5 Reasons Why The Lower Price Has Been Great For Bitcoin (Op-Ed)
If you are day trading bitcoin, trying to make a quick hit, this article is not for you.
If you are day trading bitcoin, trying to make a quick hit, this article is not for you. If you think gold and silver are the only “real” commodities worth investing in, don’t let the door hit you on your way out. If you think the “strong” U.S. Dollar isn’t going anywhere as the “global reserve currency,” I hope you’re a strong swimmer.
That article is for the Bitcoin lifer. The full-timer. The person who gets paid in BTC, and knows where every Bitcoin ATM in the city, even the state, is. You are sharp enough to know how truly special it is.
You heard about Bitcoin at some point over the last two years and said “This is going to change everything!” You may own a Bitcoin business, or are building one. You see it as “The Future of Money.” You’re a little down because of the bitcoin price drop from well over US$1,100 back in late 2013, and eighteen months later you need a little pick-me-up! Well, welcome to your Bitcoin pep talk!
Reason #1 – Opportunity Knocks
And it’s probably your last opportunity to score big with Bitcoin. Rich people see an investment’s perceived value drop, and they buy low, and then sell when it rebounds. Poor people buy high, panic, and sell low. That’s what keeps them poor. It’s the law of the West!
This is the most obvious reason. Buying something that was once almost US$1,200 for less than US$250 is a good thing. The only way this wouldn’t be a good thing is if you think Bitcoin is dead, and it is heading down to Ground Zero.
Bitcoin has had more dirt thrown on it, mostly from the mainstream media and private interests than a dinosaur’s fossils. When Chunky Soup goes on sale for 30% off this week, you don’t avoid Chunky Soup because it costs less. You see it as an opportunity to buy. Why avoid buying bitcoin when its price drops?