Bitcoin Miners are worried as the price of the Bitcoin went down to $4,000 in less than 48 hours. At the time of reporting, the price has been trending at $5,400.
Bitcoin is the first-ever cryptocurrency. It is trading below the cost that will be worth the mining efforts for its miners. It is well known that Proof-of-Work is that which empowers the blockchain protocol. The current trend means that miners would be profitable by buying bitcoin than mining them.
Robert Korvet recently tweeted: “Starting to get the feeling that people will flock to Bitcoin fast. I’m afraid it will leave all shitcoins behind, even my second favorite $nano. Read justing my positions accordingly. Was 60% $nano 40% Bitcoin. Now moving towards 75% Bitcoin 25% $nano.”
He further retweeted about how people sell their stocks and assets to raise the safe haven fiat, how Fiat is used to buy stuff. How there is not enough stuff, and therefore the price goes high. How ultimately, Fiat undergoes mass inflation as people lose faith in that Fiat can buy their stuff. And finally people to the Bitcoin.
The fragility of the economy, according to Korvet, has been expressed by the current trend. He, however, states that BTC will rise dramatically and suddenly. Further opines on acting now and on stopping BTC looking into the charts.
It is also opined that sooner it will not be possible to buy Bitcoin with Fiat. There might be a situation where one will only be able to earn it.
Investors are beginning to crazily discuss what would happen if the USD would collapse tomorrow. They have been taking a poll on which cryptocurrency would be ideal to replace it now to scale for world commerce eventually.
Some have been stating that the Bitcoin is falling for good. They have been recollecting how the speculation all these years was related to that “one day something like this would happen,” where everything would fail, and Bitcoin will be a safe haven. Despite all this, it looks like the BTC has failed.
The dollar continues to be the king because people need something that they can use to buy things with. If BTC should be accepted as a good store of value, it should be taken as a currency. So, for this to happen, the USD should collapse. Thus, Robert Korvet has been actively thinking over the fate of Bitcoin lately.
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