Bitcoin investors should regard the digital currency as a long-term investment and not a get rich quick scheme. This is according to James Florentino, CEO of Mergecommit which is an international blockchain-based products and services company.
In 2017 Bitcoin made headlines as its price soared to 2 000% from about $1 000 to well over $20 000. Consequently, exchanges were flooded as new investors wanted to get in on it. This influx caused several leading exchanges to put a halt to registering new signups. Since its rise to $20 000, the price of Bitcoin has dropped to just over $11 000 today. This has left some investors who bought Bitcoin when it was at its all-time high, in a bit of a slump.
However, Florentino is calling this a “normalization period”. He advises Bitcoin investors to hold onto their investment for the long term if they wish to see a return on their investment. Florentino said investors have to be patient since the Bitcoin environment is known to be very risky.
Neil Roets, financial expert and Debt Rescue chief executive in South Africa, was quoted saying that the country has seen an increase in the number of people who are applying for debt rescue after they lost money in cryptocurrencies.
Roets told IOL news service that the Bitcoin craze has led many to believe they could get rich quickly and they fell victim to scams. Roets said people have gone as far as to sell their cars and borrow large sums of money.
There are many risks involved in cryptocurrencies such as buying a coin at a high price only to see it decrease in value or being hacked.
For this reason, many investors have invested in a miner as it is an easy and reliable way to get a guaranteed return on investment within a short period. Check out the latest miners at Bitmart or get in touch with the office to find a miner that meets your needs.