Cryptologist Charlie Shrem was interviewed at the MoneyShow conference in San Francisco. He also had a investment tip ready. He suggested that anyone investing in cryptocurrencies and Bitcoin should hold them for at least five years. Literally he said:
“Pick something in the top 10 or top 20. Take a close look, get informed and then invest. Then keep each cryptocurrency you buy for five years. Tell yourself that the money is fixed for five years (…) There is a high probability that you will be among the winners in five years, as the bull and bear markets alternate in cycles of two years. ”
Cryptocurrencies are among the most volatile major asset classes. Fluctuations of 10 percent in just one day are common. In the current bear market, some cryptocurrencies have lost up to 90 percent of their value.
Nevertheless, there is a general trend in which Bitcoin recovers every two to three years. Then Bitcoin rises to new heights, often many times the last record high. So, if an investor heard about Shrem and kept his Bitcoin for five years, he could make good money if the trend continues.
Shrem was one of the first Bitcoin investors
Shrem himself is one of them the earliest investors in Bitcoin. He joined in 2011 and was one of the founders of the Bitcoin Foundation in 2012. In 2013, he founded the crypto-exchange “BitInstant”, which in 2013 handled 30 percent of Bitcoin's total trading volume. The crypto exchange went so well that Roger Ver, aka “Bitcoin Jesus,” invested in it, as did the Winklevoss twins. Nevertheless, Shrem was later convicted in the US. He had sold $ 1 million worth of Bitcoin to someone who used it to pay for drugs on Darknet's Silk Road trading post. Shrem spent a year in prison and had to pay a fine of $ 950,000 to the court.
Despite this, Shrem is still a big proponent of Bitcoin. He currently also operates Crypto.IQ, which specializes in consulting on cryptocurrency investments. Shrem expects the number of 1,600 different cryptocurrencies to be positive. In his opinion, however, Bitcoin will always lead them.
As he said in the interview:
“These 1,600 coins run guerrilla marketing. They do the running work the cryptocurrencies had to do in the early days. That's how people get into it, that's how people get excited (…) Bitcoin will always be the “dad”, the long-term gold in which everyone has invested a lot (…) “
Sources: Yahoo Finance, The Guardian, Crypto.IQ, Pixabay
Author: Peter Joost – Source Post: https://www.kryptovergleich.org/bitcoin-soll-man-at least-5-years-with-hold-raet-kryptoexperte/
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