Although illegal in Vietnam, the attractiveness of virtual currency investment channels has never diminished for venture capitalists. And in the “madness” about the price of virtual money recently, many people meet the situation of “bruising”. Financial experts and lawyers also recommend that investors “get under” easy to get rid of, be scammed when they get caught up in the Bitcoin “whirlwind”.
Jokes, people cry with Bitcoin
Over time, the price of the virtual currency Bitcoin continuously increased and decreased erratically with a large difference that caused many Bitcoin players in Vietnam to suffer. In particular, during the first two weeks of January, 2021, when the price of Bitcoin increased and decreased, many Bitcoin players in Vietnam said that they had stopped, someone withdrew from exchanges when witnessing a price increase or decrease. shock the days.
Bitcoin (BTC) kicked off the new year 2021 by surpassing the $ 30,000 / BTC price mark and briefly established a high of $ 41,900 / BTC. Then, the price of this virtual currency has continuously fluctuated, there have been recent sessions even Bitcoin’s price dropped to more than 29,000 USD / BTC. Such strong price volatility is really making many investors afraid, especially novice investors who have just entered this market.
Mr. NMQ (living in Tan Binh, Ho Chi Minh City) – a longtime virtual money investor – said that there are two types of Bitcoin investment today. There are those who choose to invest in Bitcoin for long-term targeting. With this type of investment, they choose to buy Bitcoin when the price drops very low then wait for a very high price to sell to make a profit.
Another type of surfing investment option. This is the group with the most number of investments with the type of investment which is to watch the price of Bitcoin decrease, then buy and when increasing, sell quickly to take profit. Bitcoin’s constant price volatility helps surfers make a lot of money, but with Bitcoin’s strong volatility and many surprises in recent times, it is worth mentioning that both increases and decreases are happening very quickly with the difference. large deviation, also causing many investors to fail because they could not “escape” in time.
Mr. Đ.V – a Bitcoin investor in District 7, Ho Chi Minh City – has lost sleep and sleep over the past time. Having just joined the virtual money market for more than 7 months now with some friends, at the beginning, his team was making a very good profit. With the mentality of winning, Mr. V and his friends have invested more than 10 billion VND to buy Bitcoin through a number of exchanges. When Bitcoin reached $ 35,000 / BTC, Mr. V poured all his money to buy in the middle of last week.
On the evening of January 11, when he saw Bitcoin fall to nearly $ 32,000 / BTC, the panic sentiment caused Mr. V and his friends to decide to sell to cut losses because they heard “experts” advise that there is a risk of the price falling. 10,000-20,000 USD / BTC. When Mr. V finished selling, on the morning of January 12, Bitcoin price inched up again. This caused Mr. V and his friends to lose a lot.
MQ analyzed that, in early 2020, a Bitcoin coin was worth $ 8,000, then fell to $ 5,000 in March. By December 2020, the price of Bitcoin started to rise sharply, reaching $ 20,632 on December 16. Since then, Bitcoin has consistently reached new highs. On September 9, 2121, a Bitcoin hit an all-time high price record of more than $ 41,000. Currently, Bitcoin has shown signs of decline although by the morning of January 15, the price of Bitcoin rose back to $ 38,000.
Mr. Q said that in the past few days, many investors in his group announced to stop the game to preserve points. Even many of his friends who just joined have withdrew from the exchanges when they witnessed the shock of price increases and decreases in the past few days. For new and young investors, this is a real shock.
There are many potential risks, the risk of fraud
Despite the positive forecast, however, many financial experts quickly warned new investors that, after a long period of continuous rise, Bitcoin price could be about to enter a major correction to about true value.
According to Nguyen Duy Phuong – a senior consultant of Viet Capital Securities Company (VCSC), although the price of Bitcoin may go even higher in the long run, investors should not expect this. is a straight ascent. In fact, Bitcoin is not a miracle coin, it is still under pressure from the market, not immune to depreciation. In the past, there were many times, the price of Bitcoin dropped quickly, even down to 25% any time when big investors took profits.
More dangerously, recently, due to the skyrocketing price of Bitcoin, business activities and virtual currency transactions have started to be active again in Vietnam without permission. However, because Bitcoin is no longer easy to mine, the market continues to appear “junk” virtual currencies, created by scam companies to call for capital from investors.
Lawyer Nguyen Thanh Nha (DBS Law Office) said that virtual money is now considered as a form of investment bubble, with high potential for collapse and affecting the stability of the financial market. With a number of projects, companies raising capital through the initial public offering of virtual currencies also leads to the proliferation of virtual currencies along with potential risks of protecting investors’ interests. . The value of cryptocurrencies issued to raise funds is usually calculated based on the amount of the resale profit of the currency in the market, little or no depending on its underlying value or the actual economic benefits of the currency This virtual brings. Many people do not understand this and let the bad actors take advantage of them, develop projects with the issuance of virtual money, and urge investors to join to scam.