People are abandoning their positions as cryptocurrency faces huge price pressures. But those same people are being advised to hold on…
With the price of Bitcoin threatening to end November at nearly half the value it held at the start of the month, a growing number of investors are seemingly cutting their losses and selling their positions. This, in turn, is hardly helping the price of Bitcoin, that continues to find itself under significant pressure.
We’ve already heard some established voices in the crypto space doubling down on their message of hold your nerve and HODL, but that doesn’t seem to have slowed things down much at all. Now, though, comes a fresh warning that selling Bitcoin now would be, well, flat-out daft.
Phillip Nunn is the CEO of Wealth Chain Group and The Blackmore Group, and he’s a crypto investor who very much takes the long term view of things. And he’s insistent that 2019 promises better times for the cryptocurrency space.
On his Twitter feed, he urged his followers that “2019 is going to be amazing and exciting for #Blockchain and #Cryptocurrency”. He argues that people need to look beyond the simple prices, and focus on market fundamentals. Furthermore, that his own belief in cryptocurrency hasn’t wavered at all over the past few months.
He also queried just who would sell their Bitcoin in the current market conditions, although expressed gratitude to those who do, for their work in driving the price of the currency down! He argues that Bitcoin could even hit $50,000 in the next three years.
The market is not short of predictions at the moment, and this is clearly another one to chalk up to the list. But there’s some degree of logic to what Nunn is saying.
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