Due to Bitcoin’s volatility, the odds are against those who try to time the market, the Blockstream CEO learned in the early years of Bitcoin.
Selling Bitcoin is like “playing in a really bad house-rate casino,” according to Adam Back, CEO of Blockstream and one of Bitcoin’s earliest adopters. In a recent interview with Bitcoin financial services firm Unchained, Back said the odds are stacked against traders trying to time the market.
Back came to this conclusion in the early days of Bitcoin, he said, when the price “was going up basically exponentially but it [was] extremely volatile.”
“So […] if you see something that’s going up exponentially but with volatility, if you sell it to time the market a bit falling, the odds are against you,” Back said, adding:
