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Charlie Shrem recently interviewed Yahoo Finance to discuss his views on the present and future status of cryptocurrency.
The Starting Line
Charlie Shrem, Early Bitcoin 0 [19659005] 0 BitInstant's adopter and founder Crypto.IQ was interviewed by JP Mangalindan of Yahoo Finance Sunday . The sit-down was held at the MoneyShow conference in San Francisco last Thursday
Shrem offered the public some nuggets of wisdom and advice, also discussing his thoughts on the current cryptocurrency market and its future trajectory .
They began to talk about the early days of Shrem at the dawn of Bitcoin – managing the biggest bitcoin exchanges at the time in the early 2000s, followed by a period of detention in prison after selling Bitcoin to resell the now-defunct site of the "black market", The Silk Road.
After serving two years, Shrem worked with Randall Oser to create Crypto.IQ, which offers a membership service that includes access to portfolios, cryptanalysis analysis, reports and training.
At Phoenix From The Ashes [19659003] When asked what his views on the current status of Bitcoin were, Shrem took the opportunity to remind new investors that, historically, they were not all the sunny days for the cryptocurrency markets. He stated:
A lot of crypto people are not traders, traders know that there are bull and bear markets. Many krypton people think it's always bull.
A lot of crypto people are not traders, traders know that there are bull and bear markets. Many krypton people think it's always bull.
Shrem does not seem to be discouraged by the current bear market. "And during these bear markets," he said invoking ideas of creative destruction, "it is when things die, things are born and are rebuilt."
Getting In – Getting Intrigued
With the number of existing cryptocurrencies exploding at over 1,800, many are destined to die over time. Shrem noted that the cryptocurrency space has become much more competitive due to the large number of different projects. Market cycles are needed to shake projects that have no real value.
The enormous proliferation of cryptocurrency projects also allows people to become part of the cryptocurrency economy.
Shrem praised projects that are legitimate and A real attention from new people who says: "It involves people, it makes people curious".
He advised those who are just starting to invest: "Choose an amount you would like to lose by losing". , "Invest [that amount] in a crypto basket and have fun.Enjoy it and learn."
Shrem recommended that the investment be halted to allow him to mature for five years.
[19659010] "Putting my money on 2019"
Mangalindan asked Shrem how to respond to those who were worried about the volatility and the price of Bitcoin. Shrem responded optimistically: "It was a crazy move, we went from $ 1,000 to $ 20,000.The market must assimilate all that."
Shrem and other long-standing investors realize that the current bear market it is simply following the pattern of periods of experience with large-scale gains and subsequent corrections.
Shrem is still bullish Bitcoin 0 0 claiming, "Honestly, I am a buyer between $ 5,000 and $ 6,000." Shrem was also asked what his thoughts on the recent rejection from part of the SEC of the Bitcoin Exchange-Traded Funds (ETF), a topic that has garnered a great deal of media coverage lately. Some investors say ETFs will raise the price, while others think ETFs will have only a small effect on the market.
"We are not ready for an ETF.", Shrem said, "The market is too liquid, too manipulable." He cited as an example the recent Bitcoin price pump during maintenance on the BitMex exchange.
"We have only one first chance." Shrem said, "We have an ETF, something happens, we get screwed, they close it up." Do you know how difficult it will be to have an ETF again? "
Shrem remains certain that ETF will happen, stating, "I'm putting my money in 2019."
Do you agree with the views of Charlie Shrem on the present and future of the cryptocurrency market? Let us know your thoughts in the comments below!
Images courtesy of Bitcoinist archives.
