Bitcoin (BTC) Inevitable Cool off, Billionaire Dismissive

Dalmas Ngetich

Last Updated: June 11, 2024 9:14 pm

2 mins read

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

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Bitcoin (BTC) retests significant resistance
Warren Buffet bashes Bitcoin for the second time

After describing Bitcoin as Rat Poison Squared, Warren Buffet now says the asset is a gambling device. Even so, Bitcoin is retesting Q2 2018 lows and immediate resistance at $6,000, adding 6.3 percent in the last week.

Bitcoin Price Analysis

Fundamentals

The Oracle of Omaha is back. Warren Buffet may be one of the wealthiest people in the world but he, like most billionaires including Bill Clinton, is dismissive of Bitcoin. Although Bitcoin is one of the million applications that can operate from Blockchain, Warren says Bitcoin is a “gambling device” that “hasn’t produced anything” and laden with controversies. While talking to CNBC, here is what the admired multi-billionaire said:

“It’s a gambling device… there have been many frauds connected with it. There have been disappearances, so there’s a lot lost on it. Bitcoin hasn’t produced anything. It doesn’t do anything. It just sits there. It’s like a seashell or something, and that is not an investment to me.”

Bizarrely, he compares Bitcoin with buttons adding that “Bitcoin sits there” and he’ll

“I’ll tear it here. What I’ll have here is a little token…I’ll offer it to you for $1000, and I’ll see if I can get the price up to $2000 by the end of the day… However, the button has one use, and its minimal use.”

Even so, Bitcoin is a proven conduit that has made international fund transfer cheap and near instantaneous. The world’s liquid asset is also evolving into a store of value, a trusted asset that is global with no FX charges.

Candlestick Arrangement

At spot rates, Bitcoin is a top performer adding 6.3 percent in the top 10 and only trailing Cosmos in the top-15. Despite what Warren thinks of Bitcoin (BTC), the asset is a utility, and increasing support from governments means the resulting demand would push prices to a new high above $6,000 towards $8,500.

It’s easy to see why—candlestick arrangement thus far support bulls as prices trend above a multi-month resistance trend line visible in the weekly chart. Although we need BTC bulls to conclusively drive prices above $6,000 invalidating bears of Q4 2018, BTC is under immense bear pressure.

From a top-down approach, Nov 2018 bears anchor our trade plan with effort versus result analysis pointing to bears. Therefore, for traders who miss today’s leg, they can as well stay on the sidelines until prices edge past $6,000.

Technical Indicators

For a clearer picture, Nov 2018 bear bar anchors our trade plan. Bulls have a chance, but for trend continuation and confirmation of April surges, BTC must close above $6,000 with high volumes exceeding 954k.

Chart courtesy of Trading View

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.