Many Bitcoin millionaires still hold their Bitcoin assets since the 2017 price increase with the hope of growing in the next bull run of the crypto market. The increase in the price of Bitcoin in 2017 made many of the early adopters feel optimistic and greedy with prices, and those who turned out to be billionaires and millionaires overnight do not want to set aside their assets before the next bullish race take over.
The 2017 price increase also proved to the cryptography community that not everyone is in this for technology and did many to quote extravagant prices in the following year. However, the bearish trend in 2018 affected the prices of cryptocurrencies by 80% on average, while Bitcoin also suffered a drop of around 80%, which brought prices from about $ 20k to the current price range of $ 3800.
During a recent “Detroit Blockchain & Fintech Pitchfest” hosted by a Bitcoin millionaire, Mr. Nate Talbot saw 200 people at the event. Nate insisted that he knows many people who still have the hope that Bitcoin will reach new high prices.
Apart from the attendees, some of Bitcoin’s most notable millionaires were also quite optimistic about the prices since the 2017 high. Tim Draper, one of the most prominent names among angel investors, predicted that prices would touch millions in the future, and even after the bearish race of 2018, he remains optimistic about his predictions.
There are many Bitcoin Bulls among the community that still have high hopes for the next bullfight. However, the longer trends of the bear market in 2018 also caused many Bitcoin millionaires to withdraw from the game and look the other way. One of the best known names is Erik Finman, who changed his life by investing a few thousand dollars in Bitcoin at an early stage.
Erik was just another teenager whose family was not very optimistic about his future until he discovered Bitcoin and became a millionaire overnight during the phenomenal prices of the end of 2017.
However, Erik did not stay in the Bitcoin game for long after the bearish race of 2018 took over, and invested his Bitcoin wealth in other sectors. He was even quoted as saying that Bitcoin is almost dead, but many would not agree with that.
The debate about the increase in prices and minimums will continue forever, but being too optimistic or pessimistic is also wrong. You can not expect a volatile entity such as Bitcoin to move upwards all the time, especially when it is not backed by any real-world entity. Being a good investor, you can always trade with a part of your digital assets while you have a portion if you believe that the asset has the potential.
A stable price point is always better than the volatile one, and the current downtrend in spite of reducing significant portions of the price has brought a sense of stability in the market. The lower the volatility, the more acceptance. This is evident from the fact that many traditional Wall Street investors (such as eToro) seek to expand their portfolio to the crypto trading market.