It’s the 800-pound crypto gorilla in the room: crypto scams exist. Here’s how to avoid them. #crypto #cryptocurrency #bitcoin #investing #cryptocurrencies #prodeum #WallSt #WallStreet #trading #BanyanHillhttps://t.co/PYOruwgNbF
— Ian King (@IanKingGuru) February 2, 2018
Ian King worked on Wall Street for a number of years. He started out at Salomon Brothers before moving on to Peahi Capital where he traded options for over 10 years. During this time he learned quite a bit about cryptocurrencies and became an expert in them. He took this experience to Banyan Hill Publishing in 2017 who hired him to write about these such as Bitcoin, Etherium, and Litecoin plus the hundreds other that exist.
In addition to writing about cryptocurrencies for a number of the publications that Banyan Hill Publishing releases each month he is also developing a course. This course will be on the strategies that work best when trading cryptocurrencies. It will also be an investment advisory service. Ian King expects that he will be able to release this course later on in 2018. Read this article at Investopedia about Ian King
Bitcoin was talked about throughout 2017. It increased in value by up to 5000% over the course of the year. It hit its peak around Christmas at close to $20,000 a coin before dropping back. As of late January, it was trading around $11,000 a coin. Ian King says that trading this cryptocurrency hit a feverish pitch as the year wore on. Eventually one of the major places to trade Bitcoin, Coinbase, had over 250,000 new users a day he says. He said the number of customers of Coinbase even exceeded the number of people that have Charles Schwab accounts.
All these new buyers of Bitcoin dramatically helped boost its price. The total market cap of Bitcoin was $17 billion in February of 2017 and in January it was valued at $817 billion. He said that the trade of Bitcoin just became way too crowded and that’s why the value dropped back from its highs.
Ian King said that everyone was talking about Bitcoin around him. Old friends he hadn’t seen in years asked him about investing in it. He heard about it all the time on New York City subways as well as in coffee shops. Way too many people were chasing the hot new thing, he says, without even really knowing much about it or why Bitcoin existed.
Governments are starting to get serious about cryptocurrencies, Ian King says. He thinks this is a good thing in that it does need regulations to keep the scammers out. However, many large corporations are now incorporating blockchain technology (what Bitcoin is based on) into their business models so he expects their value to continue climbing in the future. Read:https://www.zerohedge.com/news/2018-01-08/bitcoin-end-beginning