At Virtual Blockchain Week (VBW), the pioneer of cryptocurrencies Charlie Shrem made a strong case for Bitcoinand say that The combination of the drop in supply due to halving and quantitative easing in wholesale will lead to price increases over the next year or two.
Bitcoin halving and QE
During a chat with the VBW hosts on April 30th Shrem said, “It’s kind of crazy that we had a halving during the corona virus because it was an event with black swans.”.
“”We have two trillion dollars of printed money in the United States, people are starting to get all that money, “he said. “It is likely that all of these people will also receive unemployment benefits when they are about to return to work […] y They didn’t have to spend a lot of money sitting at home for the past few months. “
“And then you have half where the selling pressure suddenly halves by the end of next week. […] Many of the miners are amazing people and mine for the future, but they also have costs to cover and must sell […] This pressure is halved out of nowhere, only halved and all the money … What will happen? “
Charlie also pointed to the stock market; He described the SP 500 as a number that the government can manipulate “to make people believe that everything is fine.”“”
“The stock exchange, I don’t believe in it, is very manipulable. For this reason, I don’t know of any action […] You tell me that half the country is unemployed, but the stock market is at record highs. How can we correlate this with how our economy actually works? “
The effects of halving are unlikely to be felt for many months
Despite his bullish predictions of halving, Shrem Cointelegraph said so It can take many months before the effects on the offer are fully felt.
“I looked at the data and it looks like this In the last halving, the price didn’t double immediately, but the last halving was actually the beginning of the epic upward trend in 2017, which happened a year and a half later“he said.
“It was a bullish momentum that started because it was after chopping and the selling pressure had been halved. So there were a lot of really good things that worked at the time, and I think we’ll see it again. “
Employees hold industry leaders responsible
Charlie argued this in relation to Shrem’s expectations of finding thought leaders in space Managers who run large companies are usually responsible for their opinions.
Shrem said, “If you ever wonder who to follow on Twitter or who to listen to, One big consideration I like to think about is: how many people work for this person? Are you building a company? If so, how many people are there? […] Because that means This person’s opinion could change your business.
“If you say something stupid, your company can get m *****; In this case, all of your employees are unemployed. So he’s morally responsible [de] your opinion. “