More and more Bitcoin analysts are warning that Bitcoin, the flagship cryptocurrency, needs to prove its value during the current financial crisis. They assert that it is time for decentralized assets to prove their resilience in the context of increasingly unstable global economies.
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Tone Vays, a longtime Bitcoin supremacist, tweeted a tweet last June when the price of bitcoin rose rapidly above $ 13,000, and he warned. Vays pointed out at the time that this rapid leap in value usually led to major corrections:
"Flashback: June 2019, when BTC reaches $ 13,800-" I don't think it will drop to $ 3,000, but now I think it will "-@ UglyOldGoat1-" I can see one for 6 to 9 The #Bitcoin Bear Market of the month is extended. Watch video: https://www.youtube.com/watch?v=ygRZZj5HCnE "
The crux of the video is that Vays at the time asserted that Bitcoin should recover from any price drop in 6-9 months. Of course, it's time to start this recovery, but this flagship cryptocurrency has yet to rebound. It's worth noting that Vays is still very bullish on the future of Bitcoin, but seems reluctant to predict a major price spike soon.
Peter Brandt, an analyst who has long been pushing Bitcoin's bullish potential, insists that a "perfect storm" has now formed, making Bitcoin a key global asset. He tweeted:
"For BTC, this is the perfect storm. If Bitcoin can't bounce back, then cryptocurrencies will face great trouble."
On March 26, Brandt was even more straightforward, answering questions about the potential of Bitcoin, noting that cryptocurrencies have little time to prove themselves.
"I personally think that BTC doesn't even have much time to declare whether it is right or wrong."
Bitcoin will prove itself through adoption, not speculation
Although market analysts may dispute technical data that may not indicate a price rise, the fact remains that development and adoption will ultimately determine the fate of Bitcoin. Cryptocurrencies are still under development and are still primarily speculative assets. Until a large number of consumers use it for the design purpose of digital currency, its value will continue to be extremely volatile.
Of course, the same is true for altcoins. All blockchain projects are still far from complete, and investment in any blockchain project should be based primarily on research into its large-scale use potential. Some projects in this category are more promising than others.
The current economic problems around the world do provide a broad perspective for Bitcoin to demonstrate its value as a safe haven for assets. It can also prove its value as an anti-inflation decentralized currency. Bitcoin has survived for a long time in the past challenges, and its decentralized architecture still exists. If it fails to appreciate in the next few weeks, this fact will not change.