BITCOIN PRICE UPDATE | $3000 Rs200000 | crypto news india | rbi ban
This video is a discussion about the price prediction of Bitcoin. It comments and dives deep into the predictions done by the technical analysts. This video talks about the various forces that may affect the prices of Bitcoin in the near future and why should one not blindly rely on the predictions by the technical analysts. For details refer to the description section below.
Mentor Gaurav Bansal, talks about the prices of Bitcoin derived from the facts based on his book “BITCOIN BASICS”
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“BITCOIN BASICS: LOGIC AND MGIC OF DIGITAL GOLD”
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This video talks totally disregards the opinion of Technical Analysis used for Bitcoin price prediction. The major reason being that Bitcoin or Cryptocurrency are not a legal tender and hence are subjected to Government rules and regulations. Technical analysis has been useful in price prediction of shares of the established companies with an established book value and legally functional under the law of the land.
Before we draw any conclusion on Bitcoin, it is essential to understand its utility. Is it money, a payment system, an asset, a commodity or a tradable token?
Forces That Shall Pull Up BTC
• The Libertarian dream associated with Bitcoin will make it powerful in the market.
• Legal acceptance by many nations
Forces That Will Pull Down BTC
• Increased regulations and crackdowns by nodal agencies or governments. As the price of Bitcoin rises, it becomes more of a threat to government bodies. This struggle will shape out more in the near future and can make Bitcoin and other cryptocurrencies dip.
• High unpredictability in Bitcoin price.
• High transaction fee, long transaction time, high usage of input resources (electricity and hardware) to mine and decreasing incentives to miners
• The technological barrier can never be infinite. Many cryptocurrencies shall emerge in time. Availability of alternative cryptocurrency viz LITECOIN, MONERO, OMISEGO, DASH, etc. contributes to this fact.
• The growth rate of many other cryptocurrencies has been much higher than that of BTC. Awareness of the same will draw the masses to these cryptocurrencies.
• Being a non-regulated instrument, the lack of trust and transparency may even crash the market. For instance, take the case of cryptocurrency TETHER (USDT). Claimed to be backed by one US Dollar as reserve for each token issued, it has sparked doubts in the community about the authenticity of its Dollar Reserves.
• Mindless investments done by immature investors, speculations by large players and strategies like Pump &Dump will corrupt the market.
• Hacks, Ponzi schemes and fly-by-night exchanges or operators will put a strong dent in its goodwill.
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All Cryptocurrency (also referred as Virtual Currency or Digital Asset) recommendations and comments are the personal opinion of Mr. Gaurav Bansal.
Investors should be cautious about any and all Cryptocurrency recommendations. Various factors, including personal ownership, may influence or factor into analysis or opinion.
All investors are advised to conduct their own independent research into individual Cryptocurrency before making a purchase decision.
The content in this video is provided for information purpose only, without any representations, warranties or conditions of any kind. . Mr. Gaurav Bansal or Bitcoin Basics Club is not responsible for and do not guarantee the accuracy or completeness of the contents of this video or of any linked site or any link contained in the linked site.