Daily Bitcoin News Update
Another Bitcoin crash is upon us, or so it seems. But don’t sweat it. Today is just another typical day in the crypto-world. These outrageous price swings are customary in cryptocurrency investing. If, however, the inverted price chart is somehow shaking your belief in Bitcoin, then let us give you a reason to reinstate it.
On Thursday morning, virtually all cryptocurrencies are tumbling and heavyweight Bitcoin is leading the way. The BTC price is down 8.91% in the trailing 24 hours and the BTC to USD exchange rate has retreated to under $11,000. At the pace prices are dropping, we won’t be surprised if we conclude the day below $10,000.
So while major media outlets run the news of Bitcoin’s price crash, here are two of the latest developments conveniently getting swept under the rug.
- Yesterday, Venezuela reportedly raised $735.0 million by selling its state-owned cryptocurrency, “Petro.”
- Subsequently, Iran indicated plans of launching its own cryptocurrency to bypass U.S. sanctions.
What does this news tell us?
Governments are officially considering cryptographic alternatives to fiat currency—a trend that bolsters Bitcoin’s position in the fiat world.
After all, it is Bitcoin that has gifted the world with the revolutionary product, “blockchain,” in turn laying the groundwork for a parallel universe for money dubbed the “internet of money.” Without Bitcoin, there would have been no blockchain and no concept of decentralized digital money.
This trend also establishes another fact about Bitcoin. Bitcoin is no longer a “get rich quick” investment.
It’s high time that investors start viewing it like they do most other traditional investments. Bitcoin is an investment for the long haul. And by long, we mean three to five years at the minimum. There’s a reason why we say that.
It will take time for governments around the world to fully accept this subversive technology. Bitcoin is still warming up for the race. The finish line is nowhere in sight. So, while Bitcoin has managed to gain widespread recognition, it will take its due time to achieve mass adoption.
This is why those trading Bitcoin on a daily or weekly basis may have a reason to lose sleep. But investors “HODLing” the coin for a reasonable investment period have no reason to be scared out of their wits.
Just stretch your time horizon in retrospect to see what I’m talking about. In one year, Bitcoin is up more than 700%. Compare its performance to the stock market on the chart below.
Chart courtesy of TradingView.com
No matter what the skeptics say, Bitcoin will likely continue to disrupt our traditional institutions of money. We remain optimistic in our Bitcoin price forecast as we believe that early investors will have the last laugh once this chaotic price correction is over. Our BTC price target for 2018 is set at $15,000.