Bitcoin, Bitcoin, Bitcoin
, probably one of the most searched for words on Google
Today, the value of the coin is down once again, down by almost 6% to a value of $7561, concerning when you consider that in December it hit $19,000.
Since I wrote the first sentence, I thought it would be interesting to see how the word Bitcoin is trending on Google. I was wrong, it’s actually far less searched for now than it has been for nearly a year - https://trends.google.com/trends/explore?q=bitcoin
Oh well, you see my point though.
In the midst of the drama surrounding Bitcoin and the impending doom of further crashes, leading Data Scientist Thomas Lee has spoken out with a message of reassurance to Bitcoin investors. This follows a level of optimism that is echoing around the industries experts stating that investors need to hold on, values will be up soon and when they go up, all hell will break loose.
Lee is a former strategist for Wall Street so does speak with good authority. As the founder of Fundstrat, he’s also meticulously researching the area therefore his latest message comes with a reassuring amount of references and reinforcement.
In an interview with CNBC, Lee has said:
"Long-time holders are worried because they have big gains and they're worried about falling prices. But bitcoin is a great store value. It works really well. It's kind of boring, because it's not the latest and most exciting project. But it also is one of the most liquid ways to get exposure to crypto.”
Earlier this month, Lee was also quoted stating that he believes Bitcoin will reach $91,000 by the end of 2020, significantly higher than its current standing.
His current advice is to HODL, ride out the wave because when it’s finished, things are going to sky rocket, if Bitcoin does reach $91,000 then it is going to the moon and back, perhaps literally.
This sentiment has been echoed very recently by Bill Barhydt, CEO of Abra, the American Express backed cryptocurrency
wallet. He believes we are in the midst of a market boom which will see the markets flourish.
The message to take home here is that despite the pessimistic outlook, the experts see a big expansion on the horizon. I guess the saying ‘good things come to those who wait’ became a saying for just that reason. For now, we will have to wait and see.
Featured Image Source: Pixabay