Charlie Shrem Tells Investors to Wait 5 Years Before Selling
On a talk with Yahoo Finance in late August, Shrem tells new investors to stop looking for volatility and start investing for the long-term. He says that he personally tells new investors to stop investing all their money in cryptocurrency, but rather he asks them to spend only as much as they can afford to lose and then use the money to buy BTC, ETH, Dash, or LT. He then says that they should wait for five years when the market entirely changes.
The only market research advice he gives is for new investors to learn what makes each cryptocurrency different from the other. He goes on to explain that the bear and bull trends happen in 2-year cycles.
It is not a secret that Shrem, the founder of BitInstant that used to process over 30% of the entire BTC in circulation, was in prison for his involvement in BTC trading on Silk Road. Since he was freed in July 2016, he has started Crypto.IQ, which is an educational startup that is aimed at educating cryptocurrency traders and assisting them with tools and insights to help them on their cryptocurrency market journey.
Shrem has also stated that the increasing number of different cryptocurrencies and the big change in the market over only 2 years does not make him feel bad for BTC, but rather he believes it’s a plus. According to him, now that there is a massive number of coins, they are doing the marketing for the BTC as the digital asset will always remain the source of all other cryptos. The more people who join the cryptocurrency market off the new coins, the more exposure BTC will have and the more knowledge people will develop to understand that it can be used to store value, just like gold now.
Finally, Shrem gives us a piece of his mind saying that he expects the first BTC ETF to exist in 2019. However, he warns the community not to do anything that would make the government change their mind. If something bad happens in the industry, it is very likely that the community does not prove itself with an ETF, it will get shut down with no intentions of getting it back.