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Clem Chambers on BTC Trading: “If You Treat Bitcoin as a Casino, It Will Treat You as a Gambler”

Clem Chambers does not hesitate to share his enthusiasm for the potential of crypto to revolutionize the world of finances. In a recent interview with Kitco News, the famous investor and author of Amazon Best-Seller “101 Ways to Pick Stock Market Winners” said that because of its characteristics, Bitcoin (BTC) is superior to gold and even traditional money.

One of the books written by Clem Chambers
One of the books written by Clem Chambers

Chambers who also wrote “Trading Cryptocurrencies: A Beginner’s Guide – Bitcoin, Ethereum, Litecoin” explained that Bitcoin is on a bullish streak that has been fueled by the trade war between China and the United States:

“As far as I’m concerned it’s the trade war with China… The Chinese have always been big Bitcoin people and I think they’re afraid that the Renminbi, Yuan or whatever you want to call their own currency is gonna get, you know, knocked down .

“I think there’s a rush to buy a Bitcoin in China” he said, noting that one of the reasons could be its convenience to put large ammounts of money out of the country

Chambers also asserted that in addition to the commercial war against China, U.S. threats to bomb the Syrian people and declare a military conflict have also strongly stimulated a massive purchase of cryptocurrencies:

“There’s also a lot of interest in Iran at the moment because obviously, America might be dropping its bombs on the unfriendly guys over there and I think that’s also driving quite a lot of Bitcoin purchasing”

Clem Chambers does not believe that institutions are playing an important role in pricing Bitcoin (and the crypto market in general.) From his point of view, institutions are “years away from really engaging” and simply view cryptocurrencies as a “weird thing” considered by many as “magic money”.

He explained that the market for crypto has a lot of potentials to grow. Chambers made an analogy with Apple, explaining that although crypto users show a strong enthusiasm for this technology, its value is still much lower than it should be:

“It’s aggressive to say that the whole of the crypto space is equivalent to one stock like Disney so it’s a tiny tiny tiny market but it has a massive a massive amount of interest particularly amongst the so-called Millennials and particularly amongst people out in Asia”

Mr. Chambers believes Bitcoin outperforms gold in convenience and security, however from his point of view, BTC is a better form of money than a simple storage of value.

Clem Chambers concluded the interview explaining that the market is so young it turned out to be a gift for experienced traders as it is very easy to predict, but for novice traders, high volatility makes trading a dangerous practice. However, he called on his followers to investigate deeply before trading and not rely on luck:

“If you go in there and you treat Bitcoin like a casino, it will treat you like a gambler and you’ll probably lose your investment,”

Full interview available here:

The post Clem Chambers on BTC Trading: “If You Treat Bitcoin as a Casino, It Will Treat You as a Gambler” appeared first on Ethereum World News.

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Bitcoin Price Rally was Due to Chinese Currency Devaluation, Says Expert

Clem Chambers is confident that an influx of Chinese money into the market caused the recent Bitcoin price rally. The ADVFN CEO believes that the present economic tussle between the United States and China will cause the top-ranked cryptocurrency to become the safest bet for wealthy investors to hedge any fallout from the trade war.

An influx of Chinese Money Caused Bitcoin Price Surge

According to Chambers the explanations offered thus far by analysts and experts to explain the current BTC price trend aren’t accurate. The ADVFN chief doesn’t agree with the notions that short squeeze, sudden fear of missing out (FOMO) syndrome or any of the other reasons flying around the news are the real triggers for the price push.

Instead, Chambers identifies the situation in China as the real catalyst for the BTC price surge. Writing for Forbes, Chambers said:

However, what caused the sudden unexplained spike is now clear to me. It is [the] Chinese devaluation, the insider reaction to imminent, planned, significant and perhaps rolling Chinese currency devaluation that set off this rally. It was a group of insiders buying bitcoin for Chinese yuan before the devaluation that took place two days later struck. This devaluation process has been going on for weeks, but it accelerated last week.

Frantic dumping of Chinese fiat currency in the wake of reports of an impending currency devaluation flooded the Bitcoin market with a ton of buy orders. Predictably, the market responded to the increased demand by skyrocketing. Many of these wealthy Chinese probably didn’t care if they were paying a premium for Bitcoin as long as they could hedge their wealth against the coming currency devaluation.

U.S. – China Trade War Will Establish Bitcoin as the New Gold

With the current standoff between the United States and China and the latter’s decision to devalue its currency, Chambers expects BTC to become the de facto haven for wealthy individuals. The ADVFN CEO believes Bitcoin is more convenient for people in comparison with gold.

Chambers believes that if the status quo vis-à-vis the trade disputes continues, BTC would be well on its way to knock gold off its perch saying:

If the trade wars go into meltdown, then bitcoin will ‘moon’ because huge amounts of Chinese currency will be swapped for BTC as the yuan-denominated super-rich move to be hedged from the wealth privations of devaluation. Bitcoin, not gold, is and will be the asset they will run to first.

Based on Chambers’ analysis, it seems the current price rally will last for a little while unless a catastrophic market event like a high-profile hack occurs.

Do you agree with Chambers’ reason for the BTC price surge? Let us know your thoughts in the comment section below.

Image courtesy of Coinmarketcap.

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