The crypto market has been bleeding the past few weeks, leading many investors to panic sell. For longterm investors there is nothing to worry about, says Sheldon Evens in a recent video. As long as you hold and don’t treat Bitcoin as a “get rich quick scheme” the crypto market still looks bullish.
“I have some bags that I’ve had since 2015 that I haven’t touched at all. Not even during this market – not even swing trading. I have a hodl portfolio that I do not touch that is my long term store of value that fits the narrative of Bitcoin. Bitcoin’s essential narrative is a long term store of value. Not a short term get rich quick scheme.”
Sheldon brings up a tweet from PlanB. It illustrates a really valid point: No one who has held Bitcoin longterm has ever lost money.
Sheldon says again:
“When you see these sentiment changes, across Youtube, across Twitter – You’ll see it on the faces of Youtubers where they start getting sad when the market starts entering these stages and the expressions on their faces start fading. Because they are way too overexposed to the market and their emotions are getting a hold of them. When you don’t have everything to lose, then you can make objective decisions in the market. And right now – we’re in a stage of extreme fear.”
This is one of the best points anyone can make. Why are all these experts so eager to make claims about the bear market? Sheldon couldn’t have answered this question any better. When we see waves of emotions it’s because people have too much to lose. Therefore, it’s important to try to view the situation as logically as possible.
Whales and institutions are buying
Sheldon mentions that at time when the market has made major downside movements is when hedge funds and institutions are ready to invest. He says many of these types of investors want to get in at a time where there is the lowest amount of downside risk.
This statement concurs with a recent market intel report from Chainanalysis which states that “whale investors” and institutions have bought around $3 billion worth of Bitcoin in the past weeks. And bitcoin evangelist Michael Saylor himself has announced on Twitter several times that his company bought more Bitcoin.
Evans also brings up how Apple is currently hiring cryptocurrency experts and PayPal is allowing users to withdraw cryptocurrency from their platform. This shows you that large companies are implementing cryptocurrencies in their corporate strategy. Furthermore, this is a sign that more and more Fortune 500 companies companies believe that cryptocurrencies will play a role in their future. Lastly, Sheldon points out how the U.S. dollar’s inflation is on the rise. He believes this will lead many investors to look for alternatives to the US dollar. Will this lead people to buy Bitcoin? This is. to be seen, but it is likely as Bitcoin is considered to be a hedge to inflation.
Aaron is passionate about blockchain and has been an investor in cryptocurrencies for the past years. He enjoys engaging with other people in the cryptocurrency community online, particularly on Telegram, and learning from experts.