Amid crippling price declines earlier this week, Cryptocurrency traders seemed overwhelmed with fear, uncertainty, and doubt. But still, Dermot mcgrath, Head of Research at Blockchain Investment Company, Sino Global CapitalHe said the company prefers a long-term view.
Shortly after a Thanksgiving Bitcoin crash to $ 16,200that was learned The Chinese government had seized cryptocurrencies worth 4.2 billion US dollars as part of the legal proceedings against Ponzi Plustoken. There were rumors that these tokens would be launched soon, which further lowered prices.
However, Matthew Graham, CEO of Sino Global, wrote this on Twitter believed that most of the bitcoin that Plustoken had collected had been sold::
hmm my interpretation was sold * mostly * but yes there is no need for FUD, agree https://t.co/NAq5iSRoXz
– Matthew Graham (@mattysino) November 27, 2020
Also, whether the tokens were sold or not, in an interview with Cointelegraph, McGrath advised dealers to look beyond the immediate headlines.
“In the crypto and blockchain ecosystems, It is important to be able to isolate the noise.“, said.” We are optimistic about Bitcoin in the long term and continue to see the industry as an asset class professionalized and mature. “
McGrath also pointed out something that generally terrified western crypto traders: Chinese crypto miners.. Many have speculated that Chinese miners could launch a 51% attack on the network and some have long been ridiculed for controlling large chunks of the BTC supply:
The cool thing about China having a ton of bitcoins and mining a ton of bitcoins is absolutely nothing
– CryptoGainz (@ CryptoGainz1) November 27, 2020
McGrath, however reject both terms.
“Some of the reasons Chinese miners scare Western traders is simply a lack of understanding.”said. “In theory, of course, we know that 51% of attacks can occur. But the level of centralization / coordination and incentives just doesn’t exist in the Chinese mining community for large cryptos“.
“With regard to the discarding of mined coins, etc. Chinese miners may be affected by external factors that would cause them to treat mined coins differently. This can be expected in different regions, ”he added.
When asked about price targets, McGrath declined to call the moon. But still, it has shed some light on Sino’s investment philosophy.
“Choose projects and teams in which you share a vision and are convinced. Invest for the long term and don’t let the daily fluctuations in the market catch you. “said. “We invest in teams and projects in which we share a vision and are convinced. If we can find, support, and incubate these projects, then we’re done. “
As crypto prices resume their upward trend and We continue to enter a new bull marketPerhaps McGrath’s wisdom is worth considering.