The world’s leading cryptocurrency Bitcoin “crashed” from $7,600 on June 9th to around $6,500 as at today price index. A lot of people are panicking about this as usual so I’d thought to shed some light on this matter briefly. Here are some things to keep in mind:
1. Bitcoin has been declared “dead” over 300 times now, and it just keeps coming back to life somehow 🙂
2. For perspective, one year ago today the price of Bitcoin was $2,500
3. The reason for the latest drop is said to be due to a South Korean Bitcoin exchange getting hacked (Coinrail). Having said that, no one really knows why the price is dropping, these are all just educated guesses.
4. Personally, I’m not afraid of these price drops since I’m investing in Bitcoin for the long term and I understand its value as an alternative to the current banking system. Therefor I haven’t sold any of my coins.
Hope this helps, have a great day!
