It Is Important To Pay Attention To The Incentives Of Bitcoin Experts
Peter Tchir, contributor at Forbes, had an important meeting with a recognized crypto and bitcoin investor that has been operating in the market since a very long time. At the same time, he knows a lot about blockchain and distributed ledger technology. So, after this launch with the specialist, he decided to read about the implications of Bitcoin breaking $6,000 or any explanations of the surge back above $6,000.
Instead of having articles on why that happened, or that it was something that was going to occur sooner or later, he found a video where someone was reasserting their call that Bitcoin would hit $50,000 in 2018.
Of course, Mr. Tchir is talking about BitMEX CEO, that of course knows a lot about the environment, but has incentives to have a market thriving at all times. Tchir later spent some time googling the prognosticator to see whether he has ever been bearish about Bitcoin. Of course, he couldn’t find any bearish prediction from him.
It is important to mark that early investors in the space have been registering important profits, even now that the market is strongly falling. And indeed, those users deserve respect for their beliefs and the effort they put in. His conversation with the investor was focused on what it would take for him to be bullish on crypto again – and maybe why not to think about another cryptocurrency as the future instead of BTC?
He is concerned about the rules surrounding announcements and prognostications from CEO’s and pundits in the security markets. He asks if we shouldn’t be doing a better job on the crypto space. If a permabear says that Bitcoin is going to be worth zero in the future, why does he not provide some information about what he was saying when it was $100 dollars some years ago?
Tchir explains about that:
“I’d be happy with that. I tune out the perma bears. Those who say crypto is worthless with some hand waving and no accountability for missing billions of wealth created in the space, or the rise of some truly interesting companies.”
It is also important to make clear when a bull is always bullish and has business interest that tend to be highly correlated with the long term rise in crypto prices.
Moreover, he says that the current rise in crypto prices is an artificial bounce and that it will break $6,000 again next week. He is excited to be working on the challenge of what he needs to become a bitcoin bull again.
‘For the first time in a long time, that seems like a contrarian challenge,’ he said.