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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...

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