Bitcoin bear Mr. Whale, who also goes by the handle Cryptowhale on Twitter, made a sensational claim on Oct 2 “Bitcoin is closer to hitting $0 than it is to hitting $100,000.” But that was just to prove a point, he says.
“I don’t think bitcoin will ever reach zero, because that is mathematically not possible,” Mr Whale told BeInCrypto in an interview. “It wasn’t a prediction,” he says, “but just to put it into perspective.”
His message was aimed particularly at crypto influencers and maximalists who have forecast that the price of bitcoin (BTC) will hit a record high of $100,000 by the end of this year. At the time of publication, BTC had sprinted over $ 51,000.
A popular counter prediction has been Plan B’s Stock to Flow (S2F) model, which forecasts exceptionally high prices for bitcoin — as much as $1 million by 2025. Mr Whale, who has 300,000 followers on Twitter, thinks the wind is blowing.
He hazards that “90% of crypto Twitter is under the false impression” that bitcoin will peak at $100,000 or more by year-end.
“My tweet was just saying how much closer we are to being worthless than where they (the highs) expect us to go in less than three months. It’s a delusional prediction stemmed from wishful thinking,” charged the bitcoin bear, who considers himself a “bitcoin realist.”
He continued:
“We are in a dangerous period without regulation, with record levels of fraud, price manipulation and bad actors. This space is due for a cleansing, and many are afraid to admit that because they’re over-exposed.”
Mr Whale’s infamous and routine bearish sentiments have made him the target of attacks on Twitter by bitcoin maximalists, accusing the longtime investor of being anti-crypto. Mr. Whale waved away the criticisms, declaring “I support this industry, and its goals, and have lots of optimism in the long run.”
Bitcoin “is not the right one”
Even then, Mr. Whale doubts bitcoin will ever become the currency of choice. “Bitcoin isn’t the one for numerous reasons,” he explained.
“For starters, it just can’t evolve. It will forever be limited to around 600,000 transactions per day, which is nothing compared to the billions that occur around the world every day. Bitcoin will always be insanely expensive (in fees), and extremely slow,” he added.
Mr Whale also criticized the Lightning Network, a payment protocol overlaid on the bitcoin blockchain, which aims to improve transaction speeds and address digital asset scalability issues.
“The narrative they (maxis) are trying to push is misleading. (LightningNetwork) is a centralized network that requires third-party validators. Satoshi (the pseudonymous creator of bitcoin) said in the white paper that when a third party is required, the whole purpose is erased, ”he argued.
Asked whether anyone actually takes his bearish predictions seriously, Mr. Whale defaulted to a familiar refrain: “I don’t care if people listen or follow my calls, I simply want to share a unique perspective that isn’t influenced by emotions, and greed, as we see in moon boys,” he said.
He claims he is “one of the most accurate traders on Twitter crypto … offering 100% free calls to everyone for years.” Mr. Whale says he did correct calls on key crypto moments in many cases.
For example, “I predicted the March 2020 crash months before it happened, I had a hunch on how big COVID-19 would become, and while many loaded up on bitcoin, I urged my followers to get out before the 65% crash,” he claims.
