Anti-Bitcoiners sharpen their knives following shaky New Year start
Bitcoin has surprised many, with a surge in value that exceeded $1K for the first time. An influx of new investors and positive media attention led to a spike in prices and activity from exchanges around the world, ending 2017 on an exuberant note.
The “knife aid” is a sharpening tool that helps to keep knives in good condition. The “Anti-Bitcoiners sharpen their knives following shaky New Year start.”
Speculative technology, such as Bitcoin and cryptocurrencies, has had a rough start to the year, fueled by rumors of rate hikes.
The whole crypto market value dropped $333.5 billion during this time, before rising back to $1.898 trillion on Saturday. While it’s too soon to declare the bottom has been reached, it seems like the worst is gone for the time being.
During this last sell-off period, the link between crypto and the macro environment has been increasingly evident. As a result, it’s evident that the economy’s recovery is contingent on what occurs next.
In terms of breaking this link and realizing Bitcoin’s potential as a digital reserve asset, however, there is still hope.
On the other hand, not everyone thinks this will happen.
Dave Ramsey, a debt and budgeting expert, didn’t mince words when it came to Bitcoin and cryptocurrency.
Digital currencies, according to the presenter of the Ramsey Show, symbolize a “get rich fast” mindset. He claims that this is hazardous because it blinds individuals to the risks.
Ramsey said that, by definition, cryptocurrencies are not investments due to a lack of historical data. Instead, they are a type of speculative gambling.
“…it’s an untested product to invest in, thus it’s not a good investment.” An investment, by definition, has a track record that you can dig into…”
He may have a point, given that no Bitcoin trade data existed prior to the 2008 financial collapse.
This was also an occasion for Peter Schiff to reassert his anti-Bitcoin position. He urged holders to “wake your eyes and your head” and get out of $BTC before it’s too late in a recent tweet.
Don’t wait until the bubble has totally deflated to realize what it was. Simply open your eyes and mind and sell your #Bitcoin immediately, while others continue to close their eyes and brains. https://t.co/vmDQAnsND4
January 8, 2022 — Peter Schiff (@PeterSchiff)
Proponents of BTC are adamant.
Nonetheless, proponents of Bitcoin continue to promote the possibility of a climb higher from here.
Plan B plotted his projection based on a scaled price versus time since the halving using the Stock-to-Flow (S2F) model. The algorithm predicts a $100,000 price in May of current year based on previous price fluctuations.
@100trillionUSD on Twitter.com is the source of this information.
The S2F model was developed by comparing the present stock of an asset (or circulating supply) to the production flow (or mined tokens). As a result, the value of scarce assets rises.
The S2FX model expands on this notion by including asset phase transitions. That is, S2FX introduces the idea of asset maturity, taking a “financial asset” from conception to maturity.
@CredibleCrypto tweeted in mid-December that Bitcoin is in a flat three-wave (A, B, C) corrective move, based on Elliot Wave theory. Before completing the framework for a move upward, he expected a swing down below $42k but above $30k.
@CredibleCrypto on Twitter.com is the source.
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