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Bitcoin at All-Time Lows: Time to Buy, Says Bitcoin Experts…

Time to Buy Bitcoin?

Video Transcript of Bitcoin and Cryptocurrency Experts Being Interviewed About The Recent Bitcoin Crash

00:05
Wall Street traders know it, day traders know it, even pokemon card traders know it.

00:09
So, why do so many people not follow the simplest investment advice of all: buy low, sell high.

00:15
The short answer is simple; people panic and when they panic, they do irrational things.

00:21
Despite the fact that crypto is intended to be a disruptive technology, its story has…

00:25
played out much the same way as other markets; unsophisticated investors rushed in on the…

00:31
December/January highs, then got burned when Bitcoin crashed.

00:36
Sentiment now is very negative and the market is bearish, but one question remains, should…

00:40
you get in now while the price is relatively low or avoid Bitcoin like the plague?

00:46
We spoke to experts Ronnie Moas, Tom Lee, Willy Woo, Naeem Aslam and Mati Greenspan…

00:51
to explain the panic, and asked them if now is a good time to buy Bitcoin and even go…

00:56
from complete no-coiner to hodler.

01:02
So first of all, we have to take this into proportion.

01:06
What we see here is very small so far, especially in comparison to what we see here.

01:12
So we’re seeing a little bit of volatility creep back into the market.

01:17
But you know we’ve become…we’ve grown complacent all of that time when Bitcoin was…

01:22
trading flat.

01:24
Why did the volatility come back in?

01:28
So, basically we had a breakout of the level of six thousand dollars per coin.

01:33
That level had been building up for quite a while and providing support to the market.

01:40
And once it was broken, there was a…there was a chain reaction of stop loss levels that…

01:48
had gotten triggered basically all at once and that type of price action has a way of…

01:55
perpetuating; fear starts building up and then people say, oh! it’s because of the Bitcoin…

02:01
Cash hard fork.

02:02
Oh it’s because of the SEC; oh, it’s because of Tether.

02:06
All of those stories add to the fear.

02:10
But really, what we’re seeing is simple technical breakout to the downside and not a break of…

02:17
the crypto industry which is very strong at the moment.

02:19
The stock market is also getting hit really, really hard.

02:23
Half of the names on the S&P; 500 are down between 25 and 50% since January.

02:29
So, it isn’t only the crypto market that’s getting hurt; it’s the stock market.

02:33
Also as far as the crypto market goes, we’ve been down this road before.

02:39
We have parabolic moves, and 80% corrections every couple of years; and every time we have…

02:46
a parabolic move, we knock out the high from the previous cycle.

02:50
I don’t think the parabolic move that I am expecting next year will be any different.

02:57
If you look back on the history of crypto and the stock market, people that sold at the…

03:03
bottom of a crash ended up regretting it shortly thereafter; people jumped off bridges.

03:12
In 1929 when the stock market crashed, they did the same thing, in 1987, 2002 and 2008.

03:19
The people that bought that panic did very very well for themselves, and I believe anybody…

03:25
that buys this panic in the crypto market is going to do very well for themselves.

03:30
I can’t justify the gold market at seven and a half trillion dollars trading at one hundred…

03:37
times where Bitcoin is today and 60 times what the total crypto market cap is today.

03:44
We are at the beginning of this game; we are in a price discovery phase.

03:49
There are weak hands getting shaken out.

03:52
People who’ve never been in a situation like this before are acting as if Bitcoin…

03:58
is going to zero; I don’t think that’s happening.

04:02
We have two different major factors which is playing into the market.

04:08
Number one is a Euro regulatory issue, and that is a huge one.

04:12
Everyone knows that because regulators are not friendly.

04:16
And as long as they maintain the same stance, then that we aren’t going…we won’t see that…

04:23
huge rally for Bitcoin, and we all know that.

04:26
The second element that I’ve said many times in any of the articles that I’ve done or any…

04:31
of the public speaking or television is that the main reason that feed their Bitcoins or…

04:39
Bitcoin Cash or anything of that nature is being used is that there’s a limited supply…

04:46
of it.

04:48
But now we have this element of one fork another fork and another.

04:54
Remember Bitcoin Cash is a fork of Bitcoin.

04:56
Now we have a fork coming out of the Bitcoin Cash.

04:59
We continue to increase the supply this is not really a good sign for the industry.

05:04
When you are going out there and then you say you know what the entire supply is actually…

05:09
limited to this amount.

05:10
But then you create another fork and then you create another fork.

05:13
I think this goes against the major core elements and core values of it.

05:18
Global markets are down more than 10% between October to November.

05:22
And while crypto actually…initially had a negative correlation, in the last six weeks…

05:27
has flipped to one of the highest levels of correlation to global markets.

05:31
So I think the macro meltdown actually finally, hit the crypto market, and I think that contributed…

05:35
to essentially panic selling.

05:37
I believe very strongly that the market or the crypto market recently has been driven…

05:42
a lot by the technicals rather than the fundamentals.

05:46
So…meaning what we’re seeing is price action which is influencing sentiment and not what’s…

05:52
going on in the news.

05:56
I think the key psychological levels are breaking as we’ve gone below the 6000, 5000, and 4000.

06:04
Now the big one is at three thousand and after that, two thousand five hundred, but I think…

06:09
we are not far off from finding a bottom.

06:12
I think this is where you start preparing yourself; it’s Okay now to start rubbing your…

06:19
hands because everything is so cheap, and then I’m about to jump into the industry.

06:27
I believe.

