Wednesday, May 27, 2020

Venture Capitalist Suggests Cryptocurrency Post-crash Dip is a Good Time to Buy

Fred Wilson, a venture capitalist has made suggestions that now is a good time to buy into the cryptocurrency market’s dip. According to him, we are in the post-crash era where there are great developments in projects we’ve invested in. The same was said about potential projects people may have an interest in investing.

Cryptocurrency Has Become Interesting

In a blog post published on February 28, Fred Wilson stated that the cryptocurrency industry has become interesting to him once again. He attributed this to the fact that we are in the post-crash era. Here, great works have been made in projects we have invested in and those which we intend to invest in.

The venture capitalist’s comments were made after Chris Burniske, a partner at Placeholder Ventures, a New York-based blockchain startup made reference to a tweet Wilson had published in 2015 when the first cryptocurrency winter occurred. At that time, Wilson had hinted that cryptocurrency investors could reap benefits later on if they buy into the market during the post-crash.

In his own words:

The lesson I’ve learned in my career is to invest into the post-crash cycle. When you do that, and do it intelligently, you are rewarded greatly

Benefits Were Not Reaped Until Around 2006 to 2007

The venture capitalist responded to the quote by Burniske, pointing out that a great deal of patience is required because, in the time of the internet cycle post-crash, they had to wait until 2006 to 2007 before getting the returns. In his own words, “It requires a lot of patience. We didn’t really get rewarded for it until 2006/2007 in the post-Internet crash.”

Other than targeting virtual currencies, the venture capitalist in January this year had stated that “we will have a different President of the United States by the end of 2019.” Thus, Donald Trump, the U.S. president will probably be removed from office. However, how that may come to be is still uncertain and most likely hard to believe given that no U.S. president has ever been removed through an impeachment process.

Now is a Good Time to Buy Bitcoin

Like Wilson, Spencer Bogart, Blockchain’s capital partner on February 23 stated that now is a good time to buy Bitcoin for those who may have plans to invest in the near future. The cryptocurrency enthusiast believes that Bitcoin never left despite its downward price trend. Nevertheless, it will take sometime before Bitcoin crawls back to its all-time high of $20,000, he asserted.

In the same vein, BTCNN on February 16 reported that Josh Rager, a cryptoanalyst & adviser at TokenBacon noted that this may be people’s last chance to buy Bitcoin at its current price. In the cryptocurrency trader’s opinion, Bitcoin’s price after 2021 will be unaffordable to the average person. As such, it will be difficult for them to lay their hands on a full Bitcoin.

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