We have experienced it all....
FUDs, FOMOs, Moon and back.
We must have also noticed how FUDs played a dominant role in dips few months ago.
Starting from the China ban, South korea ban, India ban, Facebook ban, Google ban, critiques like Warren Buffet, and most Anti-Bitcoiners like the central banks dipped prices like anything.....
And then came FOMOs like Cnbc shilling people to buy cryptos, especially Ripple(and I honestly dont like them of course), soros group, then news of declaring Bitcoin as 'Halal' in Islamic countries, wall street money coming in, institutional money coming in, banks acquiring blockchain technology and all.
One thing we must not miss out is the fact that FUDs are no longer dipping prices of bitcoin like before.... Its of course a good sign for Bitcoin in the long run.
One: Weak hands already left the scene.
Two: Since weak hands left, there wont be much panic selling.
Three: Price seemed to have found a bottom (though in my opinion I feel one more dip will be coming before we move up)
The latest example of Bitcoin turning resilient to FUDs is, the fed calling it valueless ... And still we see no signs of dropping or breaking support levels.
In one instance, Digital Currency Group’s founder, Barry Silbert, stated that bitcoin bears had run out of steam.
According to Silbert, one of the reasons that was giving him confidence was the fact that Jerome Powell, the chairman of the U.S. Federal Reserve, had criticized cryptocurrencies but this did not place downward pressure on prices.
“When the chair of the Fed says negative things about bitcoin, and Howard Marks [Oaktree Capital’s co-chairman] says negative things about bitcoin, and Ken Griffin [Citadel’s founder and CEO] says negative things about bitcoin, and bitcoin doesn’t move, I think that’s a bullish sign,” Silbert said.
What do you all think? Please let us all know in the comments below.
:)