Coin-Miners - Crypto Currency Tracker logo Coin-Miners - Crypto Currency Tracker logo

Seeking Alpha 2022-08-06 11:36:24

Bitcoin: The Trojan Horses Have Bolted

Adoption dreams skewered by the recent downturn.Bitcoin's rally has been weak.The outlook for cryptocurrency regulation.In my article from October 2021, Bitcoin: You Have Been Warned, I said that some of the Bitcoin (BTC-USD) influencers were maybe not the gods that they were being touted to be. As the coin suffers another downturn, two of the most prominent investors have fled. This is my updated outlook.The trojan horses have bolted from the Bitcoin paddockIn October of 2021 when Bitcoin was trading at $66K, I warned for the second time that a downturn was coming. The first time saw a 50% pullback, but the second is still down 65% despite the July rally and the outlook for BTC is fairly grim.In my article during that frothy October, one of the problems I saw in BTC was the weight being shouldered on celebrity influencers. At the time I doubted their true intentions in the world's most valuable cryptocurrency and that has now been confirmed nine months later.At the time of writing, I said:Many of the professional investors who tout Bitcoin as the future may also be leading investors into this trap. Elon Musk already showed this year that he can change his stance on accepting coins for Tesla (TSLA) vehicles. That announcement helped to fuel the early-2021 rally before Musk changed his mind over its energy usage. He has since clarified that they will likely accept it and the firm is up $1bn on a $1.5bn BTC holding, but he could...

freebitcoin
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.