Bitcoin Price Bull Rally is Fugazi and Won’t Last, Claims Crypto Skeptic

The bitcoin price is soaring this week, but don’t expect the rally to last because the original cryptocurrency is fugazi and “fundamentally flawed.” That’s the brutal assessment of yet another of Motley Fool’s anti-crypto reporters.

Skeptic: BTC Halving and Facebook Are Catalysts for Latest Rally

In a blistering June 25 column, the Motley Fool’s Sean Williams attributes the latest bitcoin bull run to several factors that are unrelated to its underlying fundamentals:

  • Bitcoin halving in 2020.
  • Impending SEC approval of a bitcoin ETF.
  • Contact buzz surrounding Facebook’s over-hyped Libra crypto launch.

According to Williams, a major catalyst driving the latest bull market is the forthcoming May 2020 halving, when BTC block rewards will be slashed in half. As CCN reported, the halving is expected to buoy the price of every single cryptocurrency.

Similarly, speculation that the SEC could approve a bitcoin ETF within the next few months is also propelling its price forward, Williams claims.

The SEC has delayed its decision on a bitcoin ETF on multiple occasions, but announced in early April that it wanted to hire a cryptocurrency specialist to help with implementing regulations.

This move, along with the SEC currently taking comments and rebuttals on a bitcoin ETF, suggests that the prospects of a bitcoin ETF hitting the U.S. major exchanges are improving.

Analyst: Facebook Is Having a Halo Effect on Bitcoin

Finally, Sean Williams says the media buzz surrounding Facebook’s over-hyped Libra cryptocurrency is imparting a halo effect that’s temporarily pushing all crypto prices up.

However, Williams insists that none of these factors diminishes the reality that bitcoin is a flawed investment because he says:

  1. Bitcoin is not really “scarce.”
  2. Bitcoin has no utility in the real world.
  3. Stocks are better investment vehicles than crypto will ever be.

Williams explained:

One of the more common arguments from bitcoin bulls as to why it’s worth so much is its perceived…

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