Bitcoin plummets as its value fell by more than 6% today to reach less than $6,000 for the first time since June. Other crypto-currencies followed suit with Ethereum sinking as much as 13%. Alarms are raised among crypto investors and catastrophic headlines abound, with Cramer stating “the tide has turned” against Bitcoin on CNBC, and Forbes compiling horror stories from the crash.
However, despite the current downturn and high volatility of these virtual assets, the crypto-market has proven itself resilient to similar crashes in the past. With Willy Woo, a recognized crypto analyst, claiming the current situation as a great buy opportunity.
Crypto supporters trust that the inherent value of Bitcoin as a centralized universal ledger will be realized eventually. While, crypto detractors see little long-term potential in such volatile asset and deny its inherent value.
Check out CNBC’s Meltem Demirors, Coinshares Chief Strategy Officer analysis:
But wait, I’m new to this whole thing, what is Bitcoin, Blockchain, and why should I care?
Blockchain are a bunch of distributed ledgers that safely encrypt and store information. Bitcoin takes advantage of this technology to store monetary value. Not there yet, well, it is a tricky subject and it is hard to come up with a satisfying explanation, so we found a video that does it for us:
Thanks to Simply Explaind – Savjee for such great content!
What are my options?
So, the question remains, is this the beginning of the end for crypto-currencies or are we riding the down-cycle of an upward long-term trend?
In iBillionaire we provide a variety of options so you can decide for yourself. If you’re new to the crypto-market and believe the digital currency revolution is just starting, download our app and buy stock via Bitcoin Investment Trust Fund or Ethereum Classic Investment Trust Fund. If, on the contrary, you do not trust the Bitcoin craze and want to invest in corporate stocks or diversified ETFs, we also have you covered with strategies that invest on the SPY ETF or Big Tech Companies.