Bitcoin bear Mr. Whale, who also goes by the handle Cryptowhale on Twitter, made a sensational claim on Oct 2 “Bitcoin is closer to hitting $0 than it is to hitting $100,000.” But that was just to prove a point, he says.
“I do not think bitcoin will ever hit zero, as it’s mathematically not possible,” Mr. Whale told BeInCrypto in an interview. “This was not a prediction,” he avers, “but merely to put it into perspective.”
His message was aimed particularly at crypto influencers and maximalists who have forecast that the price of bitcoin (BTC) will hit a record high of $100,000 by the end of this year. At the time of publishing, BTC had made a sprint above $51,000.
A popular counter prediction has been Plan B’s Stock to Flow (S2F) model, which forecasts exceptionally high prices for bitcoin — as much as $1 million by 2025. Mr. Whale, who has 300,000 followers on Twitter, believes this to be hot-air.
He hazards that “90% of crypto Twitter is under the false impression” that bitcoin will peak at $100,000 or more by year-end.
“My tweet was merely saying how we’re closer to being worth nothing than to where they (maximalists) expect us to go in under three months. It’s a delusional prediction stemmed from wishful thinking,” charged the bitcoin bear, who considers himself a “bitcoin realist.”
“We’re in a dangerous period with no regulations, record-high levels of fraud, price manipulation, and bad actors. This space is due for a cleansing, and many are afraid to admit that because they’re over-exposed.”
Mr. Whale’s infamous, routine bearish sentiments have made him a target for attacks on Twitter by bitcoin maximalists, accusing the long-time investor of being anti-crypto. Mr. Whale waved away the criticisms, declaring “I support this industry, and its goals, and have lots of optimism in the long run.”
Bitcoin ‘isn’t the one’
Even then, Mr. Whale doubts that bitcoin will ever become the currency of choice. “Bitcoin isn’t the one for numerous reasons,” he explained.
“To start off, it simply cannot scale. It will forever be limited to around 600,000 transactions per day, which is nothing compared to the billions that happen globally each day. Bitcoin will always be insanely expensive (in fees), and extremely slow,” he added.
Mr. Whale also cast aspersions on the Lightning Network, a payment protocol layered on top of the bitcoin blockchain, which is aimed at improving transaction speeds and solving the digital asset’s scalability problems.
“The narrative they (maxis) are trying to push is misleading. (Lightning Network) is a centralized network that requires third-party validators. Satoshi (the pseudonymous creator of bitcoin) said in the white paper that when a third party is required, the entire purpose is erased,” he argued.
Asked whether anyone actually takes his bearish predictions seriously, Mr. Whale defaulted to a familiar refrain: “I don’t care if people listen or follow my calls, I simply want to share a unique perspective that isn’t influenced by emotions, and greed, as we see in moon boys,” he said.
He asserts that he is “one of the most accurate traders on crypto Twitter…providing 100% free calls to everyone for years now.” Mr. Whale says to have made correct calls on pivotal crypto moments in many instances.
For example, “I predicted the March 2020 crash months before it happened, I had a hunch on how big COVID-19 would become, and while many loaded up on bitcoin, I urged my followers to get out before the 65% crash,” he claims.
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