The theory of the greater fool

The sudden rise of the BTC price dominated the discussion landscape in cryptospace this week. Where they see one clear indication of a bear market, others urge caution. The BTC-ECHO opinion echo in week 28.

The beginning of this week’s review of opinion is marked by Howard Marks, an outright crypto opponent.

The billionaire investor predicts a gloomy future for Bitcoin loophole:

„In the long run, it will become apparent that he has no substance.“ orakelte he on the US American television channel CNBC (spoiler warning: the channel will occur even more frequently today). People didn’t buy Bitcoin because of „some intrinsic advantage,“ Marks continued. The only reason for buying Bitcoin loophole is to hope to sell it at a profit. Marks also has a name for this behaviour:

„When I was a kid, we used to call it ‚the theory of the greater fool‘.“

So Howard Marks seems to have been dealing with investment issues early on.

Crypto investor Barry Silbert naturally saw the rise in prices differently:

„If the Fed Chairman says negative things about Bitcoin and Howard Marks says negative things about Bitcoin and Ken Griffin says negative things about Bitcoin and Bitcoin doesn’t move, I think it’s a bullish sign“, said the founder of the Digital Currency Group yesterday on CNBC.

McAfee: Not impressed… yet
John McAfee was somewhat more cautious – in fact – about the rise in the BTC share price. The enfant terrible of the crypto scene on Twitter was not impressed by this. McAfee demanded ten such price rises until one could speak of a bull market. But this was inevitably on the rise.

Bitcoin – $1,000 increase in one week. Is this the bull market? I have no clue. 10 such increases in succession and I will consider it Bull. In the meantime, know this: The Bull Market IS coming. And when it does, it will make the eruption of Krakatoa seem like a Meerkat’s burp.

Arthur Hayes, on the other hand, does not trust the roast until the US$5,000 mark has been tested again. In the meantime, the BitMEX CEO believes that price rises to just above the US$ 10,000 mark are possible.

„We were already once at this point, when the rate rose from 5,800 US dollars to the high 9,000 Us dollar region, but did not quite break the 10,000 mark. I think something similar will happen again this time. I’d like to see the $5,000 mark tested. Then we can see whether a bottom has really formed there,

Hayes said on CNBC’s Fast Money

Jeremy Allaire also looked to the future this week and he saw – Ethereum. The creation of the boy wonder Vitalik Buterin could ensure that one day blockchain and crypto currencies „will be as widespread as the Internet is today,“ Allaire told CNBC. His optimism is also due to his job: Allaire himself runs Circle, a company that makes use of blockchain technology and offers payment services for owners of crypto currencies.

What the glass ball shows also depends on the room in which it is placed.