Bitcoin in 2018!
Wouldn’t it be nice to google Bitcoin, click the news tab, and see something positive or encouraging? I honestly can’t remember the last time, the exception being obviously biased crypto news outlets. It doesn’t matter if Bitcoin is 200$ or $20,000, news outlets will find a way to spin what is happening as something that you, the crypto investor, should be concerned with.
Recently Bitfinex seems to be the hot topic. Bitfinex was subpoenaed by the Commodity Futures Trading Commission. Bitfinex is being accused of propping up the price of Bitcoin falsely by issuing new Tether without the USD equivalent to back it and buying Bitcoin as the price begins to trend down. The New York Times wrote that long before the subpoena, Bitfinex had gained a reputation for a lack of transparency. This is such a misleading and an unfair thing to say without supporting evidence. It’s important to remember that until evidence is presented to support the accusations, this is nothing more than rumor and speculation. Those of us who choose to invest in cryptocurrency do so with the knowledge of the risks, both high volatility, and that cryptocurrency exchanges are unregulated and unregistered. But we do our research and make the decision to invest or not to invest.
Unfortunately, I don’t see an end to this cycle anytime soon. We will have down days and be faced with the same concerns associated with all forms of high-risk investments. An opportunity to increase the size of our Bitcoin holdings will be the upside to this situation. Some of you will have to decide if you believe in the future of cryptocurrency and decide whether you are willing to ride out the hard times.
Bitcoin and Alt Coins have already seen an interesting 2018. Bitcoin is still holding strong around $10K, despite all the negative news. That alone should be confidence inspiring for those of us who believe in cryptocurrency as a long-term investment. As always, this is not investment advice and I am not a Financial Advisor. Please do your own research and make your own crypto investment decisions.
