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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

CNBC Tech Correspondent: Bitcoin’s Survival Hinges on People Believing in It

Tony "The Bull" Severino
Tony "The Bull" Severino
6 years ago
3 mins read
Bitcoin

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While speaking on a recent panel, Elizabeth Schulze, CNBC technology correspondent, explained how Bitcoin’s long-term survival as an asset and currency depends upon people believing in it.

Bitcoin’s Long-Term Survival Will Be Determined By Its Users

The current price action witnessed with Bitcoin, is enough to shake even the strongest investor’s hands.

The continued price decline and the recent break of important support that took the cryptocurrency to new lows has created unparalleled fear, uncertainty, and doubt (FUD) in investors everywhere, who are now left questioning the long-term validity of their investment.

That long-term validity, Bitcoin’s very survival, will be determined by its users, according to Schulze.

“Bitcoin’s success ultimately hinges on its customers – its buyers believing in it. It’s not something backed. There’s no authority that is going to come in and say ‘we’re going to buy Bitcoin if nobody else does’ so there really is a belief in this system,” Schulze said in a CNBC segment.

Bitcoin and cryptocurrency is a speculator’s game. At the moment, it’s nearly impossible to assign a realistic value to Bitcoin or any of the thousands of cryptocurrencies in the wild. The value of other asset types are based on a number of tangible factors, such as revenue streams, assets, liabilities, and more.

Related Reading: Apple Co-Founder Hopes Bitcoin Becomes Global Currency

Cryptocurrencies and the blockchain technology they brought into existence are a new emerging technology that’s applications aren’t yet fully understood, making assigning a reasonable value extra challenging.

Given Bitcoin’s potential to replace the entire world’s fiat currency system, its value could be extremely high – potentially hundreds of thousands per BTC given its scarce supply. But it’s hard to say what Bitcoin should be worth based on its current use cases.

This is why Schulze’s comments ring true: Bitcoin will only succeed if enough people believe in the asset and technology changing the future, or at least believing in it as a form of payment, a store of value, or any of the other things Bitcoin is pitched as.

Bitcoin Longevity Faces Challenge as New Money Dries Up

Since valuation is difficult, investors look to trends to tell them when to buy. And after so many retail investors and hedge funds got burned by buying into the last bull run, new money coming in has all but dried up, which can in part explain the continued price decline.

“It currently looks like there’s enough early investors still out there, you know, it hasn’t gone to zero. But not a lot of retail investors, not a lot of hedge funds, [or] overall investors [are] getting in,” Schulze explained in closing.

Bitcoin is currently trading at around $3,700, over 40% less than it was just a month ago. The asset billed as “pure digital gold” is down roughly 80% from its all-time high in December 2017, leaving many wondering what will end up happening to the original cryptocurrency that started it all.

Featured image from Shutterstock.
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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