Nov 24, 2018 18:07 UTC
Nov 24, 2018 at 18:34 UTC
‘Vast Majority’ of Cryptocurrency Holdings Sold by Prominent Financial Blogger Andy Hoffman
CryptoGoldCentral’s well-known blogger and digital currency investor, Andy Hoffman has recently confirmed that he “sold the vast majority” of his Bitcoin (BTC) holdings. The experienced market analyst explained that he no longer had the patience to deal with the highly volatile crypto market.
Hoffman has in the past, been involved with the highly popular and subscribed finance blog GATA and investment firm Torrey Hills Capital’s blog, Bull Tweets. Being in the circuit for over 17 years, the public figure said:
I’m WAY too old to continue engaging with bad actors within my own community – like Rickards and Armstrong within the ‘gold community,’ and Tone Vays and others in Bitcoin. Not only don’t I WISH to fight such wars anymore – which bring me no profits, but plenty of angst; but NEED to anymore, either…and at 48 years old with a family to support, I don’t see the upside to ‘fighting to the death’ for gold, Bitcoin, or any sound money cause. -Andy Hoffman
Disillusioned by the scratching and clawing to get more money, he added that he sold most of his Bitcoin holdings. Another reason for the move was to improve his financial securities, Hoffman said. The blogger has “no regrets at all” and said that he was “not living in fear of Bitcoin” for the first time in years.
Echoing Hoffman’s words, many crypto traders are similarly noting that the digital market has been increasingly unpredictable. The founder of Fundstrat Global Advisors and Bitcoin bull, Thomas Lee has recently cut his year-end BTC price prediction from $25,000 to $15,000.
Lee noted that his research team used data from Bitmain’s S9 mining machine which indicated BTC’s break-even point at $7,000, down from the previous value of $8,000. The team then used this $7,000 value to estimate Bitcoin’s $15,000 “fair value” which is essentially 2.2 times the break-even price.
The chief strategy officer at crypto treasury management firm CoinShares, Meltem Demirors noted that people should still keep investing in Bitcoin and other major cryptocurrencies as the prices of cryptocurrencies were at an all-time high (as of the end of 2017).
However, Demirors has been proven wrong by Yale economist and Nobel Laureate, Robert Schiller who had always maintained his stance about the cryptocurrency market being inside a huge bubble, ready to burst. Experts are now asking prospective buyers to be cautiously optimistic and only trade cryptocurrencies in moderation, to minimize the risk of loss. Cryptocurrency and Blockchain are still in their nascent stage, and it has been recommended multiple times that the primary focus should be on learning and studying more about this emerging market rather than seeking monetary gain.