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Bitcoin economist and author of The Bitcoin Standard, Saifedean Ammous, says he believes the economy has never seen an asset rise as far and as fast as Bitcoin.
In a new tweetstorm, Ammous compares Bitcoin to the rise of some of the world’s most famous companies, concluding BTC is a “completely new animal.”
Ammous pinpoints Bitcoin’s mining difficulty adjustment as the key feature that separates Bitcoin from other monetary assets. But despite his optimism, Ammous points out past performance is no guarantee of future results.
“This isn’t to say Bitcoin is guaranteed to rise. It can fail, or demand could disappear for many reasons. It could crash 90% from here and not recover in 20 years. Betting serious money on something so volatile is stupid and dangerous. If you do it, don’t blame me!”
Right now, the crypto market is mostly in the red. Bitcoin is down 0.89% at $3,939. Ethereum is down 1.47% at $133, and XRP is down 0.80% at $0.3027.
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Overall, technical analysts say the bulls may struggle to hold the upper hand in the short term.
Bitcoin
FXStreet – BTC tries to claw back ground above $3,900
Blockonomi – Downtrend has likely started after corrective upswing ended
FX Empire – Breakout unlikely as both bulls and bears lack trigger
Ethereum
NewsBTC – Selling ETH close to $135 good deal
ETHNews – ETH/USD could accelerate losses if it breaks below the $135 support
Cointelegraph – 20-day EMA and RSI point to consolidation
XRP
Blockonomi – XRP following declining path, could extend losses
FXStreet – XRP/USD stable for now; bleak days lie ahead
NewsBTC – XRP bears target $0.2800 post downside break
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