At the Bitcoin Center, in Southeast Manhattan, in New York, the most loyal Bitcoin (BTC) enthusiasts want to continue to believe in the bright future of this cryptocurrency, despite the past weeks’ prices drops and a reduction in the regular enthusiasm related to cryptocurrencies market.
“Two months ago we could not breathe here, there were so many people we had to leave people out,” says Nick Spanos, founder of the Bitcoin Center, based in a back room of a restaurant in the neighborhood of East Village serving as a base camp for followers of the Bitcoin (BTC) crypto coin.
On this Thursday, a few hundred BTC enthusiasts were there to exchange Bitcoin (BTC) via a smartphone brokerage applications, enjoy the free buffet, or listen to Nick Spanos.
As another sign of the interest slowdown, the weekly number of searches on Google with the term Bitcoin is 5 times lower than the peak of Google searches for the Bitcoin (BTC) currency in December.
Bitcoin (BTC) investment, as well as with any asset on cryptocurrencies market, is not a “get rich quick” scheme
“I panicked at the end of December,” said Zalman, a 24-year-old digital assets enthusiast who does not give his last name. He made his first purchases a few months before the price spiked, in December 2017.
“The drop was hard to digest even though I knew the course could not go up forever, I did not sell because I believe in the technological revolution behind it [Bitcoin blockchain technology],” he says.
“But then it was enough for me to remember the 2013 bubble to convince me to keep my bet,” he adds in reference to the dip in the course of the Bitcoin (BTC) in 7 days, from $1,137 on November 29th, 2013 to nearly $600 seven days later before a rebound in stride.
It is these recent investors, attracted by a sharp rise in prices at the end of last year, who really suffered from the cryptocurrencies market volatility.
“New Bitcoin (BTC) investors who entered the market when bitcoin was worth $19,000 are disappointed but the community, including those who invested not later than last May, has not lost any money,” notes Michael Casey, the chairman of CoinDesk’s monitoring committee, an information platform on cryptocurrencies market and blockchain technology.
Bitcoin (BTC) investment is not that scam of the “get rich quick” type. “The goal is to keep your bet and ultimately get monetary independence,” said Nick Spanos, who also added that they do not need such cryptocurrencies market investors in their Bitcoin Center.
Jackson Bey was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Jackson spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Billionaire 365, Jackson mostly covers markets and trade.