Recent Bitcoin volatility is due to public statements by gurus, says Obi Nwosu, CEO of Coinfloor

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Cryptocurrency exchange CEO and co-founder Obi Nwosu wants people to see Bitcoin’s recent drop in value both in terms of historical price and volatility. In an interview, Nwosu says people need to remember that Bitcoin is currently trading around 20 percent higher than at the start of the year, and asks how many assets can claim that. On the recent volatility of the world’s oldest cryptocurrency, he adds that much of it is due to public statements by gurus who are nothing of the sort, but who still have the power to move the market.

Nwosu also offers a more meaningful view, just look at the sustained increase in its value (Bitcoin) over the less than 13 years since its invention. He believes that as an investor it is important to focus on important news, such as El Salvador’s adoption of Bitcoin as legal tender. Focusing on the overnight or even month-to-month price is a distraction from the technical, economic and political developments that are leading to the adoption of Bitcoin and its long-term uptrend, explains Nwosu.

In the interview with Cryptogeek, Nwosu said his company’s user base has changed since last year and the Bitcoin rally has helped them get new customers. We have also seen a significant increase in the number of regular consumers looking for an easy way to start investing in Bitcoin, he said.

But what about technical adaptability during such price fluctuations? Nwosu says his business has continued uninterrupted even when other platforms have historically had issues, and added that many of our professional merchant customers use us specifically because they know our record of uptime during times of demand. high volatility.

When it comes to finding talent in the cryptocurrency and blockchain industry, Nwosu finds it a difficult task, especially in the Bitcoin and exchange space. Regarding his company’s recruiting process, he says, we try to hire people early in their crypto career; we look for potential and passion, and mentor them so that over time they become the employee we want to see.

Nwosu also talks about cryptocurrency market trends that he considers important in 2021. He believes there is never a dull moment in Bitcoin, 2021 will likely be considered one of the most important years in his life. history, for various political reasons. / legal, technical and economic reasons. In terms of policy, he said the importance of El Salvador’s adoption of cryptocurrency cannot be overstated, even more so than the adoption by businesses and institutions of Square and Microstrategy last year. .

And on top of everything, we have the specter of inflation and declining confidence in fiat currency, which will continue to inspire new users to explore and enjoy the benefits of Bitcoin, he concludes. The price of Bitcoin in India was around Rs. 37.74 lakhs on August 28.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting Founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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