The ongoing earthquake in the crypto money market, Bitcoin (BTC) The price dropped to $ 30,000 and the price of Ethereum (ETH) to $ 2,000. This decline experienced by the two leading cryptocurrencies was realized with the sales of many investors. A famous name stated that he still does not sell bitcoins and explained the reasons for this.
Alistar Milne Still Buying Bitcoin
Milne still does not sell BTC but explained the reasons for buying it in 7 points:
- Central banks still print money.
- The 1-year HODLwave indicator has not been reset yet.
- Inflation continues to rise.
- There was no general peak in terms of volume or speed.
- The number of FUD news (China, energy inefficiency, etc.) is breaking records.
- Banks’ acceptance of crypto money has started to spread.
- The declines that have occurred with a few events have historically always been completely reversed.
Reasons I am buying, not selling, #Bitcoin
– Central banks still printing money
– 1yr HODLwave hasn’t reset
– inflation is coming
– no climatic top (volume or speed)
– peak FUD (China, energy, etc)
– banking adoption starting
– event driven dips historically fully retrace
– Alistair Milne (@alistairmilne) May 23, 2021
Milne actually touched on the bad news coming from the basis of these statements. At first, Elon Musk’s statement about Bitcoin’s energy consumption and later China’s negative statements affected the sector hard. However, there is no general ban or termination of Bitcoin mining as claimed for now. This negative atmosphere started with the Chinese news in 2017, but ended with the BTC price reaching $ 20,000.
After the Bitcoin price pulled up to $ 30,000, it showed a sharp rise towards $ 40,000, showing how little permanent the drop that came with negative news could actually be. While there is still a decline right now, according to Milne, it’s not time to sell yet.
* Not Investment Advice.