Steven Russolillo reports the expressions and attitude of Alex Beene, a Tennessee government worker, “It wasn’t even like ‘should I buy crypto’ but instead it was ‘which one?’” he said. “Everyone was in on it.”
However, the publication is said to have concluded stating, “Six months ago, crypto was billed as the investment of the century,” he said. “Now it’s become a fading trade that can’t live up to its lofty reputation.”
While die-hard crypto enthusiasts continue to be passionate about digital currencies, there are several first-time buyers who came in to buy Bitcoin in December and January. Newcomers are not doing any good in the current trend. The interest of the mainstream market in cryptocurrencies have gone down.
With increasing numbers of nations trying to curb cryptocurrency activities by regulatory norms, Bitcoin and cryptocurrency are getting to be boring. With giant online advertisers being selective in their approaches to permitting cryptocurrency advertising, the investor reach is getting difficult.
Once when the crypto boom started, almost everyone was intrigued; however, the bust cycle post the boom has made it hard for new investors. The hype around crypto is already gone.
According to one “Mr. Boyapati, “Once the crescendo happens, it usually doesn’t come back immediately.” Mr. Boyapati purchased his first Bitcoin in 2012 and he has been around watching the market’s boom-and-bust cycles.
However, Boyapati states, that the industry is capable of newer technological innovation. It is when this innovation happens, the next boom will be around.
There are several investors who continue to believe in the crypto and they are holding on to the investment with complete optimism regardless of the short-term wild moves in price ranges. They have continued to hold on to what they have already brought. Some are even buying and are deciding to hold it following the “Buy when the streets are filled with blood” philosophy.
“HODL—One of the most popular terms out there, HODL has become an acronym for “hold on for dear life,” referring to those invested in cryptocurrencies who will never, ever sell. The word originated as a typo from an enthusiastic forum user who meant to type “hold,” but quickly spread as a way to identify oneself as a true believer in bitcoin’s future.”
Peter Atwater, an adjunct professor at The College of William & Mary in Virginia and a research analyst, states “The problem with that is that the low—when it comes—will be debilitating low,” “No one will want to touch it.” While considering the social behavior that influences financial markets, he stated that the crypto market has not yet reached the debilitating low point.
Cryptocurrency of any kind requires some incremental adoption from new users to improve in value. And for that reason, on the bottom line, it is to be noted that Bitcoin or cryptocurrency is not any different from emerging technology of any kind. Cryptocurrency is a value system like the barter system that is here to stay.
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