As markets continue to fall across the board today many are left wondering where the bottom will be. What is guaranteed is that there will be a bottom and things will rebound. Bitcoin is no stranger to crashes, it has had several worse than the current one during its nine year lifespan.
According to Business Insider many institutional investors are still wondering whether Bitcoin can bounce back. A lot of people newer to the crypto scene have taken to social media to share tales of woe and post images of smashed up Lamborghinis.
Despite the recent tsunami of MSM (mainstream media) fueled fear, crypto professionals hold a much longer term view of the entire ecosystem. Only those that jumped in at the end of 2017 trying to make a quick buck without understanding what they were investing in will be smarting now, and licking their wounds, especially if they have just sold in a panic.
Hodling with the pros
Patience and a lot of resolve is required from the hardcore hodlers that truly believe in Bitcoin and the philosophy of cryptocurrency. Since Satoshi Nakamoto birthed Bitcoin in 2009 it has yet to fail to bounce back from a hard fall. Some industry professionals are still betting big on cryptocurrencies.
Former product manager at Facebook, Anthony Pompliano, is currently managing an early stage investment firm that intends to put its next $25 million in investments into crypto startups. He views Bitcoin’s crash as a natural part of the market cycle and stands by his prediction that BTC will reach $50,000 in 2018.
“I don’t know if it’s for four hours, or a day, or forever. I don’t know if anyone can call that. If you ask most institutional investors, one of the most valuable aspects of bitcoin is that every time something has occurred that should kill it, it doesn’t die and it comes back stronger. I think that element of bitcoin is incredibly powerful and highly underrated.”
Trust in the technology
Unlike traditional stock markets, Bitcoin and crypto is traded globally and can be influenced by companies or countries across the world deciding to support it or crack down on it. This results in both upwards and downwards cycles happening a lot faster.
Robin O’Connell, chief revenue officer at the currency exchange Uphold, is confident that cryptos were here to stay;
“If you as an individual believe that crypto is here to stay — and obviously at Uphold we believe that — then [you believe] at some point this is going to correct itself.”
Investing in the technology and the concept that digital currencies and blockchain will provide a better way to move money around the world, and alleviate major limitations with current systems through smart contracts, then it appears clearer that short term market crashes do not really matter in the long run.