Ian King recently joined the Banyan Hill Publishing editorial team to add his cryptocurrency expertise to the board’s set of outstanding trading and investing skills. He is a former trader of dot com stocks, credit derivatives, mortgage bonds and equities. When King learned about the enormous potential of crypto assets, he quit his lucrative job as a hedge fund manager so he could educate people about how to make money trading bitcoin. He became the most active contributor on cryptos to Investopedia.
By early January 2018, the market for bitcoin and all other cryptocurrencies lost lots of money. In December 2017 the price of one bitcoin pushed close to $20,000. But the new year saw a drop of 71%, which is drastic.
However, the new investors bitcoin attracted in 2017 were not used to such volatility wiping out all their profits. They didn’t see bitcoin drop 85% in 2011. They didn’t hold it through the many other major dips and drawdowns in its history, even in 2017. By the end of that year, it seemed bitcoin knew only how to go up. So many people were not prepared for the downside 2018 brought. View more on Ian King at Stock Twits for more updates.
In his first article for Banyan Hill’s readers, King said the downturn was not the end of bitcoin, only the end of its beginning. For years the word about bitcoin had spread underground through libertarians and others who wanted it to replace the fiat money issued by governments. Nobody else had ever heard of bitcoin unless in conjunction with online drug sales on Silk Road or ransomware attacks. But that changed. By the end of 2017, bitcoin and other cryptos cross the tipping point to mass awareness. Bitcoin’s market price went up an astounding 1,500%, leading many people to believe they’d be rich if they had heard of it and bought in earlier (and if they resisted the urge to take profits). That ignited their greed and their fear of missing out. The total market capitalization of cryptocoins went from $18 billion to over $600 billion. Learn more on crunchbase about Ian King
Now that the market mania of December has subsided, many experts are saying it’s the end of bitcoin, and they couldn’t be happier. As King points out, although almost everybody has heard of bitcoin, few people own it. And few of those people actually understand it. Despite the stories of how people mortgaged their homes to buy crypto coins, the market is still a long way from being saturated. Learn more:https://banyanhill.com/expert/ian-king/