Charlie Shrem Says Hold Your Bitcoins for At Least 5 Years

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Charlie Shrem Says Hold Your Bitcoins for At Least 5 Years

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Crypto expert Charlie Shrem spoke at the MoneyShow conference in San Francisco, saying that people investing in crypto and Bitcoin should hold it for at least five years.  Shrem specifically says, “Pick something in the top 10 or 20, and look at those, learn about them, and take a stake in them. Any crypto you’re going to buy, hold for five years. Say, I’m going to lock this, and this money is locked for five years. There’s a high probability you’ll come out ahead in five years, because usually, these bull and bear markets go in two-year cycles.”

Crypto and Bitcoin are the most volatile major asset class, with fluctuations of 10% in a single day being common, and downward movements of 90% in a year quite possible, as has been seen during this 2018 bear market and past bear markets.

Even though crypto and Bitcoin have bad bear markets, the general trend is that there is a major Bitcoin rally every two to three years that brings Bitcoin to new record highs, often an order of magnitude higher than the previous record high. Therefore, if an investor listens to Shrem and not touch their Bitcoins or crypto for 5 years, they stand to gain if historical patterns hold.

Shrem is one of the earliest adopters of Bitcoin. He started investing in 2011, was one of the founders of the Bitcoin Foundation in 2012, and started the BitInstant exchange which handled 30% of all Bitcoin volume by 2013. BitInstant got investments from Roger Ver, aka Bitcoin Jesus, and the Winklevoss Twins. However, he was charged for selling USD 1 million of Bitcoins to someone who used the Bitcoins to buy drugs on the Silk Road, and spent over a year in prison and was forced to forfeit USD 950,000 to the court.

Despite all of this, Shrem continues to be a major Bitcoin advocate and is now running which offers crypto investment advice and resources. He believes the proliferation of over 1,600 different cryptos is a good thing, and Bitcoin will always be king regardless.

He says, “These 1,600 coins are doing the guerrilla marketing. They’re doing that on-the-pavement work that crypto used to do in the early days. It’s getting people in — it’s getting people intrigued… Bitcoin will always be that ‘daddy’, that long-term gold that everyone has a huge amount in. You will see over time that the transaction volume of Bitcoin will go down because people are going to see it more as a store of value knowing that if that one fails, they all fail. But it’s definitely fun to have other projects like Steem to experiment with and see what they’re all about.”


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