Bullish Or Not: People Who Sold Bitcoin At The Low Are Buying Back In
Someone bought Bitcoin back in 2013, sold out in 2014,
and now they’re back trying to get back in the game. That’s according to a tweet by Jake Chervinsky. Apparently, the guy in question is his close friend. In Jake’s opinion, this kind of stuff goes to show that the Bitcoin market has come a long way, and that’s why it’s attracting people who had already jumped out of the boat earlier on. Jake goes on to argue that the fact that people like his friend are dipping their hands back into the crypto business years after they walked and at a time when the crypto has already gone up value means that the market is now bullish.
In For The Long HODL
Going on and in response to a commenter, Jake said he was sure his friend is now getting on board to hang onto the Bitcoin for the long hodl. Of late, numerous analysts and Bitcoin fans have claimed that the crypto is yet to achieve its true potential, with some even arguing that Bitcoin could one day be worth over $250,000. Others believe Bitcoin is on track to replace Gold as a store of value. That’s probably one reason friends like Jake’s are buying even as the crypto is way more valuable than when they sold out.
Asked about the possibility of the SEC approving a Bitcoin ETF soon, Jake opined that either a yes or no decision is imminent. However, one of the thread contributors was wary that the current Bitcoin surge may be as a result of possible insider trading by people who know about the pending decision.
FOMO And Rekt?
Jake’s tweet wasn’t without some pessimists at the corner, claiming that Jake’s friend buying of Bitcoin during the current surge may have been influenced by FOMO (Fear Of Missing Out), As such, the user argued that such action wouldn’t be bullish as Jake claims but rather bearish. However, Jake was quick to point out that the fact that his friend didn’t buy back during the 2017 surge disapproves the bearish notion.
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Nick is a cool guy with lots of love for technology especially cryptocurrencies and blockchain. He likes to share the juicy nitty-gritty about the latest developments in the crypto world. When he's not immersed in his crypto world and creative mindset, you can find him having fun with friends and family. Contact: Nickjames [at] zycrypto.com