Many Bitcoin millionaires are still holding onto their Bitcoin assets since the 2017 price rise in hope of making big during the next bull run of the crypto trade market. 2017 price rise of Bitcoin made many early adopters optimistic cum greedy about the prices, and those who turned out to be overnight billionaires and millionaires do not want to let go of their assets before the next bull run takes charge.
2017 price rise also showed the crypto community that not everyone is in it for the technology and made many to quote extravagant prices in the following year. However, the bearish run in 2018 plumbed the prices of cryptocurrencies by 80% on an average, where Bitcoin also suffered a drop of around 80% taking it prices from near $20k to the current price range of $3800.
During a recent “Detroit Blockchain & Fintech Pitchfest” organized by one Bitcoin millionaire, Mr. Nate Talbot saw 200 people gracing the event. Nate insisted that he knows many people who are still hopeful of Bitcoin touching new price highs.
David Smith another attendee at the event resonated the same voice, he was quoted,
“think there’s more upside to be realized […] I don’t want to sell at $20,000 and have it goes to $100,000 in the next three years and then be like, ‘Oh, I just missed out on 5x’ing my money.”
Apart from the attendees some of the most noted Bitcoin millionaires were also quite bullish about the prices since 2017 high. Tim Draper one of the most prominent names among the angel investors had predicted the prices to touch million in the future, and even after the 2018 bearish run, he is still optimistic about his predictions.
The Ones Who lost Hope with The longest Bearish Run
There are plenty of Bitcoin Bulls among the community who still has high hopes from the next bull run. However, the longest bear market trends in 2018 also made many Bitcoin millionaires opt out of the game and look the other way. One such noted name is Erik Finman, who turned his life on its head by investing a few thousand dollars in the Bitcoin at an early stage.
Erik was just another teenager whose family was not very optimistic about his future until he discovered Bitcoin and became a millionaire overnight during the phenomenal price highs of late 2017.
However, Erik did not stick in the Bitcoin game for long after 2018 bearish run took over, and he invested his Bitcoin riches in other sectors. He was even quoted saying that the Bitcoin is almost dead, but many would disagree on that.
The debate over the prices rise and lows will continue forever, but being too optimistic or pessimistic about is also wrong. You cannot expect an entity as volatile as Bitcoin to make upward movements all the time, especially when it is not backed by any real-world entity. Being a good investor one can always trade a portion of their digital asset while holding a portion of it if you believe the asset has the potential.
A stable price point is always better than the volatile one, and the current bearish trend despite cutting significant portions of price has brought a sense of stability in the market. the less the volatility more is the acceptance. This is evident from the fact that many traditional wall street investors are looking to expand their portfolio to the crypto trade market.