Will the price of Bitcoin go up? I bought Bitcoin and price went down 50%?
By: Jaeho Sheem
Tags: Marketing, Life, Cryptocurrency, Bitcoin, Business

Welcome to the world of cryptocurrency, and specifically, the world of speculation. You my good person just fell for the number one trap in the investing world. You fell for the bottom half cycle of FOMO. I can probably explain your predicament in three steps.

1) You Wanted Easy Money

I was once in your position. A close college friend of mine (let’s call him Fred) and I were once discussing the possibilities and prospects of the working world. Having decided to that making money was incredibly difficult, we looked for an easier way out. Fred mentioned that he had been investing money into cryptocurrency for the past three months. He had doubled his earning on Litecoin and nearly tripled his money on the Ethereum chain.

I didn’t believe him.

Then I started poking around myself. I started poking at the couple articles and YouTube videos that a fanatic threw at me. And one day, I decided to buy some for myself. This is when the trouble started.

2) FOMO: You Got Too Excited

Once you invest something as personal as money, you start obsessing over the thing you put your money into. You probably watched the prices skyrocket at the end of 2017 and got incredibly excited.

This is when FOMO hits the public. The thoughts that are running through everyone’s head, including yours, is “I need to invest now, or I’m going to miss out on Lambos on the Moon.” You stopped listening to the warning sign of all-time-highs. You probably didn’t even look, much less study, trend lines and global news. Regardless, you saw the potential and started pumping in your hard earned money, enveloped in the high of crypto investing.

For a while, things started to look good. Bitcoin and crypto were breaking barrier after barrier. The rule of physics says that everything that goes up, must come down. Bitcoin is subject to this rule.

3) The Crash and Your Predicament

Just like stocks, there are natural corrections in the market. Crashes are a normal, healthy thing.

We are currently in an era of corrections after an era of skyrocketing past previous barriers.This is good because it facilitates consolidation and keeps healthy players in the community engaged. Warren Buffet said, “The stock market is a device for transferring money from the impatient to the patient.”This is doubly true for cryptocurrency. Which brings us to your question:

Will the price of Bitcoin go up? I bought Bitcoin and price went down 50%?

My answer for you is: Be Patient

The price of Bitcoin will go up because it has to go up. As institutional investors and monetary movers start entering the game, they will be dumping massive amounts of fiat currency into crypto. We are seeing evidence of this now as Microsoft, Hyundai, and others are implementing blockchain or third party Blockchain as a Service products.

Don’t fall into the trap that new investors inevitably fall into. New investors get caught in the hype and feel the FOMO. Then when Bitcoin crashes, their passion for crypto immediately vanishes. They end up selling their coins for a fraction of what they bought it for. This is how you lose money.

Seasoned veterans, on the other hand, do the exact opposite. They study up on their projects and personally vet their teams. When they have found a project that has a solid team and token, they will attempt to talk to the founders or learn more from the community. After they decide to buy, they will hold on for the longterm, riding out any crashes and ATHs that it may face. Then the good investor will count how much his coin has made in accordance to the dollar, and if it is positive, cash out.

Conclusion:

Be patient. Study up on the projects you are investing in. Listen to the veterans and HODL for your life. Only invest in what you can lose just in case cryptocurrency tanks in value like its doing now. Most importantly, don’t sell when everyone else is selling.

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