Bitcoin remains a strong investment and still has plenty of upside potential, according to early crypto adopter and innovator Nick Spanos.
The world’s largest cryptocurrency has traded sideways over the past last days, with support around the $33,000 mark and resistance at $40,000 – and despite it partially recovering to around $38,000, it is still considerable down on its all-time high of $63,729.50.
Giving his insight on Bitcoin’s outlook, Mr Spanos – co-founder of the Zap Protocol – said he is still as bullish as ever on it. Mr Spanos said:
"Bitcoin always goes up after the dips, we’ve seen this for over a decade. Bitcoin ‘crashes’ upwards, and meanders down."
He added:
"The new wallet holders are the sellers, which means the longer you are in Bitcoin, the more you understand and are acclimated to this price habit. Didn’t those newcomers who are chickening out now laugh at those who went all-in right before the 2017 all-time high?
They always regret it until the next all-time high. This is just leftover psychology of people who think they’re playing with stocks, but this is a new asset class and people need patience and an open mind — and they have to do their homework.
It’s not a surprise to see old hands accumulating, this has happened many times before."
Spanos, who was also the first to denominate Manhattan real estate prices in Bitcoin at his real estate brokerage, added that he "sees an unprecedented pace of practical adoption of Bitcoin as a means of rent payment, car/aircraft sales, home buying, gun sales, dentistry — you name it."
Continuing, he said:
"So stop trying to pigeonhole it as strictly a means of exchange, a store of value, or an inflation hedge. It’s all of the above, and it’s the people’s revolution of monetary independence."
The crypto expert concluded:
"Bitcoin is an evolutionary-level discovery, it solves profound questions of trust, true custody of one’s own assets, and what it means to have a truly globalized economy."