Bitcoin advocate Charlie Shrem says cryptocurrency investors should ignore the volatility.
Instead, they should simply adopt a long-term position.
According to Shrem:
“You’re putting your wealth in these things, and they break. Things happen. The values go down 90%, then the values go up 100%. I always tell people if they want to get into crypto, ‘How much money, if you lost it right now, would you be OK with?’ ‘$500,’ they tell me. So invest $500 in a basket of crypto, and then just have fun with it. Just enjoy it, learn. There’s a lot of good ones: bitcoin, Ethereum, Dash, Litecoin. Just learn what makes them different.”
Shrem went only to advise investors to buy digital currencies with the aim of holding them for a long time. He added that the market is likely to be stable within the next five years.
The Crypto Challenge
Shrem has been in the crypto industry for a long time.
In fact, in 2014 he was convicted for illegal selling of Bitcoin. He was later freed from prison in 2016. Before his arrest, he was the founder of crypto exchange BitInstant which was said to control about 30% of all the Bitcoin in circulation during that time. Since Shrem was released he founded a cryptocurrency startup platform called Crypto.IQ. The education startup offers daily newsletters and news alerts to cryptocurrency traders.
The Bitcoin investors added that, “I don’t think Bitcoin is facing competition at the moment. Bitcoin is currently controlling the market and is already considered the long-term and digital gold. The crypto sector will, however, go to continue growing. The industry may be facing a hard time at the moment having lost more than half of its value since the start of the year.”
Shrem concluded by stating that he believes that SEC will approve Bitcoin ETFs in 2019 adding that the industry has only one chance to prove itself and therefore crypto investors must take the chance wisely.
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