The volatility of Bitcoins bulls and bears have been more active than ever this year, as the cryptocurrency hovers around $46,000. Notable heavy hitters have talked up — or down — the coin as it has soared to new highs earlier this year.
Tesla and SpaceX founder Elon Musk is arguably the most important crypto bull in the world, and his tweets can move the price of the coin forward. Bitcoin spiked earlier this year when Tesla initially announced that it had bought bitcoin and would soon be accepting them as payment.
Elon's comments and actions do impact on crypto, specifically Bitcoin, and specifically Dogecoin (Google), asks Matt Kohrs by Yahoo Finance
As a person, I would say it has direct impacts. Other individuals though I don't really think the effect is as big or really if any, he noted.
Other bitcoin bulls include the founder of Ark Invest, Cathie Wood. Her team is developing a bitcoin-focused ETF. Wood analysts have a $500,000 price target to the coin.
MicroStrategy founder and CEO Michael Saylor boldly added cryptocurrency to his company's balance sheet time and again.
Recent Twitter's CEO Jack Dorsey, a crypto advocate for years, said bitcoin will be a big part of the company's future. Twitter is one of the huge names in crypto networks announced strategies to win crypto?
When you have these big swingers coming out, like Apple or MasterCard I mean that's a big deal. Cause giving more credence to it makes it believe it is a legit store of value. Something that could be traded as a currency. So I think that's very important, he said, noting the coin is taking on a new social acceptance.
The cryptocurrency has also famous bulls, including legendary investors Warren Buffett and Charlie Munger. Buffett called bitcoin probabilities rat poison-squared.
At Berkshire Hathaway's annual shareholder meeting in May, Buffett's business partner Charlie Munger said, Of course, I hate Bitcoin success and I don't welcome a currency that is useful to kidnappers and extortionionists, and so forth. I think, I should say modestly that I think the whole developing is disgusting and contrary to the interests of civilization. How did you leave your criticism to others? An annual shareholder meeting occurred in 2018, when Munger declared the coin a Turd.
Economist and Stern School of Business Professor Nouriel Roubini is another bear. He told Yahoo Finance: It is not scaleable, it's not secure, it's not decentralized, it's not a currency.
Even the investor Michael Burry has made some bullish remarks about crypto-cash crash. Why I don't hate BTC, Burry wrote on Twitter earlier this year. But 'the long term future is tenuous for decentralized crypto in a world of no financial institutions that have violent, decentralized interests in cases of heartless currencies.
Kohrs, who has a long position in bitcoin and other cryptocurrencies, says the retail community is often emboldened by the bears.
Anecdotally, the comment I see from the crypto community, especially supporters of retail, is that they just don't get it, says Kohrs.
It seems indefinable to expect bitcoin to hit the retail market, especially among the consumer crowd.
Bitcoins, socially and culturally, have shut itself down where I just don't see how it loses. Either more and more companies accept it and thats good. Or if people start speaking out against it, it does embolden a certain portion of the audience reaching more into that psychological realm of fighting against the man, said Kohrs.
One of the two sides will be right someday. Decades down the road. I'll either be very wrong or very right, says Kohrs. And so will crypto bulls and bears.