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Bitcoin [BTC]’s value will keep increasing because of the failure of fiat, says Bobby Lee

Priya

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Bitcoin [BTC]'s value will keep increasing because of the failure of fiat, says Bobby Lee
Source: Unsplash

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.

Bobby said:

“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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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Analysis

Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market

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Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market
Source: Pixabay

Bitcoin’s much-awaited Golden Cross, which many analysts claimed will lead to a resurgence of a bullish market, has been confirmed. The intersection of the 200-day moving average and 50-day moving average, which indicates the Golden Cross, was achieved over the past few hours.

Earlier today, the top cryptocurrency saw a massive rise after days of sideways movement. Bitcoin’s ascendance saw it break the $5,350 resistance level, which eToro’s Mati Greenspan had previously suggested will consolidate “buying pressure.”

Source: TradingView

Additionally, a major psychological level of $5,500 was also surpassed less than three weeks after Bitcoin broke the $5,000 mark.

The Golden Cross theory holds credibility among analysts in the cryptocurrency realm as it infers that the coin’s average price is above its 200-day equivalent. For the first time in over a year, the cryptocurrency market has seen its 50-day MA move above the 200-day MA, which according to many is a sign of a bullish market.

On the opposing side of the Golden Cross indicator is the Death Cross, where two indicators cross over into a bearish market i.e. the 200-day MA moves above the 50-day MA. The Death Cross manifested in April 2018, after the prices went into a free fall following the December 2017 high.

In April 2018, BTC was priced at just over $7,000, following which it lost more than 50 percent of its price by the end of the year. The price of the king coin has recovered exceedingly well in 2019 however, winning back almost 50 percent of its lost value.

Many analysts, including Greenspan, agree that the crossing of the two moving averages is a clear testament to the return of the bull market. Although he didn’t quite use those words, Greenspan tweeted,

“Ladies & Gents… The Golden Cross!
Bitcoin’s 50-day moving average (gold) crossing above her 200-day moving average (blue). 📈
This is yet another sign that we’re back in a🐂market. 🚀🌛”

However, in an exclusive interview with AMBCrypto last week, Greenspan had stated that the Golden Cross theory is a “lagging indicator,” as the Death Cross was last seen in April 2018, months after the market took a bearish turn.



In his view, the 200-day moving average is the key indicator. On April 2, Bitcoin broke this mark for the first time since March 2018, by recording a massive 17 percent daily gain and rising above $5,000.

Based on historic price changes with reference to the Golden Cross, the last time the 50-day MA soared above the 200-day MA, price of Bitcoin rose by over 8000 percent from $246 in October 2015 to almost $20,000 in December 2017. Given past market movements, the current market scenario, and the optimism in the air, the Golden Cross may just have initiated the Bitcoin bull market.





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