Xinxi Wang, a cofounder at Litecoin Foundation, has highlighted the possible reasons Bitcoin is enjoying a big boost in the market around the world.
Wang believes that there are some special reasons Bitcoin has a big bubble. He claimed that the way people perceived the largest cryptocurrency is a major reason behind its growth in the market.
Also the CEO of Coinut, Wang said people dream big about what Bitcoin will become.
Listing the reasons, the cofounder of Litecoin Foundation said people hope that Bitcoin would “make them rich”.
He said people aspire for a big-time ahead of Bitcoin, a time Bitcoin will demean the US Dollar. He added that people dream that with the decentralized nature of the cryptocurrency, it has the power to bring them freedom and as well kill the banks and central banks.
Lastly, Xinxi Wang said one of the reasons Bitcoin has a big bubble is that people dream that it will one day reach levels that “kill debt and debt crisis.”
Why does Bitcoin have a big bubble?
because people are dreaming that it can bring the followings.
– make them rich
– kill dollars
– kill the banks and central banks
– kill debt and debt crisis
– bring them freedom
– bring in a better society
What's the most expensive? Dream
— Xinxi Wang (王新喜) (@TheRealXinxi) May 17, 2020
Previously, Wang played down on the name cryptocurrency given to Bitcoin. He claimed that the name is wrong and does not befit the leading digital currency. Wang said Bitcoin is not a currency, thus the name cryptocurrency given to Bitcoin is misleading. Wang averred that rather, Bitcoin should be called digital gold.
Bitcoin Intraday Price Analysis
Since the last Bitcoin has been swinging around the $9K price level, taking $8,600 has its major support. However, $10,000 remains a barrier for the cryptocurrency, and many analysts have suggested that if Bitcoin can cross the $10,500 level, we can expect a more bullish rally for the cryptocurrency.
At press time, a unit of Bitcoin is priced $9,500 after losing about 2% of its value against the US Dollar in the last 24 hours.
In the early hours of the last 24 hours, Bitcoin spiked, testing the $9,700. This marks the fifth time it would be testing that area of beyond. As Bitcoin continues to move up and down the chart, the fractal of the largest cryptocurrency signals a consolidation for a stronger upward rally may be in place at the moment.