Crypto leaders say Bitcoin’s future is bright, despite price swings

11/08/2024 01:37
Crypto leaders say Bitcoin’s future is bright, despite price swings

Strong demand and market fluctuations show Bitcoin’s potential as crypto leaders underscore long-term optimism.

Bitcoin's recent price fluctuations have left some investors anxious, but industry leaders remain confident in the cryptocurrency's long-term value.

Roundtable anchor Rob Nelson led a discussion with David Gokhshtein, Founder of Gokhshtein Media, and Dirk Lueth, CEO of Upland, addressing concerns over market volatility and the future of digital assets.

"Relax," urged David Gokhshtein. "We just hit numbers that we haven't seen since when, and you're panicking because we had a little bit of a pullback?" He emphasized that demand for bitcoin remains strong, noting that "People are desperate to get their hands on bitcoin," and there's "Not enough bitcoin to be sold OTC to people that are desperately wanting to get bitcoin into their hands."

Following the results in the U.S. election, Bitcoin swung to a record high after billions of dollars flowing into Bitcoin ETFs last week.

Rob Nelson highlighted the skepticism some have toward cryptocurrencies. "They don't understand; most stocks don't do these jumps like this," he said, recounting a conversation with a traditional investor who prefers tangible assets. Nelson asked Dirk Lueth why people panic over bitcoin's volatility despite being deep in the crypto space.

Dirk Lueth compared the current sentiment toward bitcoin to the early days of digital media. "In the early 2000s, I co-founded a newspaper... people approached me, 'No, I want to hold something in my hand. I want to smell the printing press,'" he recalled. "And then fast forward what happened to newspapers, everything's gone digital these days." Lueth believes bitcoin will follow a similar path as people begin to understand its value as a virtual asset.

"I'm not getting nervous these days," Lueth stated, reflecting on his decade-long experience in the crypto space. While acknowledging market fluctuations, he remains optimistic: "I believe that bitcoin and not just bitcoin, all the other Altcoins... many of them... have a bright future ahead of them." Both Gokhshtein and Lueth agreed that education and time will alleviate fears, and that the crypto market's growth is a natural progression as it matures.

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