This has been a rollercoaster ride for the entire crypto market.
First China announced banning ICOs - which was positive from my point of view as there were plenty of ICOs collecting a lot of money by encashing in the crypto market boom.
Then came a somewhat irrelevant remark by an influential banker saying Bitcoin is fraud and the entire crypto market will be killed - well such a criticism can be expected by bankers as Bitcoin is growing by leaps and bounds and this is a threat to the business of the banks. Furthermore, in 2015 when Bitcoin was quoting $400, there has been a similar criticism and now when it reached $4000 again Bitcoin has been criticized.
I will certainly fire employees in office within a fraction of a second if they don'buy cryptocurrency.
So folks, on a lighter note we can expect another similar criticism when Bitcoin is $40000 - but then by then all the critics will join crypto market. As it is commonly said, "If you can't beat them, it is better to join them".
Imagine if Bitcoin grows, the banks will be phased out and be out of the business - hence, this criticism is justified by a banker - they have all the right to protect their business or there is a strong motto behind this criticism.
The very next day, news of a large digital currency exchange in China announced closure from September 30th, 2017. Thus, there was sheer panic in the crypto market.
Well, such a decision coming from China is not new to the crypto market - they have also banned Facebook and Google. Are these two majorly successful companies not surviving without China? They are indeed doing excellent.
Dear readers, these were a few reasons for the blood bath in the crypto market.
Yes, I do agree a correction was overdue as the runup was so fast that the market had to crack - in all my articles I have always mentioned to buy on dips.
My opinion today is the same to buy on declines- one needs to be greedy when everyone is fearful and to be fearful when everyone is greedy.
I hope none of you who read my articles have lost your money or sold in panic. In fact on dips, you must have bought it for a big rise which will indeed happen soon.
Moreover, any new technology is not accepted well by people who are rigid - if you'll remember even Apple was criticized during their first launch and today it is a leader in the industry.
I believe critics are the best to become successful. They guide you whether knowingly or unknowingly to improve - Apple Inc. is the best example.
Crypto-currency is a decentralized currency and is feared by authorities -therefore, there are such types criticisms - However, crypto will never die but in fact, it will grow bigger and bigger day by day - millennium by millennium.
Recently, Honourable Finance Minister of India made the new tax rolling by introducing GST (Goods and Service Tax) There was a lot of opposition - but then a firm decision was taken at the right time, also The DIGITAL INDIA dream of the Honourable Prime Minister of India will not be complete without Digital Currency.
Well folks, even now my opinion is to buy on every dip and when there is an unprecedented rise then book profits and wait patiently to buy when everyone is fearful.
I have given my opinion and this is not an advise or recommendation - this is what I personally feel.
If you make profits it's entirely yours and not mine. At the same time, if you lose then it's your money and I will not be paying for your losses. This in short means that, the decisions that you take are going to entirely be yours.
Here is something that I have for everyone.
Kindly read,
See y'all soon! Cheers!
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