Bitcoin is one of the most popular things in recent times because of the 2020/2021 bull run. All the crypto in general starting to rally with bitcoin when the bitcoin bull market happens. Bitcoin halving is the main reason for bitcoin prices to go up fast. But in about a week, the bitcoin price has gone down more than 50% and now at the 35-38K range. Investors are pointing fingers at Elon Musk, China, and Hong Kong. In this article, let’s learn more about what’s going on and why nobody will be able to stop bitcoin.
If you are new to the investment and crypto world, FUD will be a new word for you. FUD stands for FEAR, UNCERTAINTY, and DOUBT. When there are loads of FUD in the market, any market will tend to crash.
On May 13, 2021, Elon Musk tweets about Teslas’ stance on getting BTC as payment. Elon said they would stop accepting bitcoin as a payment method until bitcoin uses greener energy, and he clearly stated that tesla hadn’t sold any bitcoin. But retail investors panic sold billions worth of bitcoin, and bitcoin plunges gradually to 45K.
Then there came the usual FUD about China banning bitcoin. But this time, it seems real, and many miners started to relocate to different countries. China said all the institutions to stop working with bitcoin and other cryptos. This brought bitcoin to 30K, and we think that many institutional investors bought back in at 30K level because bitcoin came back to 35K in an hour.
Hong Kong also joined the FUD by restricting crypto exchanges to professional investors. So normal people won’t be able to buy any crypto from exchanges again. But we know what will happen next. Just like in Nigeria and Turkey bitcoin price will go up on P2P trading.
Bitcoin is becoming more and more FUD proof and soon Elons’ tweet won’t be able to shake the market again. That will be a huge relief for retail investors. So in the future FUD and nobody will be able to stop bitcoin.
Bitcoin is the best decentralized network in the world and bitcoin has no single point of failure. No government or company owns bitcoin network. Because of this nobody will ever be able to stop bitcoin from operating. Bitcoin network is now distributed with 9712 nodes and United states hold 19.66% of the total nodes.
Bitcoin Nodes distribution
|2||Unknown(All other countries)||1897|
Bitcoin network will evolve and be there until there are electricity and internet available, and if bitcoin to fail internet and electricity in whole world should vanish in the same time. So nobody will be able to stop bitcoin.
Bitcoin Energy Consumption
Bitcoin always takes the hate because of its high energy consumption. Many people think that this energy consumption will last forever. But it’s not true because 80%+ energy consumption goes into bitcoin mining, not for bitcoin transactions. Once mining ends in 2140, bitcoin will be the world’s most efficient decentralized banking system.
Gold and oil mining is doing more damage to the world than bitcoin mining process. So if you’re blaming bitcoin for global warming you should start to protest against gold mining and oil mining. Whole banking system in the world take 3-4X more energy than bitcoin network.
Cathie Wood, one of the bitcoin supporters and tesla investors, saying that bitcoin will hit 500K soon than we expected, even though we are in a downtrend. She further said that most of the energy created is wasting to this day, and bitcoin already runs on 96% of renewable energy.
There will be a time that bitcoin miners starting to use 100% renewable energy for mining soon. Then this FUD about energy consumption will fade away, and nobody will be able to stop bitcoin by using energy FUD.
Bitcoin is the hope for developing countries
We all know that the poor and most corrupted countries are trying to ban bitcoin. Why is that, you may think. That’s because bitcoin gives financial power back to people from governments, and governments can’t ban or do anything to prevent it once bitcoin is popular in their country. Nigeria banned bitcoin, and Nigerians started to use P2P. Because of that, bitcoin prices went up to 80K inside Nigeria. Then the government again loosen the ban to keep money inside their country. If a government tries to ban bitcoin, people will join bitcoin faster than usual, and it has happened every time, and it will happen in the future. That’s why governments or nobody will be able to stop bitcoin.
Faster transactions for billions of dollars
You might be hating Elon Musk right now, but do you remember that he bought about 1.5 billion worth of bitcoins for Tesla? That transaction only took about 30 mins, and they surely have stored them inside few hardware wallets. Try to do that with Gold or fiat paper money. It would cost at least $100k just for the transportation. That’s why Michael Saylor always says that bitcoin is an institutional level safe-haven asset class and GOLD 2.0. There are many new cryptocurrencies out there, but the apex predator of cryptocurrencies is bitcoin, and that position will last forever.
Bitcoin has plunged from $64k to $35k in 2 weeks. There is so much FUD going around about bitcoin, and investors are in fear right now. Tesla news, China banning bitcoin, Hong Kong news all had a part of doing in this price plunge. But bitcoin has gone from 0.1 cents to 64K in 12 years. When bitcoin is smaller in size countries, have tried to ban bitcoin and failed. Now bitcoin has grown to a position that nobody will be able to stop bitcoin. Bitcoin will eventually hit 500K-1 million dollars in the next bull cycle. We still think that this bitcoin bull run will continue further because of few reasons, and we will talk about it in our next article. What do you think about this bitcoin bull run? Is it over? Comment your opinion down below in the comment section.