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Bitcoin early adopters losing faith in BTC? Suggests analysis by Chime

Laira Rebecca

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Bitcoin early adopters losing faith in BTC? Suggests analysis by Chime
Source: Public Domain Pictures

According to the latest report by Fortune, Bitcoin [BTC] has seen huge withdrawals than deposits in the month of April on Coinbase, the largest cryptocurrency exchange platform based in the U.S. The report is based on the recent analysis conducted on 500,000 users of Coinbase by Chime, a bank based in San Fransico.

Bitcoin [BTC] has seen a huge downfall since its December hike and the current market situation suggests that the Bitcoin community is slowly giving up.

Bitcoin, the cryptocurrency which led to the emergence of all the other digital assets in the market has been witnessing a huge downfall ever since it hit $20000 in the month of December. Ever since its fall, Bitcoin investors started to withdraw more than invest. The coin has seen a dip of more than 70% in the past 6 months.

The analysis conducted by Chime, states that the investors withdrew $1.37 for each dollar deposited on the platform in the month of April and $1.10 for each dollar deposited in the month of May. The analysis also suggests that some of the early adopters of Bitcoin have sold around $15 billion worth BTC, in the first four months of this year.

Chris Britt, the CEO of Chime says:

“Its human nature that investors often buy at the highest prices and sell at the lowest prices. While we can’t predict the value of Bitcoin in the future, I suspect we may look back at the current price a few years from now and see that these lower prices were a great time to buy.”

Meesterwes, a Redditor says:

“Bitcoin needs users not investors”

Disconnect04, another Redditor says:

“This is an absolutely incredible statistic . . . this thing has gone down 70% from the peak in December, and that’s the first month they’ve seen outgoing exceed incoming cash! The amount of bagholders generated in the last six months must be staggering. When this market capitulates the crash is going to be insane”

HopeFox, says:



“I’m surprised Coinbase didn’t have “technical problems” when so many people tried to withdraw.”

Crypto_To_The_Core, says:

“OK, this time, surely, finally …. This is GOOD for Bitcoin.”

According to CoinMarketCap, at press time, Bitcoin [BTC] was trading at $6396 with a market cap of $109 billion and has seen a rise of more than 8% in the past 24 hours with a dominance of 42.6% in the market.





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Laira is a full-time writer at AMBCrypto. She is a Computer Science graduate and she has about 1-year experience in writing. Her enthusiasm and keen interest in developing her knowledge about blockchain and cryptocurrency led her to be a part of AMBCrypto. She currently does not hold any value in cryptocurrency or its projects.

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    Brad

    July 1, 2018 at 12:16 AM

    Im with HopeFox: The first thing I thought on reading that Coinbase had lost customers was that experienced customers had gone to another exchange; not that they had left crypto. I dumped Coinbase because seemingly every time the price rose or fell in the customer’s favour, Coinbase seemingly had “technical issues” which prevented trading, as HopeFox suggested. This happened all the time on Coinbase, but I’ve not had it happen elsewhere.

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Bitcoin

Bitcoin [BTC] is still going to $100,000, claims Heisenberg Capital’s Max Keiser

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'Bitcoin is still going to $100,000', says Max Keiser
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CNBC’s Crypto Trader Ran NeuNer, spoke to Max Keiser, Co-founder of Heisenberg Capital on the sidelines of the Magical Crypto Conference and discussed Bitcoin’s current trends.

Keiser said that he was bullish on Bitcoin in the long term, adding that he would be sticking by his “$100,000” prediction for Bitcoin. He stated,

“I never stopped make price prediction… I said it [Bitcoin] was going to a hundred thousand dollars and it was only a dollar and I said that all publicly… it is still going to a hundred thousand dollars”

He added that the timing of when Bitcoin would reach the mark was not important, but that it would outperform every other asset over the next 15 years. Additionally, he said that timing was only for people who were waiting to buy crypto at a better price and “that is a bad way to approach crypto.”

Keiser displayed his enthusiasm for crypto, commenting that, “Stack Satoshis… Stack SATs… you should be stacking SATs.” Giving his opinion on Bitcoin’s recent rally, Keiser said,



“I think that it goes back to when Federal Reserve issued a statement saying that they’re moving the policy to permanent quantitative easing… which means money printing without end. As you know Bitcoin is hard money, like gold, and it is going to respond well to hyperinflation and hyper-money printing.”

Further, Keiser claimed that Bitcoin bottomed when the Federal Reserve announced this a few weeks ago and that this was due to a couple of reasons. The first being Bitcoin’s upcoming halving which highlights the scarcity of Bitcoin. According to Keiser, the second reason was that the sellers were exhausted. All the above reasons, in totality, contributed to Bitcoin’s price rise, claimed Keiser.

Since Bitcoin has already proven itself as a store of value, Keiser remarked that it would be best to concentrate on Lightning Network, a layer-two scalability solution for Bitcoin and improve it as a medium of exchange.





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