valuations, ignore concerns about dips, use them as buying opportunities and focus on long term trends. This approach alone has the power to drive up crypto values, ”says Green.
In conclusion. he says, “Despite the recent turmoil, the trajectory of Bitcoin and other major cryptos is on the rise. I wouldn’t be surprised to see Bitcoin hit $ 100,000 in the first half of 2022.”
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