My Youtube subscribers are well aware of the case I have given for what can only be described as a hyped up, Ponzi, marketing scam in the Bitcoin. A better name would be a bite, because , that is what you get. The fact remains that all countries and their governments retain the sovereign right to issue currency and can ban any crypto, independent issuer of crypto, should it seek to compete with a country’s fiat currency. Many buyers of BitC are corporations buying as speculation in hope of future price increases and ultimately hoping on world adoption. In terms of adoption the BitC is no better than any other crypto, many other cryptos are also finite in supply and equally or more secure than the BITC; then some also have extra privacy features that the BitC failed to include.
The real supporters of BitC are those who purchased at the asset at its introduction, preferably before 2017, those celebrities or personalities that are sponsored by exchanges to promote the asset and those who happened to pick up a couple of hundred or thousand of bits for dollars. There are also listed companies on the exchanges that actively but Bitcoin and keep the crypto on its books as an asset. Microstrategy is pne of the biggest corporate buyers of bitcoin. Then the exchange coinbase and the payments company Square and the EV company Tesla also buy and hold bitcoin on its books. If you want to look at a legendary investor, Warren Buffett, he hold zero BitC, has no belief in the asset and his long term partner in business Charlie Munger described it as akin to toilet paper. Hence, a lot of corporations are pedalling the asset BitC, it would be the company’s need to sell that can contribute to a crash.
For those interested in the crypto world there are similar crypto that do exactly the same or were developed to superseded the BitC that trade at a fraction of the exorbitant price of the Bitc. Hence. if you do your research you will find a plethora of other assets in the space.
The Bitcoin Trap and How it can Crash (youtube.com)
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