Lark Davis, a prominent crypto enthusiast and Youtuber, tweeted today about how he prefers the current price of bitcoin. Currently bitcoin is yo-yoing between $30-40k in price which Lark prefers. However, he added that an increased price would make other investors happy so he isn’t averse to the idea.
From a personal greedy perspective I would love #bitcoin to range between 30k and 40k for a lot longer, but I will be happy when we start pushing up towards new highs because there will be a lot more happy investors! I’ve see enough salt on social media to start a salt mine!
— Lark Davis (@TheCryptoLark) June 14, 2021
Lark Davis has been in the crypto game for far too long, he has been invested in bitcoin for a long time. Coming from a long time investor this sounds to normal people as discouraging. However, it should be mentioned here that more long term investors think of the long term. Currently bitcoin’s resistance bands are placed quite low, which means the price is somewhat stable.
Stability in the price of bitcoin doesn’t happen quite often. The asset is rightly priced according to its use case and the market currently, and if the price increases right now it won’t be long term. These short jolts of price seem good for the investor however, they are not.
In these impulsive increases of the price thousands of people lose their money. A lot of people do make money off of these spikes, however overall the market loses a lot. This tweet from Lark Davis is a completely rational thought, this really adjusts the risk profile of bitcoin.
Buy the Dip
Another aspect of the tweet can be the buy the dip mentality. Lark in one of his replies says that he wants to buy more that’s why he wants the price to stay low. While this might not be the soul reason (and this is me reading between the lines) it is a good one. This shows Lark’s overall drive for bitcoin and his belief in bitcoin’s future.
Because I want to buy more lol
— Lark Davis (@TheCryptoLark) June 14, 2021
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