Emin Gün Sirer is an expert in cryptocurrency. The Cornell professor advised investors to make wise investments in cryptocurrencies that have a long-term potential. Just recently, the cryptocurrency market experienced a massive fluctuation of prices, with major currencies dropping in value by over 50 percent. Bitcoin, the leading digital currency, had a value drop of 59 percent. Just in December, the price of Bitcoin was over $19,000, but it recently went below $7,700. Ethereum, Bitcoin cash and Bitcoin recovered but the effects of the crash have been deeply felt globally. The cryptocurrency correction affected many investors, with some South Korean investors committing suicide.
Unfortunately, a majority of newcomers in the cryptocurrency business, have knowledge deficiency. They are in for quick money hence trade recklessly. Sirer echoed Andreas Antonopoulos’ sentiments on trading in cryptocurrencies that one fully understands. He advises that traders should only invest their money in currencies that they know will exist in many years to come. Sirer also noted that many investors are overvaluing cryptocurrencies that would otherwise be trading at low rates. Cryptoassets like Dentacoin and Tron are not being used for their respective purposes. However, their values are at the billion-dollar mark. Ill-informed trading creates temporary bubbles in the cryptocurrency market hence causing unsteady pricing of coins.