Mr. Whale: Bitcoin is more likely to crumble to dust than hit $ 100,000
Bitcoin bear Mr. Whale made a sensational statement on October 2 that Bitcoin would rather go to zero than hit the $ 100,000 mark. But he emphasized:
“I’m not predicting that Bitcoin will go to zero – at least mathematically, but simply a personal opinion.”
Message from Mr Whale is specifically aimed at crypto influencers and bitcoin maximalists who forecast it will hit $ 100,000 by the end of the year. At the time of publication, Bitcoin was doing a sprint for $ 51,000.
One pattern in contrast to Mr. Whale is Plan B’s stock-to-flow (S2F) model, which suggests that Bitcoin could reach $ 1 million by 2025. Whale believes this is impractical.
Bitcoin’s S2F model | Source: PlanB
Mr. Whale, who describes himself as a “bitcoin realist”, is concerned that “90% of crypto twitterers are getting the wrong impression” that bitcoin will hit a high of $ 100,000 or more by the end of the year.
“My tweet just says that we are approaching worthlessness than what Bitcoin maximalists expect in less than three months. It is an illusory prediction that was born out of wishful thinking. “
“The market is in a dangerous phase with no regulation, record levels of fraud, price manipulation and villains rampant. This room needs to be tidied up and a lot of people are afraid to admit it. “
Mr. Whale’s frequent negative thoughts have made him the target of a Twitter attack by Bitcoin maximalists accusing him of being anti-crypto. However, Mr. Whale dismissed the criticism, stating, “I support this industry and its goals and the long-term future is very optimistic.
Bitcoin isn’t the only one
Even so, Mr. Whale remains skeptical that Bitcoin will be the currency of choice.
“First, it’s not scalable. It will forever be capped at around 600,000 transactions per day, which is nothing compared to the billions of transactions that happen around the world every day. Bitcoin fees will always be terribly expensive and transaction speeds incredibly slow. “
Mr. Whale also mentioned Lightning Network, a payment protocol residing on the Bitcoin blockchain that aims to improve transaction speed and solve scalability problems of digital assets.
“The story Maximizers are trying to tell is misleading. Lightning Network is a centralized network that requires a third-party validator. Satoshi (the creator of Bitcoin) said in the whitepaper that if a third party is needed, the whole purpose will be removed. “
When asked if anyone was really taking their bearish predictions seriously, Mr. Whale responded with the familiar refrain:
“I don’t care if people listen or follow me, I just want to share a unique perspective that is not influenced by emotion and greed.”
Mr. Whale claims to be “one of the most honest traders on crypto twitter … and has been giving everyone 100% free predictions for years.” He said he has made accurate predictions of key moments in cryptocurrency on many occasions.
“I predicted the March 2020 crash for months, I had an inkling of the extent of Covid-19 and while a lot of people were depositing Bitcoin, I appealed to my followers. My watch ran out before the price plummeted 65%.”
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According to BeinCrypto