Do you think cryptocurrency like Bitcoin, LTC, ETH would recover or ever go high again? Is it wise to purchase when its already so low? - Seedly
 

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Asked by Anonymous

Asked on 12 Aug 2018

Do you think cryptocurrency like Bitcoin, LTC, ETH would recover or ever go high again? Is it wise to purchase when its already so low?

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Alan Seng
Alan Seng, Team Lead at Tech in Asia
Level 3. Wonderkid
Answered on 13 Aug 2018

Hi Anon!

Background: I started researching, writing and investing in cryptocurrencies in April 2017.

You need to understand why you want to invest in cryptocurrencies. Just like any other financial instruments such as stocks and bonds, you need to first understand what cryptocurrencies are, and see for yourself if you believe in it.

If you're just suffering from FOMO, then I will suggest for you to stay away from it. Stay away from cryptocurrencies if you think it's gonna make you rich quick. Until you truly believe and see that cryptocurrencies have a future in our society, then invest.

Invest safely - invest only what you can lose, and learn to understand that cryptocurrencies can be extremely volatile in prices and it can be a very exhausting venture to enter.

But to simply answer your question, yes I do believe cryptocurrencies like BTC, LTC and ETH will recover again. I might not know when, but I am optimistic of the technology for these reasons:

  1. Bitcoin is getting recognition globally as a store-of-value.
  2. Litecoin is getting more merchant adoption.
  3. Ethereum is still a nascent technology, with their fourth hardfork bringing better improvements to their network.

Buy cryptocurrencies by dollar-cost averaging your purchases, and HODL. May the odds be ever in your favour.

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A Good Way to Evaluate such Q's is

  1. What will cause the Demand?
  2. Who can support the Demand?
  3. Who are using the Demand?

If you cannot answer the 3qs, is better to avoid

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Good Day Every Day
Good Day Every Day
Level 6. Master
Answered on 15 Sep 2018

Cryptocurrency might recover. In the meantime, I won't encourage people to invest in cryptocurrency. But trading is fine as long as you know what you are doing.

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Yong Kah Hwee
Yong Kah Hwee
Level 6. Master
Answered on 15 Sep 2018

I can't answer your first question, but I do not think that it is wise to put your money into something you don't have much knowledge/ information about. The money is better utilised if you put it in places where you can get lots of information on, such as stocks, bonds, etc. You'll also be able to sleep better and not worry so much about your money!

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HC Tang
HC Tang, Financial Enthusiast, Budgeting at The Society
Level 8. Wizard
Answered on 15 Sep 2018

No because it has no actual asset and no fundamentals. Rather should consider technology not company using the underlying blockchain that would be the future

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Hi, I personally believe that at the end of the day, we should look at cryptocurrencies like how we look at stocks of companies.

Some factos to consider include:

  1. Intrinsic Value: The crypto must have a actual use-case that have the potential to change the ways we do things. E.g. SiaCoin allows individuals and enterprises to store data on a much cheaper rate as compared to Google Drive, DropBox or AWS.
  2. Strong Team: Similar to companies, a strong product cannot succeed with a poor team. One way to judge the team behind the crypto is to look at how transparent they are with their plans, are they able to deliver what they promise and the progress they achive over time.

With all that in mind, do note that crypto is still early in terms of adoption and reaching it's full capacity. Before that, most changes in price of cryptos are highly speculative.

Hope it helps! :)

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Gabriel Tham
Gabriel Tham
Level 8. Wizard
Updated on 15 Sep 2018

No one really knows if it can go higher or go lower.

The only advise I can give is invest within your risk profile and based on your own research. If you believe there is a future for bitcoin, put in some money. If you believe bitcoin is a scam, stay out.

As with all type of investment, no one knows if anything can go higher or lower. Only invest money you are comfortable with and you won't lose sleep.

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