Following a decline in the price of bitcoin (BTC) and other major cryptocurrencies, crypto investor Raymond Ikponmwosa has called on holders of the digital currencies to keep holding and not panic.
Raymond, popularly known as FPD, gave the advice in a series of social media posts sighted by CAMPUS GIST on his personal handle on Wednesday.
He said only futures’ traders have the right to panic, following the major dip, while advising holders of coin who do not want to experience the dip on what to do.
“I really do not understand why everyone is in a panic mode,” he said, adding: “If you have any coin and do not wish to experience the dip, simply convert to USDT.. very simple.. the rise or fall of that particular coin will not affect you.”
While many holders blame the dip on the recent tweets of Telsa CEO Elon Musk and the People’s Bank of China, FPD said the dip has long been expected, calling on people to keep holding.
“This dip has long been expected. N25k or less is what I pray for, so we can accumulate more,” he said, adding that crypto holders do not lose until they sell off.
Continuing, the renowned philanthropist said people must see crypto as an asset, like a landed property, and investors must learn to keep holding for a long term.
“Many people forget the most important thing in crypto is holding for [a] long term. You do not become a billionaire, by buying low and selling when it increases by 50-200%.
“See crypto as an asset.. just like when you buy a landed property.. keep for years, and forget about the daily fluctuations. Focus on your other businesses except you are a futures/marginal trader.”
FPD said crypto holders must not be distracted, expressing hope that the price of BTC and other major cryptocurrencies would rise again.
“Do not be distracted. Bitcoin you see at $30k today will be at $300k tomorrow. It is a matter of time.
“What stories will you tell your children if they knew you had bitcoins and sold off at $30k because you were panicking? lol. They will disown you.”
The Founder of FPD Crypto Bank said it is irresponsible for one to sell an asset due to temporary fluctuation in value, saying those who wants to sell their coins should do so for a good reason.
“If you want to sell your coins, let it be for a good reason, like needing urgent cash to attend to medical bills, house rent or food because these are life threatening issues…
“And not because it is decreasing. It is irresponsible to sell your asset just because there is a temporary flauntuation in value. Be responsible..!!!.”
Bitcoin and other major cryptocurrencies slumped after the People’s Bank of China conveyed a statement reiterating that digital tokens can’t be used as a form of payment. The market correction has seen new investors sell off their coins in panic.
The largest token fell below $40,000 for the first time since early February, dropping as much as 10% to $38,973 on Wednesday and continuing a weeklong slide sparked by Elon Musk’s back-and-forth comments on Tesla Inc.’s holdings of the coin. Ether, Dogecoin and last week’s sensation, Internet Computer, also retreated.