Trader View – Time to HODL

Trader View – Time to HODL

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In October 2018, First Global Credit rebranded to Panxora. Any references to either company should be treated the same

The Bitcoin network hashrate currently stands at 32 million terahashes per second. The hashrate decreased 35% over the past year, while the USD market value for Bitcoin decreased 82% from it’s previous highs.

A sustained decrease in hashrate which declines less compared to price leads a Bitcoin bull to conclude the existence of a continued strong mining community underpinning the BTC Network.

Long term confidence in the viability of BTC is demonstrated in the network as mining competition has decreased at a much slower rate and miners demonstrate continued confidence in the long term viability of the bitcoin blockchain.

When enduring a deep bear market that we are currently experiencing it’s important to keep a firm focus on long term fundamentals. Continued confidence by the mining community combined with an increase in Bitcoin wallet take-up (even in the midst of a savage decline) provide some comfort for long term Hodlers of BTC.

Lawrence Schnellmann
@lschnellmann

This blog is not investment advice. It is based entirely on personal opinion, and is not a solicitation or offer of investment advice of any kind.  Consult a professional investment advisor before making any investment decisions.
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