Tone Vays believes that the rise in the price of Bitcoin has already largely discounted halving. The analyst believes that if Bitcoin ETF makes decisions without consensus, it will pay the consequences.
At the Baltic HoneyBadger 2019 conference held in Riga on September 14th and 15th, Tone Vays, derivatives operator, analyst and YouTube content creator, talked about the opportunity that this kind of events offers to distinguish between the economic model of Bitcoin and that of fiat currencies. He also talked about the price of Bitcoin, the halving that will occur next year and the ETFs in the traditional financial system.
The conference was an event that gathered high-quality speakers and participants, where everyone understood Bitcoin, and its difference with fiat currencies and other cryptocurrencies.
Between 2013 and 2014, Vay’s colleagues did not believe that he would resign from his job to focus full time on cryptocurrencies. In his office there were about 20 people, of whom 4 have joined the cryptocurrency system so far. He expressed his happiness at having motivated them to do so.
One of the reasons for the strong upward trend observed in the price of Bitcoin this year is the anticipation of the forthcoming halving. Consequently, if there is another prominent rise in the next 6 months, a serious correction is most likely to occur as the halving arrives. In fact, that is what happened during last halving, after which the price rose 100%, only to fall on the same day.
The concept will remain the same, since fewer bitcoins will be generated by the time of next halving. An estimate of 90% of the total existence will already have been issued, so the price should increase between 2020 and 2021. Evidently, the date itself is inflated, which will lead to the correction, but the price will increase over time anyway.
The analyst thinks that many things in the world of Bitcoin and cryptocurrencies will not happen again, since they were unique opportunities to capitalize. Between 2013 and 2014, users created a lot of alternative currencies that can be considered to be excellent. After that, creating a successful altcoin has become very challenging, so they evolved in the form of an ICO and had value for a while.
The big fork that occurred in 2017 together with the activation of SegWit, BCH, currently represents only 3% of the Bitcoin market value. He predicts that there will not be another fork of value in the future, since people have already seen the failure of the Bitcoin Cash fork and now they see the failure of Bitcoin SV, which is Bitcoin Cash halving.
With the presence of Bitcoin ETF among users, they will not have to fear any other forks. Vays explained that if the ETF decides to follow a course away from the consensus of the nodes executed by ordinary people, it will be a great lesson for Wall Street. Bitcoin cannot be told what to do and it will be the end of that ETF. Other people in the financial system worldwide will learn a very valuable lesson: Bitcoin’s consensus cannot be forced.
By Willmen Blanco