Bitcoin's fall is around the horizon and the fall would be so brutal that investors would begin to cry on the streets, predicts financial expert.
As soon as billionaire Elon Musk tweeted that Tesla would no longer accept Bitcoin as payment, the world’s leading cryptocurrency is on a downward spiral and fell close to 40% in just a span of 50 days. However, the crypto saw a recovery after Musk did a u-turn saying he might accept Bitcoin if they go green and reduce carbon emissions.
Bitcoin’s fall has dragged other cryptocurrencies to new lows and indices have been in red since May 2021. While Bitcoin has been slipping 3% per day, Etherium plummeted 5% per day.
Investor and Shark Tank host Kevin O’Leary opened up to the Express.uk that Bitcoin’s crash is just around the horizon and the fall would be so drastic and brutal, it would wipe out majority of people’s investment and grown men would begin to cry on the streets looking at their financial loss.
O’Leary predicted that when Bitcoin crashes, all the other cryptocurrencies would follow its dreadful path. ”Grown men are going to weep when that happens. You will never see a loss of capital like that ever in your life. It will be brutal and I’m just saying you have to get ready for it,” he said.
Britain’s Financial Conduct Authority (FCA) has also sent out a warning to investors about the high risks that come with investing in Bitcoin and other cryptocurrencies saying cryptos advertise high returns in less time luring people to invest and realize that’s not true.
The FCA also warned that cryptocurrencies are not regulated and is flush with money-laundering, price volatility and other illegal trading activities that don’t meet the eye and warned that people should be prepared to lose their money. FCA also stated that internal trading is rampant in the crypto market and rich investors have gotten away with it.
A part of the FCA report reads, ”If consumers invest, they should be prepared to lose all their money. Some investments advertising high returns from crypto assets may not be subject to regulation beyond anti-money laundering. Significant price volatility, combined with the difficulties valuing (Bitcoin) reliably, place consumers at a high risk of losses.”