Vocal Bitcoin bull Meltem Demirors believes that the ongoing crypto decline is just an ordinary correction, which would wipe out investors with ”paper hands.” She reminded that the primary digital asset has always been volatile and assured that it is ”here to stay.”
‘You Can’t Have a Number Go Up Forever.’
The current situation in the cryptocurrency space doesn’t look bright, from a short-term perspective. The dollar value of the largest digital asset by market capitalization recently crashed below $30,000 for the first time since January 2021.
In an interview for CNBC, CoinShares CSO, Meltem Demirors, said that markets could not expand forever. In fact, they experience contractions, just as it is happening now with the crypto one.
Demirors opined that the crash of the digital assets’ prices has its good side, too, as the market would clean itself from insecure investors:
”What we’re seeing is a correction, a contraction, and a lot of what is getting shaken out is what we call the ‘paper hands,’ the ‘weak hands.”
Speaking about Bitcoin, Demirors assured it ”is here to stay” and ”is not going anywhere.” She believes that a lot of people without much crypto knowledge jumped on the BTC bandwagon a few months ago when its value was skyrocketing, but now those are the ones that sell their assets.
Who Else Is Bullish During The Difficult Times?
In general, all of the Bitcoin proponents haven’t really changed their tone as, in the grand scheme of things, Bitcoin is still performing really well on a long-term basis.
Despite the ongoing crypto decline, Mike Novogratz said that the primary cryptocurrency is a better version of gold. At the same time, he asserted that the alternative coins represent the future of the financial world.
During his recent interview, Novogratz opposed the central banks and treasury departments, which printed colossal amounts of money during the pandemic. To him, people will need hard assets such as real estate, gold, and ”certainly crypto” to protect themselves from the harsh consequences of mass printing.
The prominent BTC supporter backed up not only the bitcoin but also some altcoins. He sees them as innovation, which would make the future financial market ”more transparent and more fair.”