Bitcoin and Recent BTC Price Emergence Is Not An April Fool Joke as Mainstream Media Claims
Mainstream media has generally attacked Bitcoin (BTC) and virtual currencies. If it grows, ‘Bitcoin is a bubble,’ if it falls, ‘Bitcoin is dead,’ if it remains stable, ‘there is no interest from investors.’ In a recent article released by NewsBTC, they decided to answer another piece posted by The Motley Fool titled ‘Is Bitcoin just a big April Fool joke?’
Bitcoin Is Not A Joke
The author of The Motley Fool’s article, Alan Oscroft, questioned why Bitcoin spiked on April 2nd. Bitcoin surged on that day from $4,100 to $4,800 and the following days it was able to be traded above $5,000. Now, $5,000 seems to be support for the most popular digital asset, even when there are analysts that expect a small retracement.
Oscroft asks in his article why would the price of Bitcoin suddenly jump on April 2. Mr. Oscroft claims that investors in the crypto space have a moth-like nature to get burned with an asset that he says it has
“no intrinsic value.”
If Bitcoin, virtual currencies and their underlying technology would be worthless, there wouldn’t be mainstream financial companies such as the Intercontinental Exchange, VanEck, Nasdaq and Fidelity trying to enter the market with different products and services.
Clearly, the market has several traders that speculate with Bitcoin’s price, but there are also investors that place their funds in startups that are developing solutions in many different industries. Trades are also sure that the technology behind this digital asset is revolutionary and it is expected to change different economic sectors, or at least make them more efficient.
The author of the NewsBTC article says that both investors with large sums of money (+$1,000,000) or just a few dollars ($100) can participate in this network and market. The interesting thing is that they do not need to ask for permission.
Users accept wild fluctuations in the market, even when it falls 20% in just a few hours or days. Even if Bitcoin falls more than 80% as it happened in 2018, users know that the network remains there and it keeps running without issues.
In general, those that cannot understand Bitcoin tend to attack it at all times, even when it performs well. There is always a good excuse to attack the most popular digital asset. Currently, it is being traded positively, increasing 2.3% in the last 24 hours. Each BTC can be purchased for $5,266 and it has a market cap of over $92.87 billion.