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Bitcoin price depends on an illusion

Bitcoin price depends on an illusion

With the cryptocurrency officially entering a period of fear and uncertainty after a recent crash that tested new levels of support, former “enemies” attacked the cryptocurrency again, saying Bitcoin had no real value. This Friday (the 21st) largest bank in Germany German bank, He declared that the value of Bitcoin is determined by an “illusion.”

In a statement released Thursday (20), Germany’s oldest bank was in the mood to criticize Bitcoin, now with a highly provocative study titled “Bitcoin: Trendy is the last stage before Tacky”, which in free translation means: “Bitcoin: the trend is the last step before the tacky.” In the document, the bank compares Bitcoin with the movements of the fashion world.

“What applies to glamor and elegance can also be true for Bitcoin. Just as ‘fake fashion’ can suddenly happen, we have evidence that cryptocurrencies can also become a thing of the past.”

According to Labouré’s estimation, something has “happened” in the cryptocurrency market in the past three months that has led to the current downturn.

“All it took for cryptocurrencies to go out of style was a tweet and a statement from the Chinese government.

For Labouré, Bitcoin only has a “use case” for changes in its value and that is the only reason Bitcoin has attempted to evolve in the asset class or if that would render the cryptocurrency obsolete.

“The price of Bitcoin depends entirely on illusions. The price of Bitcoin will continue to rise and fall depending on what people think the coin is worth. It’s the Tinker Bell effect, because faith is essential.”

Bitcoin continues to be “the world”

In the past few weeks, it appeared that “the whole world” was against Bitcoin, With China intend to ban mining And the adoption of stricter policies against the cryptocurrency market.

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Furthermore it, Elon Musk also came to prominence after he attacked the coin on Twitter.

Until Scott Minerd Who was talking good about Bitcoin a few weeks ago, turned the tide as well.

As in 2017, Bitcoin appears to be heading towards its end, but it has happened before, many other times. In fact, the Bitcoin has already been announced dead more than 414 times.