With the announcement of Bitcoin Cash, people are rushing to buy Bitcoins.
As announced, all Bitcoin holders will also get free Bitcoin Cash after the fork, which means there will be as much Bitcoin Cash holders, as much of bitcoin.
Well who doesn't like Free Money, afterall, the price of Bitcoin Cash at the moment is hovering around $300 - @350, and one could think that it's a cherry on the top.
Here's why it's Bitcoin Cash is NOT a good investment, and altcoins are better investment at the moment, and you should not sell. Rather buy as the market is down due to increase in Bitcoin Dominance to more than 50%.
The opening price of BCC will drop below $200 after 1st August, as all the holders of BCC will rush to sell it, to make quick bucks on the BCC they either bought or got for free. Due to the high supply along with the sellers in the market, the price will fall drastically.
To buy back into Altcoins at that time you would have to sell BCC at a lower price, and since there will be much more buyers of Altcoins, and the price of Altcoins will rise significantly.
These two runs of selling Altcoins to get BCC, and then selling BCC to get back into ALTCOINS will cost you more than the gain, and you can end up losing 10% rather than gaining 20%.
Note: The above is not an investment advice, and is just an opinion.
I agree with your opinion. The biggest thing I've learned since I got into Crypto is to not follow the pack.
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Exactly, usually the pack is not thinking, and just following the trend. However, money is always made where no one is looking.
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Thanks. :)
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