Bitcoin drops below $6000 for first time in a very long time, Here's why you should Hold!

The Bitcoin ecosystem is going through a rough patch right now along with most of other top cryptocurrencies with some of them dropping even below 20%. It is still not clear what has caused this downfall at the moment. But there is a brighter side to this whole thing and that is the reason why most of the Bitcoin community is unaffected by this price drop. And people are rather releasing this moment as an opportunity and buying more Bitcoin.



And the reason for this upside that many enthusiasts are betting on is that a new hedge fund is betting on Bitcoin adoption. And this gives the people a reason to believe that a "bull run" could be just around the corner. This San Francisco and Singapore-based hedge fund Circuit Capital is betting that there will be a correction in the market very soon (and so price of bitcoin is very likely to go up) and that Bitcoin has become too undervalued at the moment!

At this time the price of Bitcoin has falled down at more than 65% of its peak value which has been seen at the start of the year (i.e Nov 2017- Jan 2018 have seen the peak of bitcoin prices) and that saw Bitcoin prices to rocket to a staggering 19k+ before falling to around $6000 in this September. And this trend is very likely to reverse as is predicted by many experts. Some experts are even predicting that BTC will reach upto $40k by the end of this year to the Mid of 2019 (This is a prediction made by Mr Llew Claasen who is the executive director of bitcoinfoundation.org as reported by smartereum). I personally do believe that the tides will surely turn and Bitcoin will make a new high by the end of this year and according to me this is no time to sell.

And there are other famous Venture Capatalists like Tim Draper (who was famous for making correct predictions of the Bitcoin prices in multiple occasions like in 2014 he predicted that Bitcoin will reach $10000 and it did). This time though his predictions are outrageous even by my crazy bullish standards. Mr Draper predicts that the world market for fiat currencies is worth $86.0 trillion today, and by that calculations the real value of Bitcoin now turns out to be more $100k!, which is way undervalued that the today's prices.

He tries to explain the there are atleast three reasons why he believes that Bitcoin is the future of currency.

Number 1 : It is borderless. You could go to any country and use it.

Number 2 : It's not under the control of the goverment i.e it does'nt comes under goverment regulations. Also it is known that there will be constant supply of bitcoins but its demand will be determined by the free market &

Number 3 : It's banking the unbanked. i.e you can literally bypass the traditional banking system, which will help to avoid surveillance, and also get rid of the hefty fees.

And this is what Mr Draper says to anyone having second thoughts :

"People ask me, 'Are you going to sell your Bitcoin?' and I say 'Why will i sell the future to the past?'""

Now to leave you all with another good news the Hedge fund i mentioned about previously is planning to launch in the first quarter of next year after raising $30 million and one of the other partner informed that the former stock analyst Bo Nam, said he expect the Circuit will grow its assets to over $100 million.