I have been reading the posts on this forum and so many people are saying they lost a lot of money and bitcoin is no good. Many people are saying that bitcoin and other cryptos have been a bad investment.
But if we look at the facts and the performance and compare to other investments that some people make we can see that this is not the case.
People are making the mistake of focussing on price changes on a day to day basis but investment is not about day to day price movements. It is about patience and reward.
If we look at the changes in one year we can see that bitcoin has performed many times better than all other investments. For one year bitcoin has gone up a massive amount. It was $900 this time last year! Now it is $7000. That has given bitcoin investors an incredible 700% return in just one year. The stockmarket average return for the same one year has given only 2% return. Fiat money has fallen. The dollar has gone down by 15%. Savings accounts have given a return of about 1%.
When you look at the returns and losses of all these investments, the best was stockmarkets that gave average 2%. So bitcoin has given 700% yet people are complaining that it has been a bad investment, even though it is 350 times better than the next best investment. What other investment has given you 700% profit in one year?
Remember, don't be fooled by day to day price changes. Look at the one year and the longer term facts. When you look at these you can see that if you invested in bitcoin you have made many more profits than everything else put together hundreds of times over.
Yes, your point is completely accurate. And even the reason given for people not believing in the bitcoin and other cryptocurrency is agreeable. When bitcoin was a newbie, many people doubted its actuality but when the prices soared, they started believing and investing in bitcoin. Those who invested at the end of 2017 are really pissed off because the price went down like never before. Now its doing better. Panic selloff is one of the cause. Those who are new to cryptocurrency would not have defined entry and exit points which is necessary for bitcoin investment. And as you said people do day trading which is a bad investment idea. If you want good returns it is necessary to hold.
