Bitcoin Price Bombs on Bad News – Excellent Time to Buy Bitcoin!
Bitcoin price bombs on bad news could be an article headline in any given month, heck sometimes in any given week. Overnight, Bitcoin price bombs on bad news from three different directions…
- South Korea Finance Minister Kim Dong-yeon is quoted as saying “the shutdown of virtual currency exchanges is still one of the options”/
- China plans to block domestic access to Chinese and offshore cryptocurrency platforms that allow centralized trading, according to Bloomberg.
- And in Europe, Joachim Wuermeling, a member of the board of Germany’s Bundesbank proposes global regulation of Bitcoin and other cryptocoins as he himself said that the actions of any one country to regulate digital currency won’t work.
Truly an avalanche of bad news and all of it, seemingly, burying Bitcoin under FUD (Fear, Uncertainty and Doubt). This is why Bitcoin plunged by as much as 20% to $11,300 overnight. Not surprisingly, Ethereum, Litecoin and nearly every other coin big and small is in the red this morning. As I pen this article, Bitcoin bounced back by nearly $1,000 as the world recovers from the Bitcoin price bombs n bad news.
The real bad news here is for the investors who are dumping Bitcoin. That’s because many of them are losing money by selling low when they bought high. While I can’t speak for other cryptocurrencies, Bitcoin always bounces back. Experts are still forecasting Bitcoin hitting as high as $100,000 this year. If true, Bitcoin bombs on bad news is a good thing; investors can buy Bitcoin RIGHT NOW at bargain prices.
Mark Cuban recently announced the purchase of Mavericks tickets with Bitcoin next season as John McAfee doubled down on his unique bet that Bitcoin will hit $1 million by 2020.
If you can’t buy more Bitcoin then the next best thing is to HODL — Hold For Dear Life. That’s right. Hold on to Bitcoin and let history be your guide.