Just a few steps away from the 2017 all-time high price, Bitcoin crashed from the mantle, falling back from over $19,000, the highest it reached in over 2 years, to below $17,000. The majority of the Bitcoiners and maximalists remain optimistic about the trend of Bitcoin towards the north, however, Bitcoin’s antagonists remain firm on their belief that the cryptocurrency asset class is nothing but a bunch of shit.
At the time Bitcoin witnessed a pullback to below $17,000, fund manager Mark Mobius, who is the founder of Mobius Capital Partners LLP, had an interview with Financial News, and there he tongue-lashed the largest cryptocurrency.
He said trying to make a prediction about Bitcoin’s price target is more or less a loser’s game.
“Trying to predict the price of Bitcoin is a loser’s game,” Mobius said, likening the cryptocurrency to a casino operation.
Not the first time, Mobius would be berating Bitcoin. The fund manager had in the past derogated cryptocurrency and blockchain technology at large. Last year, Mobius displayed his stern belief in gold and lack of trust for Bitcoin, stating that only gold-backed cryptocurrency has the chance of succeeding.
He added that blockchain technology lacks the capability of being immutable.
In 2017, the Mobius Capital Partners founder also claimed that Bitcoin is clearly not a currency but a system designed as a medium of exchange.
In his latest speech, during the interview, he described that the market is completely based on speculations and rumors, with no clear or rigid information that can help predict the next move of the cryptocurrency.
However, this is not true for many Bitcoin traders and followers who are not new to the market. Why Bitcoin resumed the tremendous rally, traders were optimistic about Bitcoin reaching a new high, nevertheless, they expected pullback.
Investors describe scenarios like this as an entry point for those who want to buy Bitcoin again. They believe that retracement is necessary and healthy for the cryptocurrency in attaining the pinnacle.
The inconsistent back and forth movement of Bitcoin and other cryptocurrencies is rather described by its lovers as volatility.
Bitcoin Continues to Get Wide Acceptance
Despite the derogatary statement from naysayers, Bitcoin continues to display its potency around the world especially as thousands of companies and shops gradually accept the digital currency as a payment option, and the year 2020 seems like the most important for Bitcoin.
Recently, one of the world’s most successful hedge fund managers and investors, Druckermiller, revealed he now owns Bitcoin, giving the cryptocurrency his support. This comes on the heel of news that PayPal will also support Bitcoin.
Also, the popular founder of Twitter, Jack Dorsey, continues to show love for Bitcoin as his company Square, makes use of Bitcoin.
