Reportedly, Bitcoin Whale clusters are establishing the belief that $10,000 range is a strong support level with further bullish trend on the card.
For those who are not familiar about whale clusters, it is a trend where investors accumulate Bitcoin and do not spend their holdings for quite a long period of time. This means that the whales are expecting the price to increase. This is one reason for why market watchers keep a close eye on the activities of whales.
The market sentiment is positive for Bitcoin and it just looks like the Bulls have won. Also, the price of Bitcoin is now acting independent of the price of Gold. And, the momentum of BTC is strengthening.
Sydney Ifergan, the crypto expert tweeted: “Bitcoin (BTC) sentiments get positive with volatile swings and profits in the cryptocurrency space. Bitcoin is the most organic of all cryptos and its value will never fade.”
Bitcoin is looked at as an opportunity to store value, just like with gold. The trend of investors shifting their money from the equity market to invest in Bitcoin is trending. Bitcoin has already gained popularity as an investment opportunity during tough times.
The price spikes are interesting, but from the energy consumption point of view, BTC is not as attractive. More people need to mine and spend electricity to solve more cryptographic puzzles. Every BTC transaction consumes about 215 Kilowatt of power, which is reportedly the weekly energy consumption of an American Household.
Carbon emissions are an environmental nuisance. Unless there are due energy efficiency practice are in place, in terms of environmental safety, BTC is a threat. Value of investment apart, BTC’s threat to the planet is real in terms of energy consumption.
Bitcoin (BTC) in Dark Net Transactions
The questionable nature of transactions in the Dark Net and BTC being used for such transactions is also a matter of concern. BTCs are not really as anonymous, because it is a public blockchain and it is easy to come out with methods to identify patterns of user behavior and to identify users by way of the alphanumeric addresses to eventually trace probable illegal activities.
Reportedly, Bitcoin’s market value is mainly associated with large core of illegality which puts a big question mark in the ethics of investment in it or in any other anonymous cryptocurrency.
Despite the potential of the blockchain technology to improve several industries cannot be underestimated. Also, the influence of negative publicity cannot be overlooked either.
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