New investors fell prey to the newest scam based on fake tweets posing to be from big names like US President Barack Obama, Amazon’s Jeff Bezos and Microsoft’s Bill Gates. The offers stated they would send $2000 for every $1000 sent to anonymous Bitcoin addresses. A basic math and common sense would have prevented the investors from becoming a prey to the scam. Quick money in a short period is always risky.
With the price of the Bitcoin not progressing anywhere, it just feels like the Defi platforms are likely to win the trust of high-net-worth individuals and institutions who are looking to enter the space.
As the sideways trend for Bitcoin continues, there is a strong expectation by analysts who opined that a 20% price correction is on board for the BTC.
Reportedly, Grayscale expressed that their customers are getting to be more interested in Bitcoin and they are purchasing more BTC than what is currently mined. This trend has been reported with statistical details. This is sign that institutional interest in BTC is growing and this obviously is a positive thing.
Sydney Ifergan, the crypto expert tweeted: “With so many Bitcoin (BTC) scams it just looks like something is wrong with the security. Just that with time the security issues will be solved. We will come across a solution very soon.”
Bitcoin (BTC) Haters
Peter Schiff expressed that the very nature of Bitcoin requires that the owners encourage new buyers to enter in to the market. This means without new buyers coming in, there will be no way for existing HODLers to get out. As with any pyramid scheme, success is only possible for those who get in early if lots of others get in late.
Schiff further stated, Bitcoin bugs keep accusing me of preferring Gold because of my personal bias. After all, I own gold and gold mining stocks for myself and my clients. But that argument works both ways. Everyone who owns Bitcoin has a vested interest in its success, so they’re just as biased.
There are forever going to be haters, lovers and scammers. There is no perfect world. Investors need to learn to work their way through all of these flaws and ideologies to break even
.We need to agree that the future of Bitcoin is in part uncertain. We cannot however deny that it is an excellent independent transfer mechanism which will be able to circumvent governmental sanctions and banking restrictions. Whether it is a good store of value is something that we will come to know in a few years after real time trial and errors