The cryptocurrency industry has been too hot in the recent months. We have been seeing notable changes in the cryptocurrency prices. The Bitcoin and altcoin news and rumors showed that tokens are up and down all the time. However, one analyst suggests that quitting crypto at this point and in 2019 is a big, very big mistake.
For instance, since topping in June, Bitcoin collapsed by over 40% and fell from $14,000 to $7,800 which is where the cryptocurrency sits at the time of writing. A price collapse like this has been marked by a capitulation in investors as well as other industry participants.
In fact, many analysts believe that the Bitcoin price will increase and that the entire industry will be accepted well. A former partner at Indus Capital and Goldman Sachs recently made waves in the Bitcoin news updates when he said that the price of BTC is not to be quitted.
The analyst told the media that quitting crypto now is just like selling the Amazon and Alibaba stocks in 2000 to 2003. As a partner of the Spartan Group (a blockchain advisory firm), he recently released an extensive Twitter thread in which he shows all of his thoughts on the crypto industry.
Known as “Spartanback” on Twitter, the user said that there is a growing sense of despondency spreading among industry members which is “putting crypto’s long-term growth” trajectory at risk.
0/ I used to think that crypto people are crazily optimistic, but lately a sense of despondency seems to be spreading. Even some of the early crypto diehards are sounding the industry’s death knells. This gloomy narrative is wrong and puts crypto’s long term growth at risk.
— SpartanBlack (@SpartanBlack_1) November 29, 2019
He also went on to explain that quitting crypto is a mistake and that there are clear reasons for the present pessimism on the market. As he said:
- Despite 10 years of development, people within the Bitcoin and cryptocurrency industry are still waiting for that “killer app” which will bring the industry and technology to the mainstream public, and
- Funding for blockchain startups which collapsed due to a couple of factors.
Spartan definitely induced some anxiety in investors. However, he noted that quitting crypto is the big mistake and asserted that what is going on now is healthy and there remains an opportunity for much growth in the industry.
“Many projects are either dead or dying a slow death… This is the law of natural selection and is a healthy development. Investors now play a critical role in identifying who will be the long term winners. Our job is to find the Amazon and Alibaba of crypto out of the wreckage, rather than write-off the whole industry,” Spartan wrote in detail attempting to reassure his followers.
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