Bitcoin Struggles On Its Way Up

in #crypto6 years ago



Bitcoin has been struggling with its ascent and it seems that there is a ceiling which is stopping its value from rising at the pace that it had set for the last few months. If it continues to be restricted by the ceiling showing on the performance charts it is likely that it will wing downward and miss the chance to go past the 10000 mark.

The immediate provocation seems to be the comments that have been made by Warren Buffett who has been very vocal about his dislike for Bitcoin. He termed Bitcoin as an extreme form of rat poison and criticized the people who invest in it. According to him Bitcoin investors are those who keep hoping that others will also put their money into it.

He also compared the growth of Bitcoin to the tulip craze that had taken place in the 17th century which eventually fizzled out. According to Buffett there is a mystique that has been created around Bitcoin which is the only reason why it is increasing in value. It is driven by sheer speculation he said and it is only people who lack understanding who invest in it.

In the same meeting Charlie Munger who is a close associate of Warren Buffett also called out Bitcoin saying it was like artificial gold and that it is worthless. There was a sizeable crowd of about 40,000 people in the shareholders meeting. The statements also received a lot of press coverage, so in effect the statements have gone viral on social media as well.

Warren Buffett is a highly respected figure in personal finance and millions follow his advice. In fact people invest blindly in what he invests in and follow his advice when it comes to their finances.

Bill Gates had also criticized Bitcoin about which I has written a post, linked below. Although he did appreciate a couple of aspects of Bitcoin he was clearly against people investing in it going to the extent of saying that he would short it if it was possible.

These statements by well known figures that millions follow has caused a setback to Bitcoin. It does seem that it may take a while before Bitcoin goes above the 5 figure mark in the near future.

It is also possible that in the coming months if an altcoin becomes popular as a form of exchange for goods and services it may easily replace Bitcoin. In any case let's wait and watch because only time will tell.

(¯`•._ _.•´¯)

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