Launching a cryptocurrency is much harder than it appears, if not downright impossible.#BitcoinSurvives #BeatTheOdds #Crypto #Cryptocurrency #Investing #CryptoMining #BanyanHillPublishinghttps://t.co/AvVawIOJGe
— Ian King (@IanKingGuru) February 15, 2018
Recently the foremost contributor to Investopedia on cryptocurrencies, and a successful trader himself, Ian King, joined the editorial team at Banyan Hill Publishing. Later in 2018 he and Banyan Hill will start up a trading service for cryptocurrency investors. In the meantime, he is writing a weekly column for Banyan Hill’s free email newsletter Sovereign Investor Daily. In the latest article, King shares what he has learned about cryptocoins from mega-millionaire Barry Silbert.
Barry Silbert is CEO of Digital Currency Group. Five years ago, King saw Silbert shock a room full of venture capitalists and hedge fund traders. Silbert told them he had invested almost his entire net worth into bitcoin because he believed it was the greatest technological breakthrough of their lifetimes. That doesn’t sound so wild now, but in 2012, among that group of wealthy people, it stopped all conversation. They couldn’t believe what they’d just heard. Bitcoin was then selling for around $14. Five years later, FORBES estimated Silber’s share of it as worth from $400 million to $500 million. Learn more on crunchbase about Ian King
Ian King’s article then addresses the situation in bitcoin and cryptocurrencies today. Bitcoin has gone from a December 2017 peak pushing $20,000 to just around $6.000, an incredible drop. Yet, as King points out, bitcoin has historically always been volatile. And it has dropped even more in the past. In 2011 bitcoin suffered a drawdown of 93%. In January 2015 it pulled back 85%. And, at other periods, it has gone down 60%. However, none those problems kept it from making an incredible jump in 2017. If someone had bought bitcoin at those prior bottoms, they would still be in profit.
Yet some people are celebrating bitcoin’s drop. The economist Paul Krugman called it “cryptofreude.” He’s enjoying watching the crypto bubble deflate, and says bitcoin enthusiasts are nasty as well as crazy. Follow Ian King on Twitter.
King points out the mainstream media is wrong about bitcoin’s long-term potential. It has certainly gone down a lot in price, but it’s still a transformational technology. He just attended a Crypto Summit in New York put on my Yahoo Finance: All Markets Summit: Crypto. There, he learned of many more entrepreneurs who are pioneering ways to use the blockchain technology.
However, he saves the best news for last. Barry Silber also attended that summit. Silber says that CNBC makes people think everybody has already invested in bitcoin, and that’s why it’s a bubble crashing. But that’s not true. Few ordinary people have bought cryptos yet. Within a year or two, a huge amount of capital from around the world is going to flow into crypto assets from asset managers. Read:https://banyanhill.com/expert/ian-king/