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Bitcoin [BTC] to stay in the bear’s refuge for another 18 months, says BitMEX CEO

Priya

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Bitcoin [BTC] to stay in the bears refuge for another 18 months, says BitMEX CEO
Source: Unsplash

Bitcoin [BTC], the biggest cryptocurrency in the market, has been seeing a constant red in the market for the past few months. This has left the investors frustrated as it usually sprinkles green in the market every now and then. However, the CEO of BitMEX, Arthur Hayes seems to have given up hope on the bull regaining its position in the market anytime soon.

Arthur Hayes, who was optimistic that Bitcoin would reach $50,000 at the end of 2018, has predicted that the market will remain in the bear’s refuge for 18 more months. The CEO told Yahoo Finance:

“My view is the volatility environment that exists right now could persist for another 12 to 18 months, the flatness.”

He further added that this prediction is based on his previous experience. He said:

“I started in Bitcoin in 2013 when the price went from $250 to $1,300 and then 2014 to 2015 was sort of the nuclear bear market. Price crashed, volume crashed – very, very difficult to make money.”

Hayes also spoke about the current low-volume of the cryptocurrency market. He said that despite this, BitMEX, the biggest Bitcoin derivates platform in the world, continues to see $1 billion daily trades on contract. Hayes added that the company is “well positioned” to face the low volatility of the market.

He spoke about the current layoffs in exchanges and OTC platforms. He said:

“There are some reports of other OTC dealers and exchange letting go of employees because obviously volumes have fallen and they hired aggressively.”

The CEO further said that their expansion plans continue to remain the same and that they have the resources to hire people in various departments for the organization.

Mati Greenspan, an analyst at eToro, and Will Warren, co-founder of 0x, a decentralized cryptocurrency exchange, also opined about Bitcoin’s price, in an interview with Yahoo Finance.



Mati Greenspan said that the bull is going to hit the market soon as the awareness of Bitcoin and other cryptocurrencies has “skyrocketed”.

Will Warren said:

“Having followed this space since 2011, we’ve seen a number of different cycles were a large number of people start to get interested in the technology and it kind of winds up and then winds down again. The market is blowing off some steam right now. I think the market is probably going through some healthy consolidation but I do believe the long-term trend will be greater adoption of Bitcoin and similar technologies.”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Bitcoin

Bitcoin [BTC]: 60 Minutes segment airs on CBS; market relieved over no FUD content

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Bitcoin [BTC]: 60 Minutes segment airs on CBS; market relieved over no FUD content
Source: Unsplash

Bitcoin [BTC], the largest cryptocurrency in the world has gained a lot of mainstream media attention over the years. However, most media houses have often failed to deliver the message to the masses, with the main reason being lack of research and knowledge of the subject. The cryptocurrency was thrown back into the spotlight after CBS released a teaser to their latest “60 Minutes” episode, unveiling a few influencers of the industry, speaking about their experience.

The episode, which released on 19 May 2019, immediately grabbed the attention of the cryptocurrency space, with a majority wondering whether the media channel would nail it or fail it. Interestingly, there was a poll conducted on Bitcoin Talk, where the question was ‘CBS 60 Minutes 5/19/19 on Bitcoin. Will it cause FOMO or FUD?’

Source: Bitcoin Talk

Source: Bitcoin Talk

60 Minutes, broadcast on the CBS Network is one of the oldest and most-watched American television programs, with the focus being “the real story on America’s most prevalent issues”. According to CBS, 60 Minutes has an average of 11.4 million viewers and about a million people who listen to its radio broadcast and podcast.

The show titled ‘Bitcoin’s Wild Ride’ aired hours ago, and covered the story of Charlie Shrem, the founder of BitInstant, Laszlo Hanyecz, the famous pizza guy who is recognized as the first person to make a real-world transaction with Bitcoin, and Marco Streng, the CEO of Genesis Mining. The segment also had Neha Narula, the Director of Digital Currency Initiative at MIT Media Lab, answering questions pertaining to the coin, and Lael Brainard, a member of the US Federal Reserve, speaking about why not Bitcoin.

The show was briefly explained by a Redditor, EternitySphere,

Source: Reddit

Source: Reddit

Unlike other mainstream Bitcoin segments, this segment was well-received by the Bitcoin community after a majority agreed that it did not spread FUD and that it was an unbiased episode, contrary to expectations. However, there were few concerns pertaining to a lack of content, with some believing that it failed to explain key information; which includes how it derives it value, albeit there was no FUD.



Franky1 commented on Bitcoin Talk,

“[…] next was the whole describing mining segment involving genesis mining.(facepalm) ASIC’s do not store records(asics have no hard drive).. so saying the mining done by genesis is the location where records are kept can be misguiding people to think genesis mining are ‘the bank’ and user software just ‘watches the numbers and letters'[…]”

Source: Reddit

Source: Reddit

Rdbase also remarked on the Bitcoin forum,

“The whole segment was about charlie shrem known as bitcoin moses and his fall into bad luck with taking a payment which was used to buy illegal things on the dark web. It did have some good points but overall it was just directed towards the public view about it. As a skeptical thing to use and banks were safer with its fiat financial system”





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