According to Ian King, there is a significance to the fact that the Bitcoin and cryptocurrency market is dominated by millennials. Millennials make up the bulk of people who are trading cryptocurrencies. According to Coinbase, over sixty percent of their users are under the age of thirty four. Only around eighteen percent are over the age of forty five. It is not surprising, because young people are a lot more likely to adapt to digital innovations, such as digital currencies.
Many of these young traders have never really traded or invested in the stock market. They jumped right into the trading and investing world with cryptocurrencies. Thus, they do not have experience with a real bear market. Young people do not have the same fear of losing out as older people who need to prepare for retirement. At the same time, they do not know when to sell. They may buy at the right times, but selling is a little more complicated.
There is nothing wrong with buying when a bubble occurs. However, you also need to know how to sell. George Soros famously is known for buying during bubbles, which because of his high profile and wealth usually drives the bubble up even more. However, he also knows when to sell. That is the problem. If you sell only on the dips because you get afraid, then you will lose money. Read more about Ian King at tumblr.com for more updates.
In other words, you need to have a solid strategy. That is what so many cryptocurrency investors are lacking. Ian King has a friend, Jordan, who bought cryptocurrencies at very good price points. He bought Bitcoin for as low as just a little over one thousand dollars. However, he consistently lost his investments, for a really simple reason. He always sold at the wrong time. He did not sell at the highs, because he was afraid of missing out if it went higher. Then, when it dropped, he sold because he was afraid of losing money. This caused him to avoid holding on. He only bought Bitcoin again when it went up again. In other words, he was buying high and selling low, the worst strategy you can use.
Ian King, a cryptocurrency expert, currently is working with Banyan Hill Publishing to produce content on Bitcoin investing for their readers and investors.