Bitcoin enthusiasts who have been looking at the price charts will have noticed things are heading in the wrong direction. The meeting between Bitcoin miners and Core developers is causing a lot of concern right now, resulting in a Bitcoin price crash. These closed-door meetings are having a similar effect every time they take place, though.
It is not the first time Bitcoin Core developers and major mining pool operators come together for such a meeting. Several of these events have taken place over the past few months, all of which revolve around the upcoming block size increase issue. Interestingly enough, the Bitcoin price drops as soon as these meetings take place every single time.
Bitcoin Price Dips During Closed Door Meeting
Details about this most recent meeting between developers and miners are very hard to come by. No media representatives are allowed to attend these closed-door meetings, and the community will have to wait for an official statement by the attendees. Looming uncertainty has never done the price of any asset any favors, and Bitcoin is no different in that regard.
From what little information we have managed to gather, nearly two dozen Bitcoin Core and Lightning Network developers are present for this meeting. Many people feel the Lightning Network will solve the Bitcoin block size issue, and solve any other scalability issues as well. But the road ahead for this project is still very long, and not everyone may want to wait for another 6-12 months to address this lingering issue.
To compound these concerns, there have been rumors regarding Bitcoin miners switching to an alternative Bitcoin client as of today. Whether or not that will be the case, remains to be seen, for now. This potential switch only adds more fuel to the fire, which is driving the Bitcoin price even further as we speak.
For now, it is anybody’s guess as to what we can expect from this new meeting between “top brass” of the Bitcoin scene. A price drop during such an event is not uncommon, albeit a statement would be much appreciated by everyone at this stage. At the time of writing, one Bitcoin was trading at the value of US$620.54, compared to US$657.5 earlier this morning.
Source: HodlHodl
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