Home Tech Bitcoin’s Recent Volatility Has Been Due to Public Statements by ‘Gurus’, Says...

Bitcoin’s Recent Volatility Has Been Due to Public Statements by ‘Gurus’, Says Coinfloor CEO Obi Nwosu

Cryptocurrency exchange Coinfloor CEO and Co-Founder Obi Nwosu wants people to see Bitcoin’s recent fall in value “both in terms of its historic price and its volatility”. In an interview, Nwosu says that people must remember that Bitcoin “is currently trading around 20 percent higher than it was at the beginning of the year”, and asks, “how many assets can claim that”. On the world’s oldest cryptocurrency’s recent volatility, he goes on to add that much of it “has been down to public statements by ‘gurus’ who are nothing of the sort, but still have the power to move the market”.

Nwosu also offers a “more meaningful view” — “just look at its (Bitcoin’s) sustained increase in value in the less than 13 years since its invention.” He feels that as an investor it’s important to focus on “momentous news”, such as El Salvador adopting Bitcoin as legal tender. “Focusing on the day-to-day or even month-to-month price is a distraction from the technical, economic, and political developments that are driving Bitcoin adoption and its long-term upwards trend,” says Nwosu.

In the interview with Cryptogeek, Nwosu said that his company’s user base changed since last year and Bitcoin’s rally has helped them get new customers. “We’ve also seen a significant increase in ordinary consumers looking for a simple way to start investing in Bitcoin,” he said.

But what about technical adaptability during such price fluctuations? Nwosu says his company continued “uninterrupted” even when “other platforms have historically had issues”, and added, “many of our professional trader clients use us specifically because they know our uptime record during periods of high volatility.”

When it comes to finding talent in the cryptocurrency and blockchain industry, Nwosu feels it’s a tough task, “especially so in the Bitcoin and exchange space”. On his company’s recruitment process, he says, “We try to hire people early in their crypto careers; we look for potential and passion, and mentor them so that over time, they grow into the employee we want to see.”

Nwosu also gets talking about the trends in the cryptocurrency market that he considers important in 2021. He feels though there’s never a dull moment in Bitcoin, “2021 will likely be judged one of the most momentous years in its early history, for a variety of political/ legal, technical and economic reasons”. In terms of politics, he said that the importance of El Salvador adopting the cryptocurrency “cannot be overestimated, even more so than the corporate and institutional adoption by the likes of Square and Microstrategy last year”.

“And over everything, we have the spectre of inflation and declining trust in fiat currency, which will continue to drive new users to explore and embrace the benefits of Bitcoin,” he signs off. Bitcoin price in India was around Rs. 37.74 lakhs on August 28.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Source link


India vs Pakistan T20 World Cup Match Today: Time, How to Watch Live

India and Pakistan are set to face off today in a Twenty20 World Cup cricket match taking place in Dubai. The anticipated...

WhatsApp Stickers in Pay Mode: How to Use

WhatsApp recently introduced a range of stickers in payments to make transacting money a fun affair. The instant messaging app even collaborated...

How to Schedule a Live Video on Instagram: Follow These Steps

Instagram recently introduced the ability to schedule livestreams. Called Live Scheduling, the feature lets you schedule your stream for up to 90...


Please enter your comment!
Please enter your name here

Most Popular

Calls To Ban Guns On Movie Sets Grow After Alec Baldwin Shooting Incident

<!-- -->Alec Baldwin fatally shot cinematographer Halyna Hutchins in on-set tragedy (File)Los Angeles: Calls were multiplying in Hollywood Sunday to ban the use...

Australia Looks To Roll Out Covid Booster Shots Soon As Curbs Ease

<!-- -->Almost 87% of people above 16 have received their first dose in the country. (FILE)Sydney: Australian officials plan to roll out COVID-19...

India Reports 15,906 New Covid Cases In A Day

<!-- -->On October 21, India achieved a milestone in its vaccination programme with over 1 billion dosesNew Delhi: India reported 15,906 new COVID-19...

2,700-Year-Old Wine Press, Carvings Discovered By Archaeologists In Iraq

<!-- -->A view of carvings discovered on the walls of an ancient irrigation canalDohuk: Archaeologists in Iraq revealed Sunday their discovery of a...

Recent Comments