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Vitalik Buterin laughs at ineffective Bitcoin price forecasts

4 min reading

Vitalik Buterin (Ethereum founder) decided to laugh from abstract predictions about BTC price, that were made in last years by influential people. He emphasised, that no one is infallible, and most of prophecies did not come out true.

bitcoin prohpecies

Buterin criticises influential “fortune-tellers”

Recently, the Russian-Canadian programmer has been quiet active on his Tweeter account. His increased activity can be seen from few days. This time, Ethereum creator strikes all those, who are trying to deduce the future Bitcoin price by reading tea leaves. He shared a tweet, saying that most of people that have a great deal of influence over others, should stay calm, remain the rest of morality, and stop manipulating them. 

vitalik buterin

Vitalik Buterin added, that most of forecasts made in the past, did more harm than good. He also encouraged, to remain reasonable - everyone can be wrong.

Forecasts in the cryptocurrency field are known to turn out to be wrong - both the bullish and bearish side.

- said Buterin.

You can guess, which one Buterin had on his mind. He attached the screenshots from the most popular prophecies, not being supported by any reasonable arguments. Among such people, there is of course popular programmer - John McAfee, which said, that BTC price will hit 500 000 USD until the end of 2020. Not long after, he raised his forecasts to one million USD. However, in the end he gave up all of his prognosis, saying that Bitcoin is worthless. By that, he confused a wide range of people in cryptocurrency industry.

Another person, that was picked by Buterin was American economist - Nouriel Roubini. Roubini in turn, got famous by predicting Bitcoin price drop to 0 USD.

Both of them, Roubini and McAfee, have wide community gathered on their social medias. Roubini has 500 000 subscribers, while McAfee is followed by almost million users. You can probably agree, that what they do, say, or write, may have a great impact on other people from these communities. For example, McAfee fanatics were kind of confused, when he backed away his forecasts, explaining, that it was just a silly joke. According to what people say, his behaviour was certainly not fair.

Cryptocurrency industry authority abuse

This case touches not only Bitcoin. John McAfee has many times used his position, in turn to manipulate the market. There was a moment, when McAfee mentioned Verge (XVG) in his tweet. After that, the cryptocurrency popularity has greatly increased. Some of crypto enthusiasts wrote, that it can become a new Bitcoin. In fact, the coin remains on 84th place on CoinMarketCap.

Peter Schiff is also worth mentioning in this case. He also likes, to use his authority and awareness - he was not mentioned by Buterin though. Schiff in turn, tries to convince everyone to investing in gold, and discourage Bitcoin.

To sum up, it is worth thinking about what Buterin said in his Tweet. During the last several years, there were many fake BTC prognosis. We should remain calm, and not let the emotions take over our common sense.

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