BitCNY coin – The crypto market is getting more volatile, with prices fluctuating by huge margins. Bitcoin is a good example of these wild swings. In the last few days, bitcoin has moved from over $11,000 to lows of $8500. Things have been made worse by conflicting reports on the future of cryptocurrencies. There are some experts who believe that the long-term potential of cryptos is blink.
This creates an uncertain scenario for anyone looking to get into this market with a long-term view. If you are looking to invest in cryptocurrencies at this point when the future is highly uncertain, then you should probably be looking to put your money into BitCNY.
So what exactly is BitCNY coin and why is it a good long-term hold at a time when the market is increasingly unpredictable? Well, BitCNY is a cryptocurrency that is pegged on the Chinese Yuan. This means that its value can’t deviate much from the value of the Yuan. And that’s the catch for a long-term stable investment. Here’s why.
For starters, China has been eyeing to have its currency replace the U.S dollar as the global reserve currency. This is quite clear in the manner in which, China pushed the IMF to have its currency included in the basket of global reserve currencies. In essence, as China soldiers on with its push for global dominance, you can expect the value of its currency to grow in the long-run. As such, making an investment in BitCNY coin right now, gives you the opportunity for long-term growth without the uncertainty that is characteristic of the rest of the crypto market.
Then there is the fact that the central bank issued currencies never experience wild price fluctuations that are usually characteristic of the crypto market. That’s especially for the currency of a country as important to the global economy as China.
In essence, you can count on BitCNY coin to give you the stability you need to make small incremental investments, without the fear of losing your money in one single price move as is usually the case with most cryptos. It is not uncommon for some altcoins to see losses of up to 100%. Basically, BitCNY gives you the opportunity to store value by using real-world wealth as an anchor to your crypto investments.
You are probably thinking, why not just hold the Chinese Yuan then? Well, the reason is that BitCNY is decentralized. It’s a blockchain based token and the only connection between it and the Yuan is that it tracks the Chinese currency. As such, no government can control your BitCNY.
For instance, when the Chinese government started cracking down on decentralized exchanges, crypto traders turned to BitCNY coin as their primary currency for buying Bitcoin and other cryptocurrencies. This makes it a value tool for anyone looking for the independence of blockchain technology, while at the same time enjoying the stability that comes with state-backed fiat currencies, such as the Chinese Yuan and the U.S dollar.