Bobby Lee, the CEO of BTCC, a Hong-Kong based Bitcoin exchange which was the second largest exchange in 2014, spoke about Bitcoin is a freedom money, during the Blockchain Cruise conference. During the presentation, the topics covered by him included the reason behind the price value of Bitcoin and the 4 mistakes people do when it comes to Bitcoin [BTC].
Before speaking about the mistakes, Bobby explained why the price value of Bitcoin keeps increasing. According to him, the reason is Bitcoin value does not come from endorsements or from the acceptance or the government regulation. He continued to say that the value comes from the Bitcoin’s inherent failures, limitations, restrictions, and inconvenience of its competitor, fiat money system.
“So the more they [institutions/ governments] squeeze, the more they limit my withdrawals, the more they deflate and have hyperinflation in the currency, the more they scrutinize what I do with my money, the more their money system will go down and the more Bitcoin price will go up.”
This was followed by the CEO speaking about the 4 mistakes which have to be avoided, relating it to his personal experience. The first mistake is the indecisiveness when it comes to buying Bitcoin. Bobby stated that he purchased Bitcoin two years after Charlie Lee, the creator of Litecoin and the Managing Director of Litecoin Foundation, did which is in 2011.
The second mistake is not buying enough Bitcoin. He said that it was a mistake to not buy Bitcoin when it was $0.30 cents, $12 and $100. In addition, Bobby urges people in the cryptocurrency community to buy Bitcoin now, at $6000, if they have made the first mistake.
He continued to say that the third Bitcoin mistake is selling it after a small game [profit]. Here, the CEO is not referring to a profit of 2%, 5%, he is referring to selling BTC at a profit of 30%, 100% and 200%. Bobby said that his friends, whom he recommended to buy Bitcoin, sold their BTCs at $300 and all the people who sell their Bitcoin today will be making this mistake.
The last mistake, according to him, is panic selling. He said:
“And of course, the last one is selling while panic crash. There was a kind of crash yesterday or day before… So don’t think about others, don’t sell when everyone is selling.”
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