Monday, 27 January 2020

NOW is the best time to INVEST in bitcoin, says cryptocurrency expert

BITCOIN price has plummeted but that does not mean “the end of bitcoin” – it is instead the perfect time to invest, according to cryptocurrency expert Brian Kelly.
Cryptocurrency trader Brian Kelly said market watchers should invest now that bitcoin price are low.

Mr Kelly told CNBC on Tuesday: ”Now, when everyone is saying it's over, that's it, bitcoin is dead, for the 175th time. Now's the time you start looking at it, on the buy side.”

Mr Kelly, a portfolio manager of the BKCM Digital Asset Fund, said investors must remain “cautious” and avoid buying coins when the prices are high.

He said: “When we talk about bitcoin being up at $20,000, everyone is running around being all excited.”

Bitcoin price decreased to $10,962.42 at 10:35am on Wednesday, according to CoinDesk. It saw its highest value before Christmas when it reached the monumental price of just under $20,000.

Kelly said the falling prices were "incredibly healthy for the ecosystem. You shake out the weak hands. You get strong hands in there".

Mr Kelly outlined his three “golden rules” for those wanting to invest in cryptocurrencies.

He said you must only invest 1-5 percent of assets because cryptocurrencies remain to be “new technology”.

Secondly, he said you must not sell “too soon”, even if it is up 20 or 30 percent. He said: "Once there's momentum, you hold onto this thing,"

Lastly, he said you must not panic if the coin drops by 50 percent. He said: "These things can move 20 percent to 30 percent in a day.”

Bitcoin's popularity has caused demand to skyrocket throughout 2017, pushing other cryptocurrencies like Ripple and ethereum to also reap the benefits of the cryptocurrency craze.

Mr Kelly said those wanting to join the cryptocurrency craze should look at foundational currencies such as bitcoin, Ripple and Stellar.

But he said ethereum is “probably the way to go” for those wanting to use it as a blockchain computing platform.

Ethereum is a platform which allows developers to build on and hosts smart contract which can be used to transfer money. The network is powered by an underlying cryptocurrency, ether.

Bitcoin is a cryptocurrency not controlled by a single administrator and can be used to buy things worldwide electronically.

Legal disclaimer: The insight, recommendations and analysis presented here are based on corporate filings, current events, interviews, corporate press releases, and what we've learned as financial journalists. They are presented for the purposes of general information only. These may contain errors and we make no promises as to the accuracy or usefulness of the information we present. You should not make any investment decision based solely on what you read here.

Creamcoin Marketcap