Cryptocurrency dealers in Uganda call for calm amid declining bitcoin prices worldwide

Cryptocurrency enthusiasts in Uganda have called for calm amid the declining prices of bitcoin worldwide.

The price of a bitcoin is currently about $5,000, down by nearly thirds compared to the value of $15,000 around November last year. This has raised concerns that the digital currency is worth not investing in and many investors have since quit.

However, Mr. Noah Baalessanvu, the director of the Blockchain Association of Uganda, has urged Ugandan cryptocurrency traders not to be scared by the global downturn of the currency, arguing that the declining value in those other countries is caused by problems of fraud and lack of trust which can be avoided among traders.

“The problem is that many people go into Cryptocurrency trading with very limited knowledge about how it operates,” said Mr. Baalessanvu in an interview on Tuesday, August 21.

He added: “When you understand that the currency is digital and then get to learn the dynamics of online trading, then you will begin to appreciate the value of cryptocurrencies.”