1stMil.com has just recently uploaded a video again in Youtube having the title:
Elon Musk is manipulating Bitcoin Price AGAIN! This is what I think WE should do in #BitcoinCash!
Just a short background, the channel 1stMil.com is a free educational channel to help people learn how to make their first million dollars by practicing the right financial habits.
I find it relevant to talk about it today because we recently had a lesson on bubbles from one of our subjects. By the word bubble, it has the same meaning as bubble gum. When we blow our bubble gum, it will steadily increase. And then, at some point, it will pop, and then it will decrease.
The bubble grew more prominent as the value of cryptocurrencies, especially Bitcoin, from the past months' increases. Then suddenly, it pops and suffers a crash.
It is worth noting that Bitcoin has reached $64,829 in the middle of April this year.
Before that, Elon Musk has put #bitcoin in his bio early this year. Knowing the fact that he is a very popular personality, his influence had really had something to do with when the price of Bitcoin at that time had a significant increase. Well, it is not the first time Musk's tweeting practices have driven to a spike in the value of an asset.
It is undeniable also that many blamed him for his tweet for starting the most punishing selloff of the year for the said cryptocurrency. The said tweet is the one which he tweeted that Tesla would no longer accept bitcoin as payment for its vehicles.
Going back from our lesson in Managerial Economics, when you have the influence, that could create a bubble. And it happened that Elon Musk is one of the biggest influencers of Bitcoin.
From the past months, we have seen how the bubble grows larger. Then suddenly, we have witnessed how the value of cryptocurrencies, especially Bitcoin, surged down. From its value of $64,829 in the middle of April this year, it is only now $39,188.10 or 39.55 percent below its ATH.
From the major selloff in the cryptocurrency markets that has begun several weeks ago, it is somehow recovering little by little. BTC hit as low as $30,001.51. The good thing is that the current price today is 30.62 percent above that $30,001.51 value.
Going back to 1stMil.com's video, he stated that Musk is manipulating Bitcoin Price again.
But the question is, will a bubble be blown larger and will eventually pop again?
Nevertheless, he also said:
The design of the bitcoin network in energy consumption is different than the bitcoin cash network because the transaction per second and in each block in bitcoin is much smaller than bitcoin cash.
"Look out for better whales and listen to them."
Sir Marc, is a great example. His articles here are of great importance too. So if you are not following him yet, do it now. Together, let us save 1 BCH or more because one day, BCH will also fly to a high level that could even make us future millionaires!
Is someone really doing actions as if he could be shielding your coin today and dumping on your coin tomorrow?
Share your thoughts. :)
This is just a simple infographic. From now on, I will always put it at the end of each of my articles so that every time you will read them, you will be motivated and inspired more. Thank you!
These infographics are made by yours truly.
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Special Notes:
All Other Images that are used in this article (without watermark) are Copyright Free Images from Pixabay.
This is an original content
Great article keep it up dear