USA: Buyers should see Bitcoin crash as 'opportunity' - Cryptocurrency expert

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Investors should see the recent price drop of cryptocurrencies as a buying opportunity, said the founder of Edelman Financial Services and cryptocurrencies expert Ric Edelman on Friday in Great Falls, Virginia, after the digital asset dropped by 10 percent and is now trading under 40,000 US dollars (35259 euros).

“For people that are long-term focused and willing to take the risk associated with an emerging new asset class, many consider this to be a wonderful buying opportunity,” said Edelman.

“Rather than getting upset at the volatility, turn it into your advantage and recognise, since this is a technology that’s here to stay, this represents an opportunity for you to take advantage of it in your portfolio,” added Edelman, underlining that volatility was ‘not at all unusual’.

The largest cryptocurrency Bitcoin lost ten percent in value when the price crashed on Friday and even briefly fell below the 38,000 US dollars (33496 euros) mark, reaching its lowest level since August last year. On Thursday, the price for a bitcoin was 43,000 US dollars (37903 euros).

The second-largest cryptocurrency, Ethereum, had to accept even heavier losses in percentage terms. The course fell by more than ten percent on Friday, falling to 2,830 USD (2495 Euro).

The value decline began almost at the same time as late-night losses on Wall Street and Thursday night’s release of weak numbers from Netflix and Peloton. In addition, always on Thursday, Russia’s central bank proposed banning the use and mining of cryptocurrencies.

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SOT, Ric Edelman, Author and cryptocurrency expert: “Bitcoin has been in the news a lot lately because it’s been crashing. Bitcoin’s price is down over 50 percent in just the past few months and it’s down dramatically from its all-time high of 60,000 dollars. This is raising a lot of questions from people wondering: is this a fed that is blowing up and it’s going to go away, is this been a fraud all this time?”

SOT, Ric Edelman, Author and cryptocurrency expert: “And even though there’s been of recent weeks a significant reduction in price, we need to recognise that this has happened before. And it will probably happen again. In Bitcoin’s history, there have been five occasions where Bitcoin has fallen more than 50 percent in value. So this kind of price volatility is not at all unusual. It’s happened before, it’s happening right now and it will probably happen again.”

SOT, Ric Edelman, Author and cryptocurrency expert: “For people that are long-term focused and willing to take the risk associated with an emerging new asset class, many consider this to be a wonderful buying opportunity. Many people who bought Bitcoin at 40 or 50 or 60,000 dollars, well you should be very excited that the opportunity is to buy at 35,000. Rather than getting upset at the volatility, turn it into your advantage and recognise, since this is a technology that’s here to stay, this represents an opportunity for you to take advantage of it in your portfolio.”

#USA #Bitcoin #cryptocurrency

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