Bitcoin reaches 60 thousand dollars and devastates speculators, in the face of Bill Gates …
Bitcoin hit $ 60,000 and surpassed it twice. In fact, yesterday, after touching the value, the virtual currency withdrew briefly and then returned above this value, really impressed: let's consider that BTC has had a development equal to 10 times its value in a year!
As soon as the 60,000 threshold was exceeded, the transactions exploded, which went on all yesterday.The reasons are simple:
- many had set 60,000 as a limit to buy or see, especially to sell, and this explains the brief withdrawal of the virtual currency, which was then compensated;
- many had sold the cryptocurrency short and therefore, having exceeded 60,000, were forced to hedge their position.
Yesterday there was a massacre of the Short, that is of the short selling of BTC.
Many speculators against BTC have therefore lost their feathers. The movements of virtual currencies are not like those of other assets, they have a very high volatility and are highly unpredictable. Speculations are therefore highly risky, even when you think that $ 50,000 is not a value that reflects that of BTC. In the end, there is always the risk of being proven wrong and costly.
All of this happens despite Bill Gates' condemnation of Bitcoin. The motivation is old and already heard many times: BTC mining uses too many energy resources, according to Gates , and each BTC transaction would cost 300 kg of CO2, calculated by the Dutch central bank.
These are numbers shot a little at random, on a hic et nunc situation that has little to do with the true theoretical cost of transactions. Obviously with BTC at 560k there is a big incentive for miners to push their business to the maximum, but the yield rate, after the last halving, has dropped significantly. By now about 85% of Bitcoins have been mined, soon there will be no interest in mining, if not to earn just from the transaction fees. This will lead to a reduction in energy-intensive activities, with the decommissioning of many dedicated and now highly contested server farms. the problem is that neither Gates nor central banks understand Bitcoin and virtual currencies in general, indeed they are aware that it is a phenomenon that they cannot control.
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The Bitcoin article touches 60 thousand dollars and devastates speculators, in the face of Bill Gates… it comes from ScenariEconomici.it .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/bitcoin-tocca-quota-60-mila-dollari-e-devasta-gli-speculatori-alla-faccia-di-bill-gates/ on Sun, 14 Mar 2021 10:45:41 +0000.