Paul Mampilly believes that bitcoin’s price drop is not an opportunity to buy more. During the last day of 2016 (31st December), bitcoin was sold at a price of $968.23. Interestingly, on 8th November its value was $7,879.06, an increase of 714% in less than one year. Honestly, this is too good to be true!
Over the past few weeks, there has been confusion about what the original bitcoin should be. One side proposes that bitcoin should be a store for precious assets like gold, while the other group advocate for it to be liquid and accepted as cash all over the planet. Surprisingly, the fight was called off suddenly without any explanation. As expected, the value of bitcoin on the market dropped.
That seems weird; because the differences between the two groups don’t mean that there are fewer bitcoins in circulation. After all, in the world of business scarcity means an increase in demand, and eventually, price. Instead of the prices to shoot, it continues to decrease.
If you are a smart investor, the way the value of bitcoin is depreciating rather than appreciating is alarming. The decrease in the number of this product should have been a good thing to the owners, but that’s not the case. It appears that the people who are buying bitcoin don’t have sufficient capital to commit. New investors are not interested in the product, and that’s why its value is depreciating.
Given the current status of bitcoin, some financial experts may advise you to buy as much as you can hoping that the prices will go up again, but the way things are going, it doesn’t seem like the price are going to increase again.
About Paul Mampilly
Paul Mampilly is an investment expert and former manager of Hedge Fund. He has featured in leading TV business news like Fox Business, Bloomberg, and CNBC. He is the founder of the renowned newsletter called “Profits Unlimited.”
Having worked at Wall Street for many years, he has extensive skills and knowledge on how stocks work. He uses his experience to help his subscribers determine stocks that are likely to perform well. Paul Mampilly has won various awards, including the Templeton Foundation investment competition. Paul Mampilly has been privileged to control many accounts with millions, such as the Royal Bank of Scotland. He is a man with many years of experience in financial matters.
Learn More: inspirery.com/paul-mampilly/