Bitcoin had a roller coaster ride in 2021 and continuing into 2022.
Bitcoin rose from $5,000 to nearly $68,000 in November 2021. So far it doesn’t seem to be a very stable currency, digital or not. Earlier in 2021 it fell from over $60,000 to under $30,000, then back up to $68.000. This is not the sign of good things.
People have got caught in the popular unquestionable culture, of not to question Bitcoin or Cryptocurrency, nor to ask who or what is behind it. If you have a negative thing to say, you are could be viewed as a charlatan. To this date, Crypto and Bitcoin have never held up their worth, nor has a decent argument been put forward as this or any other crypto being viewed as a new currency! Why is one bitcoin worth now $42,000? No reason. It is fairy dust. Look at the recent rise of Dogecoin. This was a spoof coin and it actually went from zero to near 70 cent’s. Why? What is it? It’s nothing, it is fairy dust.
Donald Trump stated a few years ago “Bitcoin is a scam”. You may say he might not be a good example of someone to rely on. Crypto is used in the main part by criminal networks and has no central governance, which if you like it or not is needed in relation to any functioning society or currency. In August, the IMF warned on countries using cryptocurrencies as legal tender, saying it’s widespread use would threaten “macroeconomic stability” and could harm financial integrity. In May 2021, Elon Musk said that Tesla would no longer be accepting cryptocurrency payments over concerns about the environment. However, this is the same person who is pumping and dumping a worthless crypto called ‘Dogecoin.
In mid 2021, Britian’s financial watchdog blacklists Binance, one of the largest crypto exchanges. Big banks such as HSBC and Santander follow suit. That is major news. Crypto is dead and has no future road to travel, especially as an up and coming ‘so called] currency. Currencies come and go, that is true, but I don’t think bitcoin has the muscle or other alternatives such as gold or silver.
Recently, Carol Alexander, professor of finance at Sussex University, said she expects bitcoin to tank to as low as $10,000 in 2022, virtually wiping out all of its gains in the past year and a half.
“If I were an investor now I would think about coming out of bitcoin soon because its price will probably crash next year,” Alexander said. Her bearish call hinges on the notion that bitcoin “has no fundamental value” and serves as more of a “toy” than an investment.”
My take is Bitcoin is invisible and has no value of any worth, so therefore, I make the prediction, bitcoin will collapse to between $1000 to $5000 in 2022 and will be zero in 2013.
Time will tell, but with hype and lots of paid for articles, stating Bitcoin will reach $100,000, it is a wishful dream. You have been warned.