Bitcoin has a strong anabolic called speculation
A few years ago I created a brand image consultancy company that also provides different digital solutions. At the time, I had many fears and uncertainties about how the business could fare or if it would go bankrupt on the way. “When you start a business it never goes at the pace you want or the pace you expect. You imagine everything in a linear way. I am going to do this, then this is going to happen and that is going to happen. You imagine the steps and they are progressive. You create, build, and think that everyone is going to care. But nobody cares, not even your friends, “said Brian Chesky, creator of Airbnb, to writer Brad Stone in the book “What’s Next.” The appointment has stuck with me. It is true. One, hand in hand with his team and relying on the numbers that the business is leaving on a day-to-day, month-to-month, and year-to-year basis, he can propose or reformulate the strategy so that it remains profitable along the way. Those business metrics, the strengthening of the team and workflows, added to the rein executed through the experience of the general manager in the industry, are the tools that serve to adjust and continue advancing. This does not happen in the world of Bitcoin. Yes, from cryptocurrencies. They depend on supply and demand for pure speculation.
I did a quick search on YouTube (filtering by channels and relevance), and on the fly, I counted more than 100 channels that exceed five thousand subscribers and that touch the topic of Bitcoin. I did not continue because I got tired of my finger scrolling down the screen so much. “ Bitcoin is a currency that is not backed by any central bank in the world. Its use is limited to the Internet. It is not comparable to the purchase of shares in a company because here there is no objective value, ”says Luis Davelouis, a journalist specializing in economic issues. For his part, the YouTuber calling himself ‘BFS Analysis’ of the Black Swan Finances channel (with more than 27 thousand subscribers), comments on the very strong fall price of Bitcoin a few days ago: “It is not yet time to enter. It could continue to drop to three thousand dollars … Chasing the price could be a way to run out of money for those who already have it “- recommended ‘BFS Analysis’- also reinforcing the idea that:” it is convenient to buy when the market begins to have a clear course ”.
* The YouTuber ‘BFS Analysis’ posted the video “The end of the war, but Bitcoin continues to sink. Now what?”, After the last fall (this week) of this cryptocurrency to less than 4,500 dollars.
The funny thing is that the majority of “specialists” in networks on the subject of Bitcoin speak out against the mass media that report on this currency. They are based on the idea that falls or rises are taken advantage of to just bring the issue to light. But that is clear. The media will always report at that time because it is news. Yes, there are newspapers and specialized sites that constantly report on the fluctuations of Bitcoin and other cryptocurrencies. But the masses are always after the big news and there is nothing wrong with it. The issue is to review what has been happening. Bitcoin is a currency that, from January 2017 to January 2018, grew more than 2,000 percent. It got to be above $ 22,000 and today it is less than 4,500. Just because of this price imbalance (in less than a year) it should be analyzed by everyone. “With this sharp drop, what well-known bankers said last year is taking for granted … which is the most classic example of a bubble of pure speculation. The typical people who say it is going to go up and those who hear this start to buy. Bitcoin became fashionable and I don’t know if this will happen again, ”says Daniel Macera, coordinator of the Economy section of this publishing house.
For her part, Mariela Quevedo, the Marketing Manager of BitInka and InkaPay, both Peruvian platforms that use the famous Blockchain technology, the first to buy and sell cryptocurrencies and the second to send and receive coins (make transfers) between its users, he pointed out in our first telephone conversation, that “all this is to manipulate the market.” In fact, her first question in our second communication, and when I sent her my questions by voice notes through WhatsApp was: “Why are you interested in writing this article right now?” After having seen so many videos of YouTubers and “specialists” in crypto networks before writing this column, I sensed the fearful question from a couple of businesses linked to this market. These companies get the creeps every time there is a sharp price drop in any of the currencies with which they work and which the media seek to report. Why? The famous wave of speculation resounds in my head.
Colleagues specialized in economic issues tell that there are campaigns against cryptocurrencies that are present at each of the press conferences they attend in the banking sector. “If you tell investors that these cryptos are falling, if the arrival of ATMs for these currencies is announced and they never arrive, added to the heap of competition that has been appearing to Bitcoin and from creators that do exist ( in the case of Bitcoin the creator of this currency is not yet physically known ) … all this generates uncertainty ”, reaffirms Daniel Macera, continuing with the theme that cryptocurrencies do not have the support of banks.
For ‘Daddy Bitcoin and Cryptos’, the YouTube channel with more than 34 thousand subscribers, this fall in the price of Bitcoin that had not happened since April 2013 “depends a lot on speculation and because there have been strong volumes of important buyers of Bitcoin in recent months.” In addition, in one of his last episodes, he compared the percentage of fall between Gold and Bitcoin, both from November 2011 to date. Regarding the first, he indicated that the price has fallen by 33 percent and that the famous cryptocurrency has grown in that period by 140 thousand percent. On whether this is a good time to start investing in Bitcoin … the question remains: How to know if the price has reached the bottom? When is it a flat and for whom? With currencies like these in which the speculation is usually the abuse of steroids to increase the price, you have to be very careful.
* In this video ‘Daddy Bitcoin and Crypto’ reviews the four bubbles through which the famous cryptocurrency attributed to Satoshi Nakamoto has passed.
Sergio Sicheri works as Head of the Audience Nucleus of Grupo El Comercio, he is the general manager of Brand Wash & Solutions (consulting on brand image and digital solutions). He has a master’s degree in Marketing and Commercial Management from the EOI of Spain and the UPC graduate school. He has taught courses in digital marketing at the Universidad Mayor de Chile, the Universidad Científica del Sur and at ISIL.