Why there is no end to bitcoin mania among investors despite the bubble being about to burst
Mr. Dhirendra Kumar, a CEO at Value Research wrote an article describing the craziness towards Bitcoin.
He wrote this article few months before, at that time when Bitcoin priced nearly at $10,000 and was still going higher and the love or the craze towards Bitcoin was almost at its peak point. He mentioned that this will surely come to an end as it was dicey or you can say it was an unpredictable bubble. The whole method associated with buying Bitcoin was very unstable. People are not having the information about its past history or anything, but they are moving money to accounts only to gain huge returns from the numbers that are shown on their computer or mobile screens.
He further mentioned that many a times he spoke openly on many things and subjects but never got such a huge criticism and also disrespect as he got when he called Bitcoin a mere boil or bubble. This has shocked him the most. He said that even he is trying to know about this sensation. Many Bitcoin investors still have faith in it and it is like a religion to them and many are even now are investing money in it.
Mr. Dhirandra Kumar added that many people are investing with an aim of becoming rich very fast and that too without investing in any type of orthodox policies. Many people like this as they feel free from relying on intermediates such as brokers and agents or any such experts. They can acquire knowledge by reading the articles based on them as they feel they are aware of the technology and also like it.
Many Bitcoin investors believe it to be worthy as they think that bitcoin currency is quite different from fiat currency as very restricted number of bitcoins can be produced, so it cannot be losing its value or be cheapened. They feel that it will rise as time passes. The real estate dealers are of the same argument that even the land cannot be produced. The only reason the bitcoin lovers can give for the present downfall is the plot that has been created and continuously discussed. One and all around the globe, from the Chinese government to Goldman Sachs, has now joined hands to put an end to bitcoin because if they don’t finish bitcoin, then it will surely finish them.
The investors are not able to see the problems related to bitcoin which are at each and every level. The writer discloses that not a single person is learning about bitcoin, what they do is simply to download the software, then to make their key and their wallet and this way they plunge into bitcoin. As an alternative step, a new multilevel marketing network has started before two years at the very initial stage. Every person who is investing is given the idea by some other investor, who has presented them to a broker or an agent as such. Nowadays, some tokens are given to those who are selling bitcoin. Cases of investors who are in the real sense getting the profits of a sale in the bank accounts with the real money are like not actually surviving after the decline have started quite seriously we can say. All the conversations related to ‘bitcoin monetary policy’ are only a ground that has been used to market such honest policies.
There is a feeling that at the higher level, the situation might be the same among the bitcoin exchanges all over the world. The recent news stories about Bitfinex, which is considered to be the leading exchange in the world, has aroused many fears as to what is actually going on in the business. You can search for these stories in Google.
So to say a doubt arises about the future of bitcoin. It is very clear that now bitcoin cannot be used as a currency. You cannot use a currency that increases so fast, to pay your bills. In 2010, Laszlo Hanyecz, bought 2 pizzas and paid 10,000 bitcoins, no one wants to be like him. Same way, no one would like to sell anything in a currency decreasing so fast. In both the cases bitcoin cannot be used as a medium for assumptions or speculation. So to conclude bitcoin’s future has been ruined.