Today's Hot Topics

Why Do People Still Think Bitcoin Will Flop?

 
Why Do People Still Think Bitcoin Will Flop?
Breaking News / Bitcoin

Day in day out we hear people talking about the end of cryptocurrency led by the demise in Bitcoin. This is always watered down with plenty of experts coming out to talk about Bitcoins eventual $25,000.00 price and often, this leaves us in the middle of a storm that makes it pretty difficult to understand what’s going to happen next.

The truth here is that nobody knows, nobody really knows what will happen with Bitcoin or the rest of the cryptocurrencies, though one thing is clear is that Bitcoin probably isn’t going to cease to exist anytime soon, that’s something to latch onto for now at least.

So, we should ask the question, why do people think Bitcoin is going to tank in the first place.

According to recent reports, David Gerard - a person with notable thoughts on Bitcoin believes that recent bull runs have only taken place as a result of manipulation and that eventually, this manipulation will lead to a huge price crash:

“According to Gerard, there is nothing organic about this bull run since the price is growing way too fast despite the industry facing two recent controversies (Tether-Bitfinex and Binance). His theory is that the Bitcoin price is being manipulated by Bitcoin whales who continue to buy BTC en masse in order to liquidate short positions (this method was described by Willy Woo).”

Furthermore:

“After artificially pumping the price of BTC, they will sell their newly bought coins and tank the market. In essence, we are dealing with your typical pump-and-dump scheme, but on a much larger scale. For the time being, he expects the price of Bitcoin to continue surging since the widespread media coverage will bring new gullible investors that are not able to resist FOMO.”

In the long run however, this sort of manipulation can’t carry on forever. When news drives the price of Bitcoin up, correction usually leads to a crash at the otherside. What Gerard and many others believes is that in the grand scheme of things, current optimism will be watered down when eventually, manipulation finally stops and Bitcoin eventually grinds to a halt.

Remember, nobody is ever right about these things. In truth, there’s no way of knowing what will happen to Bitcoin or any other cryptocurrencies for that matter - it’s a case of waiting to see and investing carefully in the meantime. We don’t think manipulation has played a huge part in the rise of Bitcoin over the years, though some of the stats do suggest that many Bitcoin whales may be causing more damage than they think.

You can share this post!