CRYPTO MARKET IS MUCH SAFER TO ENTER INTO TODAY
Steve Bellotti interviewed by CNBC
A CNBC interview with Steve Bellotti, CEO of Digital Currency Holdings came out today.
His firm, Digital Currency Holdings specializes in Blockchain/Crypto asset management business and Advisory business. Steve Bellotti was previously the Managing Director of Australia New Zealand Banking Corporation (ANZ) for more than five years. He is also one of the founders of BlueSky Capital, and interestingly, he was also Director of JP Morgan, but that was back in the mid 80’s.
The opening question is: “Where do we go from here with digital currencies?” CNBC’s reporter elaborates on the question talking about that it was only a few months ago that Bitcoin was soaring around $20,000 and now it’s below $8,000. So what she wants to know is whether it’s a buying opportunity or whether the bearish trend is continuing to dominate.
Bellotti says: “Look, I think we are probably at the last 25% of the correction now, so we might see prices go south a little bit from here over the course of the next few weeks or months. But we basically think it’s stabilizing.”
He said they were actually thankful that the market came off the highs, because, as he continues, from an investment timing point of view, there is no better opportunity than the correction period of the cycle.
Bellotti believes that we may not be at the bottom of the correction phase. But what he adds is what we really want to hear nowadays when we don’t even feel like checking out the crypto news.
“I think we’re in the bottom 25%. So, if you’re patient, you’re putting capital to work, it’s a great opportunity versus right in December and right before Christmas time when there was an awful lot of hype in the market, a lot of new retail customers joining every day. That’s being taken out of the market now. So, I think the market is much safer to enter into today.”