Response To Bitcoin Bull Critiques Of The $1,000 Bitcoin Bear Case
Story by: Geoffrey Caveney
Summary
Many bitcoin bulls responded to my previous article with various arguments and criticisms. I appreciate the debate and discussion with them.
In this article, I would like to address several of their critiques of my argument that I consider the most important and significant.
The arguments and perspectives of “new school” high-cost bitcoin miners since 2017 vs. “old school” bitcoin bull true believers.
The old school bitcoin bull believer who thinks Tether is a fraud, and the bitcoin price would crash without it, but he’s bullish on bitcoin anyway.
A final word about the Winklevii.
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I appreciate all of the reader response to my previous article “Warning: Good Chance Bitcoin Is Below $1,000 By Next Year”. The comment that I appreciate the most was the following:
Indeed, this is exactly my goal in writing these articles. In this case, I’m not recommending a way to make money, I’m just recommending a cautionary approach to quite possibly save money, by avoiding losses.
I will add that even if “my premise pans out poorly”, you won’t lose any money by following my advice. You may simply miss out on a chance to make money. But this happens every time any penny stock anywhere in the world goes up 400% or something. If you didn’t buy that particular penny stock, you missed out. It is the same with cryptocurrencies, even bitcoin (BTC-USD) (COIN) (OTCQX:GBTC). An investor is not obligated to participate in every market, no matter how popular it is or how much media attention it gets.
Many bitcoin bulls responded to my article with various arguments and criticisms. I appreciate the debate and discussion with them as well. In this article, I would like to address several of their critiques of my argument that I consider the most important and significant:
Original story: https://seekingalpha.com/article/4206871-response-bitcoin-bull-critiques-1000-bitcoin-bear-case
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