In case you haven’t noticed, digital currency markets are tanking hard right now, and BSV hasn’t escaped the onslaught. BSV is down hard, along with most other digital currencies. Bitcoin expert Joshua Henslee recently released a new video asking the question: “Is BSV going to $5?”
The market is tanking
Joshua began by noting how BSV was down to less than $90 when he made the video. He reflected on how this happens quite often in the digital currency markets and that anyone who has been around for long enough should be used to it. He also said he doesn’t mind these price drops because it gives him a chance to earn more Satoshis.
“If you’re earning and using the coin, it can be a good thing,” he said.
Joshua then got into the concept of time preference. This is a word used by Bitcoiners to describe one’s time horizon or how long one is willing to wait to make money.
Joshua noted how the industry is full of get-rich-quick mentalities and impatient people who aren’t willing to do the work and wait for good things to come.
He also noted how the industry had changed significantly over the years. How so? BTC advocates have switched from bringing down the banks and state to begging senators for favorable legislation to pump their coins. Essentially, they’ve sold out.
“I’m not here for x time period to get rich,” Joshua said. “One has to be prepared for these huge ups and downs.”
How Joshua got REKT, and is this the bottom?
Joshua then mused on whether or not this is the bottom. He said he genuinely doesn’t know but that he thinks it’s close.
He then reflected on how he got into BSV. At first, he got interested in digital currencies in general. He had altcoins like Litecoin, Dash, Nano, and others, even though he was already convinced about big blocks after reading the Lightning Network paper and deciding it was trash.
After learning more amidst the infamous 2018 market crash, he liquidated all of his altcoins and converted to BSV. He reflected that at this point, had he quit, he would have taken an overall 60% loss. However, by investigating the fundamentals and sticking around, he recovered, proving that the longer one’s time horizon is, the greater the chances of success when speculating.
So, is BSV going to be $5?
Joshua never actually answered that question directly. However, he did say that he thinks the bottom is near, so it’s not likely that BSV will drop that far in his estimation.
Then again, you never know. Is this just another market pullback, or is something else going on? Do insiders know the hammer is about to come down on digital assets in the legal sense? We’ll have to wait and find out.
Either way, those who have long-term plans for BSV could view this as the opportunity of a lifetime!
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