Another bull market trap? Bear market swing?
Are we going to see a repeat of this years false gains? Remember than back a few months ago when Bitcoin started gaining in price, there was the thought that the bear market was over and the bull run started. Eagerly, lots of novice investors started dumping money to catch the "wave" only to get slaughtered with a straight drop. These are called Bear Market Swings. Is this another one? Absolutely. Is there any concrete evidence to point that Bitcoin has any reason (aside from hype) that it should continue upward? No. Here is a list of facts about crypto and bitcoin, people seemly forget:
- It's expensive to send, and its slow.
- It can lose 100% of its value in 1-minute, there are no safe guards or "circuit breakers".
- It is not anonymous since all exchanges require extensive identification checks.
- Its not finite, it can fork 1,000,000 times. Bitcoin is worthless, it has no intrinsic value.
- It requires HUGE amounts of electricity to mine and transfer.
But here is the absolute truth about crypto/bitcoin: The the only reason people even buy that worthless "asset", is because "investors" aka day-traders want more FIAT, amazing isn't it? You see, the hold argument falls flat on its face about "fiat is bad" when gaining more fiat is the entire goal of crypto trading. The problem is fiat right? Yet that's the VERY thing you want more of with Bitcoin. No one is rich in bitcoin, because there is no value to bitcoin. Bitcoin is a money grab, its worthless, with ZERO stability. By the time someone gets paid in BTC, it may have lost 20%. Idiotic "asset" to invest in. Also to clear it up, Bitcoin is NOT an asset, an asset is defined as "a useful or valuable thing, person, or quality" of which Bitcoin or crypto is neither of.
- It's expensive to send, and its slow.
- It can lose 100% of its value in 1-minute, there are no safe guards or "circuit breakers".
- It is not anonymous since all exchanges require extensive identification checks.
- Its not finite, it can fork 1,000,000 times. Bitcoin is worthless, it has no intrinsic value.
- It requires HUGE amounts of electricity to mine and transfer.
But here is the absolute truth about crypto/bitcoin: The the only reason people even buy that worthless "asset", is because "investors" aka day-traders want more FIAT, amazing isn't it? You see, the hold argument falls flat on its face about "fiat is bad" when gaining more fiat is the entire goal of crypto trading. The problem is fiat right? Yet that's the VERY thing you want more of with Bitcoin. No one is rich in bitcoin, because there is no value to bitcoin. Bitcoin is a money grab, its worthless, with ZERO stability. By the time someone gets paid in BTC, it may have lost 20%. Idiotic "asset" to invest in. Also to clear it up, Bitcoin is NOT an asset, an asset is defined as "a useful or valuable thing, person, or quality" of which Bitcoin or crypto is neither of.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.