Bitcoins will fluctuate, get used to it: Jeffrey Tucker
Jeffrey Tucker, a renowned Bitcoin enthusiast, economics researcher, libertarian and a Forbes contributor, has warned the crypto-industry to be prepared for market fluctuation and not be complacent during such instability.
Tucker has long been an advocate of cryptocurrencies and is known for buying Bitcoin in its initial stages for a meager price of $14. He recounts that his early interest was merely theoretical, stating, “my interest was purely intellectual, just as my fascination with money as a topic had been since I first bumped into the subject […]”
According to Tucker, “the ultimate intellectual turn on” was knowing and understanding an alternative to money, unlike government-issued currency, which was controlled by a select group of people.
Long before crypto-adoption became a growing trend, Tucker voiced his support for the integration of cryptocurrencies in daily life. The articles he penned proved to build the foundation for crypto-adoption and since he started, Bitcoin’s value has surged more than 300 times.
Initially, Tucker was shunned by his colleagues. His critics attacked him by saying that he was “blowing the bubble.” Moreover, when Bitcoin’s price slumped as it did, surprising even Tucker, he was lambasted for supporting such a volatile currency.
He stated, “I was mistaken for being a stock picker of sorts, not because of anything I wrote but because many people are too intellectually dim to imagine that a financial technology can be admired for its architectural beauty completely independent of its price.”
Advocating the age-old investment strategy of holding out when prices drop, or HODLING in the crypto-world, Tucker pointed out, “Then think about that and forget about the price. This is about the long term.” These words have been staunchly advocated by Tucker during the 2013 decline, when Bitcoin prices had more than halved.
“The range of time to think about […] is in terms of 5 and 10 and 20 years. […] Year over year, Bitcoin is up from $4K to $6.5K, a 62.5% increase, which easily beats the Dow increase of 18%,” Tucker concluded.
Image via Shutterstock
Join our Telegram group