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🟠GEORGE TUNG ON BITCOIN TRENDS

🟠GEORGE TUNG ON BITCOIN TRENDS

Day: 09 | Time: 21:15:15.000Z George Tung, founder of CryptosRus, discussed the latest trends in Bitcoin and its future. He emphasized that volatility is normal for Bitcoin and does not mean that investors will lose all their money. He attributed the recent 20% drop in Bitcoin to various factors, including the selling of Bitcoin by the German government and concerns about the redistribution of Bitcoin from the Mt. Gox hack. He advised investors to take a long-term approach and expressed optimism for the future of Bitcoin.

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As the market continues to be captivated by bitcoin's fluctuations, industry experts are weighing in on what these movements mean for investors. George Tung, founder of CryptosRus, joined Roundtable anchor Rob Nelson to dissect the latest trends and provide insight into the cryptocurrency's future.

Rob Nelson started the conversation with Tung by addressing the growing anxiety among investors regarding bitcoin's recent dip. He pointed out that predictions of bitcoin falling to $50,000 or even the upper $40,000 range might disturb regular investors. Tung, however, emphasized that such volatility is normal for bitcoin due to its relatively small market cap compared to larger asset classes.

"When things are good, there's nothing that outperforms bitcoin, but when things are bad, it also goes down faster than anything else," Tung explained. He reassured investors that despite the dips, bitcoin consistently forms higher highs and higher lows over time.

Nelson highlighted the common misconception among average investors that volatility equates to gambling. Tung was quick to dispel this notion, stating, "Bitcoin's year-to-date performance is still at 40%, which is way higher than the S&P 500 or NASDAQ-100." He stressed that while volatility is inherent in bitcoin, it does not mean investors are likely to lose all their money.

When asked if he feels anxious during price drops, Tung admitted that his emotional attachment comes more from his role as a content creator than from his investments. "I've been through enough cycles to know that there are dark times. It's best not to check, go out and do things, and just don't worry about it."

The discussion also covered the reasons behind bitcoin's recent 20% drop. Tung attributed it to a combination of factors, including the German government's selloff of confiscated bitcoin and fears surrounding the redistribution of bitcoin from the Mt. Gox hack. He noted that such sell-offs, especially on the open market, create significant downward pressure on prices.

To conclude, Tung offered a broader perspective on investing in bitcoin. He emphasized the importance of a long-term approach, stating, "Investing is a long-term plan, a long-term game, and those that make the most have been in markets for years or even decades."

Nelson wrapped up the conversation by echoing Tung's sentiment that bitcoin is a marathon, not a sprint. While acknowledging the inherent volatility, he expressed optimism for bitcoin's future, predicting that it could reach new highs by the end of the year.

In the world of bitcoin, patience and a long-term perspective are key. As George Tung pointed out, "Bitcoin will come back in my opinion, because I believe it's the best asset and best asset class there is."