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After Bitcoin set a new all-time high earlier this month, the crypto’s price suffered a massive decline as BTC even fell below $50,000. While the sudden price drop might have worried some investors, a Singapore-based digital asset investment believes that the downturn should be viewed as a buying opportunity.
Singapore-based Stack Funds said that sudden price declines are common in cryptocurrencies, which are already known for the volatile prices. “Drawdowns happen all the time, and crypto markets are no different from traditional markets,” the investment firm wrote in a report, according to Coindesk.
The investment firm noted that nothing has changed to the crypto’s potential for growth. “The fundamental narrative for bitcoin to the upside has not changed,” a Stack Funds analyst noted.
The company also pointed out the recent positive development in the crypto space showing Bitcoin’s growing adoption. For instance, WeWork recently announced that it is now accepting Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), and Paxos (PAX) as payment from its members, which includes Coinbase, and will even offer the option of paying landlords in crypto.
Another positive development cited by Stack Funds is Venmo’s decision to offer crypto trading to its users. App users can now buy, sell, and hold cryptos such as Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) for as low as $1.
In view of these signs pointing to Bitcoin’s growing acceptance, Stack Funds suggested that investors can view the current dip as an opportunity to accumulate more BTC at a lower cost. “Hence, it might be good ... to turn this into a buying opportunity if [investors] are looking to increase exposure of digital assets in their portfolio,” the investment firm added.
The company added that Bitcoin drawdowns are not exactly new as they have occurred every month this year. However, most price declines were followed by sharp recoveries.