06:29
That the smart people bought Bitcoin at 9000, 8000, 7000, 6000, 5000, and four thousand…

06:38
so their break-even point on the averaging down the last few months is somewhere around…

06:43
six, seven thousand dollars.

06:44
If Bitcoin goes back to twenty thousand, they tripled their money. OK!

06:48
And that is usually what happens when markets collapse, just like what happened in the stock…

06:54
market 10 years ago.

06:56
People who added to their positions had conviction, and when the market was going down and capitulating…

07:03
those people did very, very well.

07:04
They made 300, 400% on their money in 10 years and the people that sold in 2008 missed a…

07:12
300,400% move.

07:13
And on top of that, they got out at a loss.

07:17
The problem with individuals is they like to buy high and sell low.

07:21
When Bitcoin was at twenty thousand dollars in January two thousand five hundred people…

07:27
signed up for my service at the top of the market.

07:30
At 4000,

07:32
nobody wants my service.

07:34
You know what, they will call me back when we go back to twenty thousand dollars on Bitcoin.

07:38
They will want to sign up for my service again and that is exactly when the people at the…

07:43
top of the market will dump their Bitcoin on you because people don’t learn from history.

07:49
History repeats itself and if you look back at financial market history, going back 100…

07:53
years the time that people made the most money is when markets crashed and the smart people…

08:00
took advantage of an overreaction and emotional selling that we are seeing right now.

08:07
Well, I can’t make a general statement like that.

08:10
What you need to understand first of all, I’m not always right.

08:13
OK.

08:14
I could be wrong on this.

08:15
That coin could go to 15 dollars.

08:17
Six weeks from now If somebody wants a second opinion from someone who takes the opposite…

08:22
side of the argument as I’m taking, they are more than welcome to listen to someone else…

08:27
but the way I see it, I mean I know a company that is spending one hundred million dollars…

08:34
on mining works right now.

08:36
I think they know where Bitcoin is going.

08:39
Better than the average person who is selling right now.

08:44
So, first of all; relax!

08:47
You know making money with investments is a waiting game more than anything.

08:52
And it’s the same as in the stock markets; it is the same as with any other type of investment.

08:58
You don’t make money when you open or close trades; you make money while you wait.

09:02
I think people need to be patient, but I think one of the most important things that we advise…

09:07
our clients is you know crypto as an investment should really be 1 to 2% of their allocation.

09:13
So that number one, they’re not worrying about it every day.

09:16
But also that’s 2% could become 50% in a decade; it can grow dramatically.

09:24
I think the other thing is to realize that some of the crypto projects are probably hopeless.

09:30
But things like Bitcoin and Ethereum or XRP have staying power.

09:36
And these are the ones where unless you think the protocols actually completely broken, you’re…

09:44
seeing price distortion caused by panic selling.

09:48
Well, this is the simple math of long-term investing that If you look at the equity markets,

09:56
it’s the only time you actually earn better than historical average returns.

10:00
So, the stock market has returned roughly 7% a year.

10:03
The only times you earn better than 7% is when you buy in a bear market.

10:08
So for instance, if you bought the S&P, in October 2008 at eight hundred, it still went…

10:14
down another 200 points for six months.

10:17
Right? So, in the short term, we lost money.

10:19
But,

10:20
S&P is now at twenty-eight hundred.

10:22
A lot of people waited till the S&P went to sixteen hundred which was a new high to buy…

10:26
it.

10:27
They made a lot less money in that person that bought it at a low.

10:29
So to me, crypto is exactly this moment that Bitcoin may have a downside in the near term…

10:34
but does this change the fact that it’s still the earliest days of crypto and it’s about…

10:39
to become an emerging asset class.

10:41
Well, those are going to carry much higher prices.

10:44
So the fact that we’ve had some volatility recently I believe that the institutional…

10:50
players the more experienced people and investments are actually coming in right now and seeing…

10:55
this as as an excellent opportunity to buy in at cheaper levels.

11:00
Whenever there’s a panic of this momentum, it is almost certain that we are close enough…

11:09
to bottom and then this is what I have said before as well.

11:12
So, we are very close to finding that bottom wherever than bottom lines.

11:16
And one thing is for sure only a few less than 1% would be able to cash that bottom.

11:22
But, I think now is the point where you start preparing yourself and be in a position to…

11:27
start participating.

11:28
So, Bitcoin has gone through various boom and bust cycles over the course of its short history,

11:35
and a lot of the time we see bull cycles where we see the market going up by 1000%, 10,000%

11:43
in a single year or even within a few months.

11:47
And then after that type of growth, you generally need to see a pullback as you mentioned during…

11:53
those times during those periods of growth.

11:55
You do get a lot of newcomers into the market and then after that during the retracement…

12:02
and then the relaxation period.

12:04
This is an excellent time for people to up there knowledge to learn more about the industry…

12:11
learn more about crypto assets; learn more about how things work and then you know during…

12:17
the next…the next great rush, they’ll actually become the experts and be able to teach all…

12:23
of the newcomers at that time.

12:26
So, this is what we’ve seen play out many times in the past and very likely that can continue…

12:33
until we reach full adoption.

12:35
I think Bitcoin is going to do very well next year.

12:41
If anyone is even worried that Bitcoin could go down in the next few months, it’s possible…

12:47
It doesn’t change the fact that adoption is going to grow and that we have institutional…

12:53
investors that will have opportunities to invest.

12:56
And, I think that you want to be in front of that investment wave.

13:00
So, I think 2019 is a great year for Bitcoin.

Source:

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