according to the news at CNBC here is why:
the coin has seen better days. After surging last December to around $19,500, bitcoin has declined more than 50 percent since the start of the year. On Thursday, amid increased regulatory scrutiny in the cryptocurrency space, the coin fell yet again this time below $8,000, where bitcoin had hovered for several weeks. Late Friday, bitcoin changed hands around $7,400.
Regardless, Bogart(a partner at blockchain capital) said it's still a buy. In fact, he said it's the only coin traders should be buying as the coin becomes more mainstream.
Many of the other forms of cryptocurrency, Bogart said, are "over-promising and under-delivering. Meanwhile you have a few that are kind of excelling at their use cases. Bitcoin being one of them." Bogart recommended selling coins like Cardano, TRON, IOTA and NEO.
"A lot of those tokens are overvalued," Bogart said. "They could be go up significantly, but they also have significant headwind." Alternatives like ethereum, ripple, bitcoin cash and EOS, however, he described as "neutral" and he told investors to hold for now.
what are your insights why does bitcoin still a buy in spite of all the losses?
Of course you should be buying bitcoin right now, it does not matter what it does if it begins to go up or down or if it remains at its current price, the price we are seeing is very low compared to the all time high, this is similar to what happened when bitcoin crashed after reaching 1200 some years ago and then the price reached a price below 200 that was the moment to hoard bitcoin and even if the price is higher right now this is the moment to hoard bitcoin once again.