bitcoin’s 30,000,000% Price Surge Indicates the Currency Built to Rise Rapidly, Says Economist
Saifedean Ammous, economics professor and author of “The bitcoin Standard,” says the value of bitcoin (BTC) has risen more than any other asset in economic history.
In a new tweet, Ammous compares bitcoin to the emergence of some of the world’s most famous companies, concluding that bitcoin (BTC) is a totally different beast. His tweet reads:
“bitcoin is not only incomparable to bubbles, but its fast rise is also incomparable to the most successful companies and innovators. As far as I can tell, nothing has ever risen as fast and as much as bitcoin has risen.”
According to Ammous, bitcoin mining difficulty adjustment is the main characteristic that makes bitcoin stand out from the crowd. Even so, the economist warns past performance shouldn’t be used to determine future results. Therefore, we must analyze the data thoroughly using technical indicators and time patterns.
“This isn’t to say bitcoin is guaranteed to rise. It can fail, or demand could disappear for many reasons. It could crash 90% from here and not recover in 20 years. Betting serious money on something so volatile is stupid and dangerous. If you do it, don’t blame me!”
Price is facing strong resistance near $3,990
Meanwhile, at the time of writing, bitcoin and most of the top 20 cryptocurrencies are seeing modest losses while a few report modest gains. bitcoin price is trading at $3,892, according to data from Coindesk bitcoin Price Index. The currency is down by 1.63%.
Looking at its weekly chart, the current price is significantly lower than the last week high of around $4,050. That indicates that the cryptocurrency is in a bearish momentum and a sell signal.
bitcoin (BTC) and other major altcoins like Ethereum (ETH) and Ripple (XRP) are yet to start a major bull run. A lot of traders, hodlers, and speculators are patiently waiting for the sharp recovery of the cryptocurrency market.
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