Bitcoin price has crossed the $50,000 mark. Reacting to this development, Zee Business Managing Editor Anil Singhvi said that Bitcoin is not just a digital currency but a sentimental currency, too. The Market Guru said that the price movements in Bitcoin are significant because of sentiments.  

Singhvi said that if a big country recognises it, then it becomes a big sentiment booster. Same is the case if a big investor puts money in this cryptocurrency. 

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He said that the price movement in Bitcoin will increase if the acceptance level of bitcoin is increased among Governments, large corporate houses and investors. 

On Tuesday, Bitcoin price saw a big rally taking the digital currency over the USD 50,000 mark.  

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Singhvi said that it is unlikely that the price will come down for Bitcoin in near term.  

He said that as more governments start accepting Bitcoin and as more companies start accepting this cryptocurrency too as a means for payments, the price is bound to increase.  

Anil Singhvi tips on Bitcoin 

The Managing Editor’s advice to all the investors in Bitcoin is that, a one-sided buying or selling in any asset class is not the correct investment strategy. He also cited example of GameStop shares which fell after rising significantly.  

For any asset class, the investors should buy or sell gradually and not at one go, Singhvi said. This is important because this gives opportunities to every investor to enter and exit at all levels, he  added.

(Excerpt) Read more Here | 2021-02-16 21:34:43
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