In November 2021, Bitcoin was trading at an all-time high of nearly $69,000 per coin. This week, the world's leading cryptocurrency plummeted by over 20% in the past week, with the coin currently trading at around $28,000. Other major crypto contenders like Ethereum and Cardano are experiencing a similar downward trend.
El Salvador's president, Nayib Bukele, announced via Twitter that the country bought 500 coins, adding another $13.8 million to its balance sheet, but is there validity to the age-old “buy low, sell high” strategy, and what could be the reason to the major fall?
Alan Kardec, CSO at Blockchain One, shared his opinion on the matter: “We are at the height of investment in crypto assets. Including a metaverse and Web 3.0 “hype” with NFTs. Bitcoin is not alone in this spectacle of risks and incipient modeling that are still evolving into consolidated markets. We have to consider the entire economic scenario to bet on models on the Web 3. The use of decentralized finance as an economic alternative can, to a certain degree, supply the outdated models of the traditional market. In the case of El Salvador, the Chivo Portfolio strategy can bring some comfort to the local economy. As for the interests of the IMF, in not understanding the use of bitcoin proposed by it, it is a mere defense of market reserve. The purchase of bitcoins by El Salvador in the low season can also be seen as a market strategy because the rise and fall of the traditional economy is also reflected in the crypto environment. Bitcoin price turned positive on Wednesday after dropping below $30k for the second time this week. The game goes on.”
To gain more insight on cryptocurrency and blockchain, as well as decentralised finance, Alan will be kicking off Crypto Forum Latam 2022 on the 28th of June in São Paulo at the Grand Mercure SP Itaim Bibi with his keynote address on “The current state, and what the future of the crypto industry looks like”. Do not miss Alan’s presentation on, “Blockchain technology using Decentralized Finance (DeFI) to strengthen public policy” at 12:15 on the 28th of June. Jean Carbonera, CEO at ZurichBank SA, elaborates on the “buying the dip” strategy: “‘Buy the dip’”. This is not a wise investment advice, but it is a highly profitable strategy for those who know well the market where they work. It is consensus among crypto experts that BTC will appreciate in the long term. So, we have no doubt that it is a good deal for those who have the resources to buy Bitcoin at low to make a store of value. Main point: never sell for less than you bought. Anyway, 1 BTC is always 1 BTC.”
Join Jean on the 29th of June for two thought-provoking panels focused on the co-existence of cryptocurrency, traditional banking, and fintech, as well as the state of crypto-asset regulation in Latin America. All hope for Bitcoin is not lost. Edson Neto, Founder & COO at GenesisBank and Community Manager at Decred reassures investors that, “Bitcoin and cryptocurrencies in general are medium/long term investments, market volatility scares some people, but volatility is not a problem but a characteristic of this market.
In the last 7 days Bitcoin has had a 30% reduction in its price, an analogy I make is that Bitcoin is a rocket, every now and then it returns so that more people can get on that rocket.”
Edson will be sharing his expertise in the first panel discussion of Crypto Forum Latam 2022 on the roles and responsibilities of crypto stakeholders in our digital ecosystem.
Our exceptional speaker line-up will be tackling the most in-demand crypto discussion trends. Crypto Forum Latam 2022 provides you with the ideal platform to learn from the best in the business. Don’t delay to book your participation for #CFL2022 as an exhibitor, delegate, speaker or sponsor today at: https://www.nascentedge.com/crypto-forum-latam and become a part of the game-changing crypto crowd who are shaping the future of finance!
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