About the author

Justin is the founder of Better Off Bitcoin and the owner of video production company Advanced Video Tactics. He is a familiar a face of bitcoin, public speaker, and early investor. When not publicly speaking on the digital currency, he can be found enjoying fine food and worldwide travel adventures with his lovely wife Katie.

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  1. Kevin

    I believe in the long term of Bitcoin as well. What I want to know is what is the worst case scenario right now for the price during this panic. Is it $200, $100, $50 or even less?

    1. Post author
      Justin Hawley

      Hi, Kevin. I always gauge the dip in btc as corresponding to the negativity of the press. I feel the press both reflects and feeds emotional investors in the short term (also, I’m a marketing director, so my bias runs that way). I can only imagine the negative press on this will be massive. It may be the biggest test bitcoin has ever had to face, and there are haters lined up for miles ready to pounce. Everyone from legislators, to banks, to people burned on tech stocks, to people that just hate for hating’s sake. I generally hesitate on giving any kind of predictions of what a price will be, especially in this situation, because no one really knows. In my opinion, we have never really had so much to lose, or a test this big. I prefer to focus on a strategy that has as it’s cornerstone a fundamental belief in the currency, and then divide up my money to invest at intervals as it goes down. If I’m right, and if bitcoin does have great long-term legs to it, then it is a great way to lock in a pretty low price.

      Having said that, since you took the time to comment, and I want to honor that with a response that isn’t just fluff. My guess is a bottom of $320 hit sometime in the early morning, probably after the East Coast wakes up tomorrow (say, 5:30-6:30 central standard time). Please understand that is just a guess, and I could easily be way, way off! It is based on nothing but my gut in probably the most emotional time btc has ever seen, and I do not feel very confident in that number as I do at other times. In addition, what it will do after that early morning dip, I have no idea at this time.

      I think what is most important, however, is the strategy a person takes moving forward. As I mentioned, I believe in bitcoin in the medium and long-term, and my personal plan (invest at your own risk – I am not a financial advisor) will be to divide the amount available I have to invest, and stage it appropriately as it trends down. That should give me a nice average price, and I can sell off appropriately when it rises. If all goes bad and it does hit $50, I’m still a believer, and I’ll be buying quite a few! :) It is still in it’s infancy, and the free-market will eventually sort out the kinks.

  2. Kevin

    Hey Justin,

    Wow. Thank you for the thoughtful response. Looks like your educated guess of a bottom around $320 was almost on the money. Hopefully we are witnessing the post-Gox bounce since prices are already back over $500. *Thinking positive* :)

    Your site is a great contribution to the Bitcoin community and newcomers like me are able to keep/gain confidence in the movement thanks to you. I truly believe the Bitcoin community will beat out the naysayers and Bitcoin will survive these nasty growing pains. Thanks for all the advice and keep posting!

  3. Avai d'Amico

    Great discussion. I was glad to see BTC up over $550 again today. I also was not surprised. Every time the media blows this stuff out of proportion because emotions means ratings. While Mt. Gox was the largest exchange, and this issue certainly impacts the public perception of the currency and its validity, in the end I think it doesn’t change the ideas behind bitcoin nor its legitimacy. One exchange had a string of embarrassments, but there are plenty of other exchanges without the same problems. Mt. Gox leaves a big hole but it’s a hole that can and will be quickly filled. I’ve enjoyed this time to buy low, and I fully expect BTC to hit $1000 again before long. We just have to ride out the negative media coverage, and let the growing adoption of the currency by legitimate businesses continue. Actions speak louder than words.

  4. Post author
    Justin Hawley

    Hi Kevin! I can’t thank you enough for your comment. I’m glad you’re getting something out of this site and I hope my experiences continue to speak to you. I’m up about 20% today since a day ago. I hope you are doing as well too! :)

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