Bitcoin And Crypto Are A “Shelter Against Monetary Insanity”
Bitcoin remains resilient amidst the latest events
Crypto insiders have noticed the fact that BTC remains resilient in the light of the latest events that were definitely carrying bearish implications – Trump’s latest diagnosis and so on.
The online publication the Daily Hodl noted that in a recent tweet, Dovey Wan, the founding partner of blockchain-focused investment firm Primitive Ventures, was addressing the relative stability of BTC amid the negative developments such as the U.S. Commodity Futures Trading Commission (CFTC) going after the Seychelles-based crypto derivatives exchange BitMEX, for instance.
and all these add up together didn’t tank Bitcoin for even 10%
in the past, it could be easily a 25% dump minimum https://t.co/zxVcYpJoYJ
— Dovey 以德服人 Wan 🪐🦖 (@DoveyWan) October 1, 2020
A follower said: “Positive inflation drains the energy from your life. Negative interest is an attempt to stop the flow of time. Channel your energy into #Bitcoin and move forward toward the future you deserve.”
Someone else posted this: “#Bitcoin is still only owned by a small fraction of the early adopter crowd. The early majority, late majority, and laggards still haven’t shown up yet. It’s so early.”
Bitcoin is seen as a shelter
Weiss crypto analyst Juan Villaverde also highlighted the crypto’s ability to stay afloat in such bearish conditions.
He talks about the Weiss 50 Crypto Index, a broad measurement of the crypto industry’s performance, and says that this has managed to quickly recover after a brief sell-off.
“There is that quick reversal at the far right of the chart. This marks the initial reaction to the CFTC’s announcement of a ‘civil enforcement action’ against BitMEX for operating an unregistered crypto derivatives trading platform and violations of other regulations,” he said.
He concluded by saying that “Crypto is a shelter – perhaps the only viable one – against the monetary insanity that’s taken over the world’s most developed economies.”
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.