Investors like famous YouTuber NasDaily have lost money but maintain their bullish conviction about the pioneering cryptocurrency. Over the last few days, he has bought three more BTC even though his Bitcoin holdings have depreciated by 40%.
Due to the drop in the price of Bitcoin (BTC), the wallets of some traders are in the red. Rather than earning a profit, those buying the cryptocurrency when it was worth USD 40,000 are suffering losses. Some are more significant than others, depending on investment by people like famous YouTuber NasDaily.
At the end of the first quarter of 2022, NasDaily (Nuseir Yassin) first bought USD 500,000 in Bitcoin at USD 40,000. In late March, he posted a video before the cryptocurrency reached its 2022 high of USD 48,000 and its strong bearish trend began. Almost two months after that entry, BTC is worth around USD 31,658.
After the price dropped, his investment became USD 300,000, a depreciation of 40%. However, he did not stop his long-term bullish thinking about the cryptocurrency, stating it is clear proof of his conviction.
The famous YouTuber confessed that he is buying more Bitcoin instead of selling his holdings. Due to his initial purchase of just above 10 BTC and the drop, he has acquired three more BTC. When he announced his first investment, he said he would buy more even if prices fell.
That long-term holder believes that it is time to have a bullish conviction for the upcoming twelve months. Following advice from Warren Buffet, he said that investors should be fearful while others are greedy and vice versa.
The current Fear & Greed index indicates that the market sentiment is now of extreme fear on a scale of 10 out of 50. Amid that context, the YouTuber is sure that the adoption of cryptocurrencies will grow further as it revolutionizes money. Referring to Bitcoin and other crypto-assets like NFTs, he estimated it is the first time people can own a part of the Internet.
NasDaily Says Cryptocurrencies Opened His Mind to Current Problems
Despite the bearish tide in the market, the YouTuber began to make content about cryptocurrencies in addition to buying Bitcoin. He pointed out that this revolution shaking the world entraps him and considers it relevant to convey that to his followers.
He said that cryptocurrencies opened his mind to current problems and how people can solve them. He explained that this excites him and thinks he should educate his audience about it.
During an interview, Changpeng Zhao, the CEO of Binance, told him he had created his businesses as he believed that cryptocurrencies were the future. He believes that crypto assets will become a usual payment method within twenty years, even though they have not yet replaced fiat money.
BTC is trading at around USD 31,658 and has accumulated a 4.2% gain over the last 24 hours. While its daily trading volume is above USD 31 billion, its market capitalization is about USD 604.75 billion, according to CoinGecko.
By Alexander Salazar
