Justin Sun: BTC's Coming Messiah?

josediccus in #hive-167922 • 3 months ago

The government is quick to crack down on criminals and terrorists, especially when they discover that digital currency (crypto) was involved. Many government agencies now have their own SEC, not because they want to get involved in cryptocurrency, but because they want to ban, halt, or heavily tax crypto projects.

For example, the Nigerian SEC is attempting to tax cryptocurrency transactions via P2P exchanges and platforms; they reasoned that if people would not stop using the back door, they should simply tax them. For example, the German government is selling BTC confiscated from criminals, and for a country that is anti-crypto, you have to wonder why they chose this time to sell it, and what they intend to do with the money, given their ability to easily print money.

Does The German Government Have An Agenda?

If you enjoy controversy, you will quickly suspect they are selling for the ultimate vendetta: to drive down the price of cryptocurrency. However, I do not believe that Germans selling alone will eventually destroy the market.

This is blood cryptocurrency they are putting on the market, which makes me wonder: why not return the coin to its rightful owners? Again, I do not want to get into a conspiracy. I just hope they are selling it because they want to, rather than for any sinister reasons.

The impact of the BTC price may not have been noticed if we were in a proper bull run, because people are always looking to catch a floating parachute but are unlikely to catch a falling knife. However, it is unfortunate that any sell pressure in this volatile market causes more people to keep their money in their pockets rather than take the risk.

Justin Sun, Act One Scene One

Then there is Justin, (the drama unfolds) who is offering to buy all of the BTC from the German government and most likely hold it rather than dump it on the market. If I know anything about Justin Sun, I would say he enjoys the limelight; he is no better than the German government; I am not going to ask where he is going to get the money to buy all that BTC; however, he is probably offering to buy a portion; this is unimportant.

I believe he is just trying to get in the spotlight and make himself relevant; he will most likely dump if they sell to him, and the only difference is that he will do so within a few days. So, I do not believe the Germans' sale to Justin Sun will change anything.

MT. Gox, enters the scene

Then there is the issue of MT. Gox repaying its customers after ten years. Many of these guys will sell; in fact, I believe that more than 70% will. Why? BTC is far more valuable than it was ten years ago, and I believe that the majority of the allocated funds will mean life-changing money for some of these individuals. However, it is their money, so they have the right to dump.

Unfortunately, the price of BTC may only remain in the 54k to 56k range in a few weeks and may fall further if more people offload, but I believe the cleansing is still in line with the price correction of BTC in June 2021. I believe this bull market will arrive sooner than the last, and the majority of 2025 will be bullish.

2024 might be Over

I like to think 2024 is over in terms price.
BTC reached its previous ATH before the halving, and I do not see it exceeding it this year. I believe the price will rebound and many altcoins will perform better in Q4 2024, but the real push is expected to occur in 2025.

That being said, the dip may not be over; there are too many forces at work to make it so, and I have explained why: too many fearful potential investors. The US election is still coming, and it will play a role; overall, there is nothing that will happen in 2024 that we have not seen before; the year is over, regardless of how the price recovers; new ATHs may only be set in 2025.

Overall, this is not financial advice; I am just a regular guy who knows almost nothing about the technical aspects of cryptocurrency.

I will refrain from looking at altcoins because I believe the market is currently being driven by BTC's negative dips. Right now, all we can do is wait. Every alt project out there needs to fix whatever they have going on and hope that BTC recovers. The market is currently behaving like a zombie hoard, reacting to whatever BTC does.