And the haters gonna hate, hate, hate…shake it off. Shake it off.
Despite the recent vacillations for both price and sentiment for the eponymous cryptocurrency, one executive said that to know Bitcoin is to “love” Bitcoin. No ifs, ands or buts about it.
Nigel Green, chief executive of deVere Group, said that despite daily market movements investors should embrace cryptocurrencies as they are destined to redefine and reshape the financial system and their influence is growing. Denying this, he added, puts “you” on the wrong side of history.
“Many crypto critics are becoming radicalized in their attacks,” Green said, noting when Bitcoin and others dip lower. “The reality is that there are peaks and troughs in all financial markets, the cryptocurrency market is not – and should not be – any different. Yet each time there is a dip in the market or a bout of volatility in cryptocurrencies, the crypto haters declare that digital currencies are finished – only for them to subsequently experience a rally.”
He added that the same people do not make such extreme and unfounded statements with most other financial markets. He suggested most people saying these things do not understand the crypto sector as it is relatively young and/or have vested interests in older, traditional ones.
“However, whether they like it or not, dyed-in-the-wool financial traditionalists need to accept that cryptocurrencies are here to stay,” Green said.
H based his statement on three premises:
First, technological advancement. The world in general is adopting more and more technology into its collective life. And the rate at which this is happening is increasing rapidly.
Second, political shifts. There is an appetite, a huge and growing one, for currencies that are not controlled by central banks and governments. Supporters believe that these digital currencies are part of the antidote to what they see as the ills caused by the traditional system.
Lastly, globalization. The world’s economies are all becoming increasingly interdependent and internationally-minded, and this, when harnessed properly, is an immensely positive force for trade, commerce and prosperity across the world.
“Temporary market dips or bouts of volatility can have negative outcomes, but to believe they are necessarily and entirely negative is misguided,” Green said. “In the crypto market, as in all financial markets, movements of this nature create important buying opportunities and can be capitalized upon by investors for their long-term financial gain. Using them effectively can be a very rewarding strategy.”