Bitcoin has finally woken up. The first week of April itself has seen bitcoin rise to the levels of USD 5000 and has again turned a lot of eyeballs towards it. While all the sentiment is positive, the recent bitcoin run has also got the “Bitcoin Mafia” awake who have already started calling the Bitcoin a bubble again
Crypto community backlashes people who call Bitcoin a bubble
Crpyotmarkets have had a joyous start to April as the bulls have charged their way back into the game. After a slumber and forgetful 2018, the start to 2019 was timid as the markets stayed pretty rangebound. But as the Q1 of 2019 ended, the crypto markets sprung to life as the prices of Bitcoin climbed from USD 4000 to USD 5000 in a matter of 2 days.
This sudden move has again got all the attention back to bitcoin, and its not just the crypto enthusiasts but also the people who are not a great fan of the nascent form of money. A lot of media recently has covered personalities speaking about how cryptocurrencies are bubbles and are soon to collapse again. CNBC has recently quoted wealth managers who believe Bitcoin and other cryptocurrencies are going to go down and have cautioned investors to stay away.
Peter Mallouk, certified financial planner and president of wealth management firm Creative Planning:
“What we’re going to see, most likely, is, we’re going to see cryptocurrencies collapse.” Mallouk, who is also author of “The 5 Mistakes Every Investor Makes and How to Avoid Them,” told CNBC There are so many types of virtual currencies — like litecoin, ethereum, ripple and, of course, bitcoin — that “there’s no way that even a fraction of them can survive,”
According to him if people are excited by blockchain, the technology behind cryptocurrency, there are ways to invest in that besides buying crypto, he adds: “There are companies that are very heavily investing in blockchain and you can buy those companies — companies like IBM and Accenture.”
As Mallouk has made some sharp comments criticizing the cryptos, this did not go well with the crypto supports and it received instant backlashes
Mati Greenspan was the first to criticize such comments and asked investors to stay away from such Bitcoin Mafia. His tweet was as follows
“If you’re excited about blockchain, buy IBM stock or Walmart, anything but bitcoin.”
PS. Watch out for the bitcoin mafia.😂”
Citing similar kind of publications, Cryptomanran Ran Neuner also backlashed media houses that are spreading untrue news about cryptocurrencies. He tweeted saying
“I can’t respect any publication that is still calling Bitcoin a bubble. Even if it was a bubble last year, I’ve never seen a bubble pop twice!”
While it is clear that there will be people criticizing Bitcoin on every rise, Bitcoin and cryptos have enough supports who will always stand by it and keep the investors and traders updated on what is true and untrue.
Will Bitcoin defy these bearish comments and rise back to its all-time highs? Do let us know your views on the same.
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Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.