Perspectives | Analysts: "Perfect Storm" Has Formed, Bitcoin Has Become Key Global Asset

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.

Analysts: Global conditions open door for skyrocketing, it's time for Bitcoin to prove itself

Source: Pixabay

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.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

Guide to secure deposits: How to better hide the Bitcoin in your hands?

In an era of constant economic uncertainty, surveillance, professional cybercrime, and hacking, knowing how to more s...

Blockchain

Interview with BitMax.io Cao Jing: Compliance, Localization and Traffic Integration, Exchange Status and Future

On October 19th, at the 1st anniversary of the BitMax.io exchange, Jingwei China Partner Harry, Sequoia Capital Partn...

Market

South Korean Professor tracking Do Kwon's funds: Signs of Terra's collapse were evident in early 2019

Cryptocurrency fugitive Do Kwon has been on the run from Interpol for several months. A Korean professor has been cl...

Blockchain

The consensus of using "money" to forge coins - a high-tech that condenses developers' miners' exchanges and users

In 1776, the American Revolutionary War broke out. Why is this war going to fight? The American side said that "...

Blockchain

The cryptocurrency exchange "closed tide", running to catch up with P2P

The cryptocurrency exchange, once regarded as “stable and not paying”, is more crazy than other fields,...

Blockchain

SBF Trial Week 3 Former FTX Head of Engineering Nishad Singh appears in court, confesses to embezzling user funds for political donations.

With the appearance of former FTX Engineering Director Nishad Singh, the third week of SBF's trial has begun. Singh's...