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- Bitcoin analyst, Jacob Canfield says that most financial elite will spread misinformation that Bitcoin is a scam until they hold the cryptocurrency.
- Further added that the price of Bitcoin will be above the affordable range of the average citizen.
- Canfield’s opinion that Bitcoin will be “priced out” is found invalid by twitter users as it can be bought in up to fractions of an 8th of a single coin.
The top Bitcoin analyst on TradingView, Jacob Canfield says that most financial elite will spread misinformation that Bitcoin is a scam until they have enough holdings in the world’s most popular cryptocurrency. And by the time they do, the price of Bitcoin will be above the affordable range of the average citizen. Canfield says the same thing happened with the stock market in the past, and now it is happening with Bitcoin.
https://twitter.com/JacobCanfield/status/1225950995710119941
Canfield’s opinions for Bitcoin
Canfield’s opinions make more sense as one observes the larger picture where some of the largest names in the financial world have constantly defamed Bitcoin and other cryptocurrencies to be a scam and hold no real value. And in part, this is true, any physical asset does not back Bitcoin, and most people tend to see materialistic things as valuable. The “coin” part of Bitcoin is just a few lines of code; it would make sense why most people who are deep into finances trading more materialistic derivatives like stock and options would see Bitcoin having no real utility.
History to repeat itself?
https://twitter.com/JacobCanfield/status/1225951574792572928
Canfield says again in a comment on this own tweet that the retail sector embraced stocks when the larger funds were flowing into the stock market in 2008 and 2009. Most of those people who bought in low during that time didn’t re-enter the market to trade until the prices surged much higher eventually. In today’s age, the youth no longer enters the stock market due to the high prices of shares in stocks.
Bitcoin won’t be Priced out
No one can be priced out of Bitcoin, it's divisible to 8 decimal places (& potentially beyond that)
As the value goes up, OGs just become more capitalized & able to fund their decentralized cypherpunk dreams
Having BTC doesn't mean control of the network & there is no company
— Jeff Swann (@AgoristView) February 8, 2020
Twitter user “AgoristView” responded to Canfield saying that Bitcoin at least carries the functionality to trade in fractions whereas the stock market requires the trader to buy in full shares. Agorist has a point since Canfield’s opinion that Bitcoin will be “priced out” is invalid as it can be bought in up to fractions of an 8th of a single coin. Cryptocurrencies are the future of finance regardless of the information that is pushed from the financial elite, and the improving technology and innovations will bring forth attention to the crypto-world regardless of whether the larger names in finance like it or not.
