Jacob Kingsley: Bitcoin's Real Value Is Below $1,000

The Bitcoin market could become the “biggest bubble in history” as around 90% of purchases of the world's leading cryptocurrency are occurring at artificially inflated prices, SwanDesk CEO Jacob King said.

Jacob Kinge criticized Tether's recent acquisition of 8,800 bitcoins worth approximately $1 billion on social media. According to the head of SwanDesk, Tether, the issuer of the USDT stablecoin, is creating money out of thin air, artificially inflating the price of Bitcoin and fueling its financial bubble. Kinge cited the Tether purchase as confirmation of his thesis that 80% to 90% of actual Bitcoin trading volumes are fake, and that “the real value of Bitcoin is much lower than $1,000.”

The businessman noted that only a small percentage of companies worldwide (0.00000001%) work with Bitcoin, and the majority of significant financial market players avoid investing in cryptocurrency due to “fundamental uncertainties” and the risk of volatility.

SwanDesk's CEO believes that Bitcoin ETFs are attracting funds primarily from retail investors rather than large buyers.

“The rise in Bitcoin's value doesn't prove its value, but merely reflects the nature of a financial pyramid that will collapse as soon as the capital inflow stops,” Kinzh said.

According to him, at the slightest drop in price, Bitcoin investors panic and exit the asset en masse, demonstrating a lack of long-term confidence in BTC.

Previously, Peter Schiff, the uncompromising crypto skeptic and director of Euro Pacific, stated that the steady rise in the value of traditional safe-haven assets such as gold and silver indicates Bitcoin's inevitable loss of market share.

Source: cryptonews.net