According to the chief executive of graphics card maker Nvidia, Jen-Hsun Huang, “crypto is a real thing—it’s not going to go away”. These are strong statements considering the shaky price of Bitcoin and other cryptocurrencies over the last month. But is he right after all?
Nvidia CEO mentioned that “crypto was a real part of our business this past quarter, even though small, overall”. He also added that there is “clearly real utility” with blockchain.
In fact, from almost $20,000, Bitcoin has even stayed afloat to just around $6,000. And it wasn’t just Bitcoin. Other altcoins are also in a bearish trend for the last months. In fact, it was so bad that a suicide hotline was opened in Moscow specifically for cryptocurrency traders.
Elena Pikhovkina, a psychologist who works on the hotline mentioned that “Some people are in a panic, they don’t understand what is happening. At first, everything was good in this market, and now it has faced such changes.. First of all, I will get acquainted with people in my work, listen to their stories and then give advice on how to calm down and recover. It is very important so that a person does not do anything stupid”.
There were already reported cases of suicide that has occurred all because of their cryptocurrency investment. This week, World Crypto Network reported that an investor was reported to have committed suicide following the price correction.
Possibility of a Bullish 2018
To give a glimmer of hope to those who invested especially during the time when Bitcoin almost hit $20,000, Thomas Glucksmann of cryptocurrency exchange Gatecoin mentioned that there is a chance that Bitcoin will reach all “new highs” and “rebound”. In fact, he predicts that Bitcoin could actually reach $50,000 before the year ends.
And why so? He mentioned that “increasing regulatory recognition of cryptocurrency exchanges, the entrance of institutional capital and major technology developments will contribute to the market’s rebound and push the cryptocurrency prices to all new highs this year”
CEO of Outlier Ventures, Jamie Burke, mentioned that the expected “bull run” is expected to be even greater than that of last year’s surge. He mentioned that “we believe after February the market will likely go on a bull run comparatively if not greater than last year potentially reaching the trillion-dollar mark before a proper crypto winter sets in where the market becomes more focused on proper market fundamentals”
To Hodl or to Sell?
A lot of people are still faced with a dilemma whether or not to hold on to their cryptocurrencies or to sell them now. There are various opinions regarding the future price of Bitcoin. While others look at regulations as a bad thing, there are those that look at it as a good thing that can bring Bitcoin and even possibly the rest of the cryptocurrencies to their bullish trend.
In reality, this projection can be a good thing especially for those who are still hoping that they can get their money back. However, keep in mind that nobody really knows exactly if this will truly be the direction of cryptos after the next months.