Recent developments in the crypto market have investors shrill and soar on Bitcoin; some of them are liquidating their assets while others don’t have anything to do but be patient with what is taking place. Investment firm Theil Capital’s managing director Eric Weinstein has taken to Twitter regarding all these recent developments around Bitcoin and has advised cryptocurrency proponents not to lose hope. These are only corrections that the cryptocurrency is making and are not an onset of a market-level crash. But in the online world where information travels faster than anything, the rumors spread by anti cryptocurrency personnel have surged in number. Everyone believes so that it is a market-level crash and not some correction that Bitcoin happens to be doing at the moment.
In a series of Tweets that Eric has sent out, he tried to explain that cryptocurrency works as a hedge against the fiat currency that has seen some massive devaluing over the years due to massive printing. This practice is diluting the value of fiat money, and if you are financially smart to avoid this, it is best to invest some of your hard-earned money into cryptocurrency and turn the wheel around. According to Eric, it is not wise to hold onto the fiat money for so long as it will eventually lose its money, so if you have some lying around, then it is best that you invest it into something, and cryptocurrency trading and holding is definitely something that you can get around.
When these series of tweets were making their way to the public, Bitcoin was crashing so badly as at one spot, it even reached $47k, but after that, it has rebounded strongly and is now trading at about $53k. All of this from a $64.8k all-time high which accounts for about a 25% loss in terms of Bitcoin’s overall value. But then again, people need to pacify a little as it is not a crash that they are witnessing. It is a mere correction proposed by Bitcoin as a cryptocurrency. Before it gets escalated, the levels will reach their optimum value; nothing but hope can get you through this.
