Crypto Luminaries Bet Big on Bitcoin’s Upcoming Bull Run, but It’s Too Early to Tell

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Mon, 03/18/2019 - 19:03
Alex Dovbnya
The biggest names in crypto are super bullish on Bitcoin, but the flagship cryptocurrency has to overcome one more challenge
Crypto Luminaries Bet Big on Bitcoin’s Upcoming Bull Run, but It’s Too Early to Tell
Cover image via U.Today
Contents

As Bitcoin (BTC) is clinging on to its $4,000 price tag, major crypto figures are betting big on a potential bull run. However, it doesn’t necessarily mean that cryptocurrency investors should get too carried away by the recent price uptick.  

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Big-name crypto bulls

As reported by U.Today, the Winklevoss brothers recently mentioned that crypto could eventually become bigger than Facebook (ironically, the social media giant is on the verge of launching its own stablecoin). They also claimed that Bitcoin, which is often called ‘digital gold’, is a better store of value than gold. The same opinion was expressed by Block.One founder Brendan Blumer, who believes that Bitcoin will ultimately replace gold by 2040.

On top of all that, Twitter CEO Jack Dorsey recently revealed that he buys $10,000 worth of BTC every week, using the dollar-cost averaging (DCA) investment strategy.

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Hold your horses

While crypto bulls are becoming even keener on Bitcoin, eToro’s Simon Peters claims that investors shouldn’t be ‘carried away’ by the fact that Bitcoin finally crossed the $4,000 mark. According to Peters, it is crucially important to see what happens next. Bitcoin has to break above $4,200 (something it has so far failed to achieve this year) for us to speculate about a possible bullish reversal.

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Businesses are struggling

The prolonging crypto rout forced many crypto businesses out of the market. According to a recent WSJ interview, even Ledger SAS, the biggest producer of hardware wallets, is struggling. Eric Larchevêque, the CEO of the Paris-based startup, reveals that they have to resort to austere management to make sure that they will still be in business for ‘18 months more’.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.