Are you confused about whether Bitcoin is digital gold or a tech stock? Ki Young Ju, the CEO of CryptoQuant, has finally settled the debate using an argument from the legendary Satoshi Nakamoto himself.
Satoshi’s view of Bitcoin per Ju
Ki Young Ju took to Twitter to address the ongoing debate among investors about the true nature of Bitcoin. According to the CryptoQuant founder, the Bitcoin community is divided into two camps – one group sees BTC as a tech stock, while the other believes it is digital gold.
While both groups hold onto their Bitcoin, those who view it as a tech stock tend to panic sell during market turmoil and shift to physical gold. Ki Young Ju dismissed this behavior, stating that “We don’t need them.” He reminded the community of Satoshi Nakamoto’s original intent for Bitcoin: “BTC should rise in tough times.”
Bitcoin might plunge to $51,000: Analyst
Cryptocurrency analyst Ali Martinez has shared a chart showing that Bitcoin is currently forming a Rising Wedge pattern, which typically leads to a decline in price. Despite the possibility of BTC climbing to $56,000 or $57,000 from its current level of $55,172, Martinez warns of a potential breakdown towards $51,000.
Despite institutional investment in Bitcoin reaching an all-time high, market sentiment remains in the zone of “extreme fear,” as noted by Martinez. Bitcoin recently experienced an 18% plunge from $60,000 to below $50,000, but has since recovered about 11% and is now trading at $55,253.
Analysis:
It is crucial for investors to understand the true nature of Bitcoin and its role in the financial markets. Whether you see it as digital gold or a tech stock can greatly influence your investment decisions during market volatility. Remember, Bitcoin was designed to thrive in tough times according to Satoshi Nakamoto’s vision, so stay informed and make wise choices to protect your finances.