The Dow, S&P 500, and UK’s FTSE 100 saw massive losses on Thursday, their worst since Black Monday of 1987. Bitcoin (BTC) also plunged below $6,000 as panic over coronavirus once again sent global markets into a freefall.
Bitcoin supporter and analyst Raoul Pal, who predicted the 2008 financial crisis, says he sees an opportunity to buy BTC amid extreme fear in the market. The former Goldman Sachs executive and founder of Global Macro Investors is calling Bitcoin’s dramatic price plunge a “fire sale.”
If you think that the end of all of this, somewhere lies a digital, immutable future, then painful though it is…soon will be the time to add massively. Everything is getting liquidated and this is fast becoming a fire sale… #BTC #Bitcoin pic.twitter.com/Vyq6hN3XgQ
— Raoul Pal (@RaoulGMI) March 13, 2020
While some investors are liquidating their crypto assets, YouTube star-turned-Bitcoin evangelist Michelle Phan is also bullish on Bitcoin.
As the leading cryptocurrency hit a low of $4,121 on Thursday, the 32-year-old said she’s telling friends it’s a good time to get into the notoriously risky and volatile market.
— ????? (@MichellePhan) March 12, 2020
Phan, who invested in cryptocurrency gaming company Quarters, also appears to be sticking to her plans to start a new crypto-related podcast this year. She says that one of the aims of “Baby Steps” is to help people learn how to buy and store Bitcoin.
As one of YouTube’s earliest and most popular beauty content creators, Phan now has 8.9 million subscribers on YouTube and 2 million followers on Instagram. According to CoinDesk, Phan wants to tap her influencer status to promote educational content about Bitcoin.
Phan says she recently advised her Instagram followers to buy Bitcoin during the dip and hold. She adds that with so much misinformation, she wants to use her platform to shed more light on Bitcoin.
She says the perfect opportunity to do it is now in the midst of a pathogen-related economic meltdown.
“With coronavirus … when there’s a distrust of authorities, that’s when Bitcoin shines the most.”