Cobra Bitcoin, co-owner of the website originally registered by Bitcoin creator Satoshi Nakamoto Bitcoin.org, has argued that Bitcoin’s price stability is a “good thing.”
On social media, Cobra Bitcoin revealed he hopes the price of BTC stays in its current range over the next three to four years, as it allows those with good intentions to accumulate more cryptocurrency while pushing out those who see bitcoin as a get-rich-quick scheme. Per Cobra, if you’re in bitcoin “you should be thinking in decades.”
Bitcoin stability is a good thing. I hope the price stays in this range for the next 3-4 years. It allows well intentioned people to accumulate and pushes out impatient greedy ones who see Bitcoin as a get rich quick plan. If you’re in Bitcoin, you should be thinking in decades.
— Cøbra (@CobraBitcoin) July 12, 2020
The co-owner of Bitcoin.org noted that the cryptocurrency community is lucky Robinhood is letting retail investors with fear of missing out (FOMO) rush into the stock market, as while most will lose money they “at least won’t be competing with us to accumulate bitcoin.”
Cobra added that the biggest benefit will, however, be anxieties regarding BTC’s price disappearing and bitcoiners start focusing more on use cases and fundamentals.
The biggest benefit though will be the collective mental health of the Bitcoin community: if the price stays more or less the same, price anxiety will disappear and more Bitcoiners will talk about use cases and fundamentals, instead of being hyper-focused on the price.
The price of bitcoin, according to CryptoCompare data, has been ranging between $9,000 and $10,000 since it recovered from the March market crash that saw it lose 50% of its value in a two-day period. Since the beginning of this month, the cryptocurrency’s price seemingly entered a shorter range, between $9,000 and $9,500.
As CryptoGlobe reported, the range-bound movements have seen BTC’s volatility drop to a 15-month low. Over the last few years, when BTC’s volatility dropped significantly it preceded significant price movements.
Featured image by Austin Distel on Unsplash.
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