Travis Kling, Chief Investment Officer and founder of Ikigai Asset Management, has called for harmony within the crypto community. His tweet talks about the inevitable “explosive growth” of crypto but warns against petty squabbling, which he sees as harmful to the long-term viability of cryptocurrency.
The Short-term Outlook For Crypto
Following on from a buoyant start to April, the anticipation of an incoming bull run is high. And based on Bitcoin’s performance, which has seen a 35% increase in price since the start of the month, the expectancy is justified.
However, opinion is split, on whether the worst is behind us. At one extreme, the likes of Willy Woo and David Puell are confident the bottom is in. With Willy Woo 95% sure that Bitcoin has bottomed.
Whereas other analysts, including Tone Vays, remain bearish. Speaking on a live stream debate, Vays critiqued the technical analysis conclusions of other commentators, and also made relevant points on mining capitulation, due to China’s proposal to ban crypto mining, as a factor to bearish price in the short-term. At 3:41:40, Vays justifies his position:
“the bears, like Tyler and myself, are simply following the trend. And the overall trend is still down. For me to become a bull, I need to see that fall to $4,000, and then reverse and prove to me that it’s going to make a higher low. And then prove to me that it’s going to make a higher high. So until that happens, I can’t be a bull.”
The Long-term Outlook For Crypto
While the short-term direction of Bitcoin divides opinion, there is greater consensus on a bullish outlook in the longer term. Which some predict will dwarf 2017’s all-time-highs.
Tom Shaughnessy, the founder of Delphi Digital, a digital asset research company, predicts the next bull run will exceed anything seen before. In a tweet, he expands on this by saying the previous bull run was mostly down to speculation, which was likely why price action was not sustained. But the next bull run will be driven by the application of the technology.
The Crypto Collective
And while most are optimistic in the long-term, supporting Kling’s bullish sentiment. His call for unity is perhaps asking too much. After all, there can be no forward movement without discussion of the issues. Which can lead to toxic behavior.
However, as adults, we must accept that this is part and parcel of the internet age. And acknowledge that we can only control our own behavior.
This is especially pertinent with regards to the Bitcoin S.V fiasco. Which saw a torrent of negativity and abuse directed at Craig Wright. And while Wright’s personal conduct was questionable, is it right that others respond to him in kind? Especially at the expense of infringing decentralization.
Taking all of this into account, petty squabbles are an inevitable part of crypto, and if anything, as demonstrated by Bitcoin S.V’s case, support the long-term viability of the ecosystem.
