A notorious Bitcoin whale known for making bold bets on the crypto exchange Bitfinex is back.
The trader, known as Joe007, deleted his Twitter account on May 8, saying that all publicity ultimately harmed his trading strategies.
Joe gambled against Bitcoin in April and lost when the top cryptocurrency did not withdraw, increasing the month by 36%. With BTC now withdrawing from its recent high of nearly $ 10,000, Joe has returned with a post on Bitfinex Pulse.
He says the downturn proves his claim that the market has inflated significantly too much. He believes the common wisdom that a Bitcoin transfer from a Satoshi-era wallet on Wednesday caused fear in the markets is laughable.
“No, this is not” Markets were startled by Satoshi’s mind LOL. ”
These are just crypto markets that are overloaded with halving and (nonexistent) inflation fairy tales, so just about any reason to justify a long-awaited reversal is enough. “
For weeks, Joe has been proclaiming “ phantom money ” in the crypto markets, saying manipulative trading tactics such as spoofing have played a big role in driving the market up instead of real, sustainable volume.
Although he is bearish about Bitcoin’s prospects in the short term, he continues to believe in his long-term potential.
Bitcoin is so much more than just a currency. It is a completely new social technology: non-political, non-confiscible, self-sovereign extra hard money. I expect it to accelerate humanity’s transition to a completely new economic and social order that will slowly emerge over time. ‘
Featured image: Shutterstock / Tithi Luadthong