Ethereum News: Jim Bianco stated that he has a basket of cryptocurrency assets, including Ethereum (ETH), but refuses to buy Bitcoin (BTC).
“I hold Ethereum instead of Bitcoin”
Jim Bianco, President of Bianco Research, said that if investors can cope with the massive double-digit price swings in the cryptocurrency markets, they will eventually prevail. He also admitted that he owns Ethereum instead of Bitcoin, as he sees the potential for higher volatility.
The cryptocurrency space is known for its advanced price fluctuations. Double digit dips and spikes are nothing new, and the past few weeks have reaffirmed this narrative.
Bitcoin was around $50,000 before the bears took control. The price was triggered by negative news from Elon Musk and China and drastically lowered its value. Within days, BTC dropped to $30,000 before rebounding to $10,000 within hours.
Altcoins have worsened with a 50% and above price drop. Although such developments cause significant losses and disruptions, Jim Bianco, President of Bianco Research, believes that investors will prevail in the end.
However, he warned that the market will likely go through such fluctuations in the future as well.
“But you’ll have to digest a lot more of what we saw last week to come in the next few months or years.”
Summarizing the significant potential of the crypto market, Bianco noted that investors with an “out-of-control casino” mentality are the real problem. As previously reported, the recent collapse was likely caused by too much leveraged positions, and investors saw billions of dollars being liquidated within days.