BUFFALO, N.Y. (WKBW) - Cryptocurrency has been sliding the past few weeks. Bitcoin has dropped about 30% which has caused some to panic, but according to Jon Spitz, co-founder of Blockchain Buffalo, this is nothing new.
"This is just like par for the course. We are going up, we are going down."
Spitz has owned various forms of cryptocurrency since 2014. During that time he has seen how volatile the market can be. For a lot of people who have recently purchased cryptocurrencies, they have never seen the market drop as much as it is.
"We had a big run up and so those people haven't witnessed what we're going through. They haven't seen a 60% drop in a day or a week."
Most people purchased cryptocurrency believing it will get them "rich quick". This is an allusion that is being broken due to the drop of the market which is forcing people to do their research and know what they are buying.
"Now these people are becoming educated on how this works so it should help for when the next run up happens."