No; Price doesn’t matter currently
Should investors worry about the daily fluctuations that occur in Bitcoin?
Whether its’ clients calls, crypto twitter, or water cooler talk in the office everybody has an opinion on the price (in dollars) of Bitcoin. A few clients frantically called me yesterday nervous about the 20% market drawdown that occurred.
“Why is it going down?”
“What news did I miss?”
“How is this happening?”
I had the same question for everyone.
“Did your Bitcoin balance change?”
Everyone’s reply was the same.
”Well no…”
Focus on your day, your family, happiness, and NOT the price of Bitcoin. Easier said than done I know, but for the sake of your sanity, you should. Bitcoin is very young as an asset class. Your investment horizon should be a long term not just greedy, short term gains. Apple just introduced the iPhone 11; that means the iPhone as an invention is older than Bitcoin. Instead of focusing on the daily price I choose to look at the underlying VERY POSITIVE fundamentals thus when this tweetstorm ran across my tweet deck I thought it was too good not to share. Hans is a Senior Quantitative Researcher and lays out some great data below.
As you can see many of the fundamentals surrounding Bitcoin are stronger than ever…
365 daily moving average of the number of transactions has increased
Hash Rate is at an all-time high
The inflation rate is decreasing
Developers are still fine-tuning Bitcoin’s code
In addition, wallets created are at a all-time high
PRICE does not equal VALUE every day. In my opinion, the Bitcoin network is grossly undervalued as this will be realized over time. As I told a client it’s not a matter of IF but WHEN.
Onwards & upwards!
Bly 🏁
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🏁Final Thought🏁
October and the greatest month in sports is almost here…Bring it on!
📰What happening; News that Matters📰
Bittrex Deploys Chainalysis Compliance Solution on Exchange
Venezuelan Central Bank to Rule on Whether Cryptocurrency Holding Count As Foreign Reserves
BitPay Announces Partnership With Free Market to Enable Payment for Living Expenses Using Bitcoin
US House of Representatives Passes Bill Requiring FinCEN to Study Blockchain Applications for Law Enforcement
Bitcoin Payments Startup Fold Secures $2.5 Million in Seed Round
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Disclaimer: None of the content in this newsletter is meant to be financial advice. Please do your own due diligence before taking any action related to content within this article, and yes I am personally invested.