The Mexican mogul appears to believe that the price of Bitcoin will rise in the long run and that individuals who purchase and keep their assets would thank him later, according to his Twitter account.
On Monday, bitcoin fell to a low of $37,300 before rising slightly above $38,000. According to Ricardo Salinas Pliego, the 3rd largest Mexican billionaire, the present decrease in Bitcoin prices is an opportunity to acquire more BTC rather than sell.
When prices fall, as they have recently with Bitcoin’s drop below $40,000, the millionaire believes it is time to stock up on even more cryptocurrency. He stated in a tweet that investors would later benefit by holding rather than selling in.
Salinas believes people would thank him later if they followed his advice to purchase bitcoin and maintain the purchase while the price is low. According to the founder of Mexico’s second-largest TV station TV Azteca and business behemoth Grupo Salinas, people need to keep it instead of selling it.
The Price Of Bitcoin Falls Below $38,000
The stock market’s worst month as of March 2020 and persistent signs that the Federal Reserve will begin hiking rates at its upcoming meeting in March to combat inflation are all factors contributing to Bitcoin’s low price.
Meanwhile, government authorities have expressed a desire for further regulation and engagement in digital currencies, including creating a government-issued digital currency. In recent weeks, the price of Ethereum has followed a similar path to that of Bitcoin.
Bitcoin has hovered between $33,000 & $50,000 in the moments since almost reaching $52,000 on December 27. Bitcoin has had a sluggish start to the year, with its price dropping below $34,000 in January, the lowest it has been as of July 2021.
The billionaire’s remarks come at a critical juncture. Bitcoin’s value has dropped in recent times after a rally failed to gain traction beyond $45,000. The cryptocurrency is currently operating at $38,780 as of this writing, with intraday values recovering off lows of $37,300. Bitcoin has risen beyond $38,000, putting it in a critical support-resistance zone that experts watch.
BTC-USD may stay turbulent this week, says pseudonymous trader Credible Crypto, although an upward resolution to the consolidation is probable. If that doesn’t happen, he believes BTC would fall below $36,200, invalidating the upside scenario.
He predicts a quiet week since the market is between significant support (38-39k) and important resistance (41-42k). He believes that they will trade back and forth between these two levels for a while before resolving this consolidation to the upside. A tap of 36.2k is a hard invalidation for this notion.
What Does This Drop in Cryptocurrency Prices Mean For Crypto Investors?
According to experts, cryptocurrency investments should make up less than 5% of your whole portfolio. According to Bill Noble, chief technical consultant at Token Metrics, a crypto expert platform, if you’ve done that, don’t worry about the swings since they’ll keep happening.
Price oscillations are foreseeable for individuals who trade in crypto utilizing a buy-and-hold approach for the long term. Following Humphrey Yang, the personal financial guru underneath Humphrey Talks, big falls are nothing to be concerned about, and he avoids reviewing his accounts during dangerous market falls.
