Short Seller Bullish on BTC
Glen Goodman, a UK financial investor who made a name short-selling stocks and shares during the 2008 global financial crisis, calls cryptocurrency a rare opportunity for investors. Goodman has been a pundit on BBC, where he promoted the value of bitcoin and the comparison of crypto as the start of a new internet.
The short-seller could not be any more bullish on the outlook of bitcoin, telling investors to “grab it with both hands.” With the price of bitcoin nearing $9k – again – Goodman still believes cryptocurrency to be an attractive proposition for new investors. After falling over 80% throughout 2018, the price of bitcoin has been on a tear since the start of April. Savvy investors who bought the dip for bitcoin are up 130% in 2019, with some analysts calling for more BTC gains ahead.
Goodman, who has a pedigree for timing markets, claimed that price volatility for cryptocurrency has created an opportunity for investors. In his new book “The Crypto Trader,” he explained:
“I’ve taken my years of trading experience and applied it to a brand-new market. Crypto is the Wild West of trading, and that means the risks, as well as the rewards, are greater.”
A massive $500 move in Bitcoin in just minutes. I bought the breakout as planned (see my previous tweet) and have already taken my profits at the top, because the move was so dramatic. I will consider re-entering if the trend strength remains impressive. $BTC pic.twitter.com/JEhb8kuYr7
— Glen Goodman (@glengoodman) May 26, 2019
Despite the market for cryptocurrency suffering one of the most severe drawbacks in recent financial memory, leading many to label 2018 as a ‘crypto winter,’ Goodman found ways to make a profit during the bear cycle:
“Even during the 2018 slump, I found there were still good profits to be made, though it’s much easier making money during a raging bull market.”
Bitcoin Whales Bought the F**king Dip: Research https://t.co/5bg3Gv52DW
— CCN.com (@CCNMarkets) May 28, 2019
Bitcoin an Emerging Market
It is understandable that price volatility has been a deterrent for institutional and risk-averse retail investors to enter the marketplace for cryptocurrency. Bitcoin critics have pointed to the wild fluctuations in price as an insurmountable problem for the coin becoming an established currency. Goodman views the situation differently. Similar to the growing pains of tech stocks in the late ’90s, cryptocurrency is in the midst of an emerging market.
“A multi-billion-dollar market has arisen from nothing in less than a decade. Huge fortunes have been made. Some, of course, have been made and then lost almost as quickly—as with any new market, there are dramatic up and downs — but many more will be made in the future.”
The focus on bitcoin is slowly shifting from a technology built for transactions to one useful in storing value. Similar to digital gold, bitcoin is going to establish itself as an alternative asset class for investment. While that means more price volatility ahead, Goodman believes it would be a mistake to miss out on the rare opportunity of investing in cryptocurrency.