The famous Crypto Blogger & Investor sells the "big majority" of its shares in Bitcoin (BTC)

Andy Hoffman, an expert blogger of CryptoGoldCentral and a well-known digital currency investor, has revealed that he has recently "sold the overwhelming majority" of his holdings in bitcoin (BTC).

The main Bitcoin investors leave the market

After spending 17 years as a public figure in the "blogosphere" – through GATA (a highly financially linked blog) and Bull Tweets of Torrey Hills Capital (a blog for a major investment reporting company), Hoffman noted:

I'm too old to continue to confront the bad actors in my community, like Rickards and Armstrong in the "gold community" and Tone Vays and others in Bitcoin. Not only do I no longer want to fight such wars, which does not give me any gains, but much anguish; but NEED again, or … and at 48 with a family to support, I do not see the positive side of "fighting to death" for gold, Bitcoin, or any cause of sound money.

Hoffman continued:

So when the Hoffman Line broke last week, I sold the vast majority of my Bitcoin. I have no idea if this turns out to be a brilliant maneuver or a horrible mistake – but given the risk to financial security that I had worked so hard for; for a cause that may or may not pay – late in my investment career, when the stakes are higher; it was the obvious choice to make. I have no regrets at all – and for the first time in years, I do not live in fear of what Bitcoin – and even earlier, Precious Metals – will do at any moment.

Review of the year-end Bitcoin price forecast

In fact, the digital currency market has proven to be completely unpredictable. As recently reported by CryptoGlobe, the famous bitcoin bull Thomas Lee, founder of Fundstrat Global Advisors, has now cut his year-end BTC price forecast to $ 15,000.

In particular, Lee has kept his bitcoin price forecast from $ 25,000 at the end of 2018 for the entire extended bear market this year. However, Lee explained that his revised estimate for the BTC price is based on the "draw" point of the main cryptocurrency. He noted that the Fundstrat research team used data from Bitmain's S9 mining machine, which indicated that the bitcoin break-even point is about $ 7,000. This is down from the previous $ 8,000.

Lee's research team then used the $ 7,000 figure and calculated that $ 15,000 is the "fair value" of the bitcoin, which is about 2.2 times its breakeven price. Although Lee is an expert financial market analyst, his predictions about the future price of bitcoins have often been wrong. In addition, many other participants in the cryptographic sector have made bad calls.

Invest only what "you can afford to lose"

As explained, Meltem Demirors, Chief Strategy Officer of CoinShares, a cryptocurrency management company, had recommended that people continue to invest in bitcoins and other large cryptocurrencies – when cryptoasset prices were at historic highs (in December 2017).

Demirors has now been accused of ignoring the advice of the legendary Yale economist and Nobel laureate Robert Schiller, who at the time warned that the crypto-market was in a huge bubble ready to burst.

As reported by CryptoGlobe, Kendrick Nguyen, the founder of the crowdfunding platform, Republic, recommended to invest only small amounts, or just as much as people "can afford to lose". In addition, the first to adopt Bitcoin, Charlie Shrem, suggested the same said encrypted technology is in its early stages of development and attention at this point should be learning and testing digital currencies, not so much on how to profit from investing in them.