‘Sell All Your Bitcoin’ Now – Serious Crypto Price Crash Warning Issued Ahead Of Game-Changing Ethereum Upgrade
Bitcoin
Subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and successfully navigating the volatile bitcoin and crypto markets
Bitcoin price has once again fallen below the closely watched $20,000 per bitcoin level, while ethereum price remains more than 60% down from all-time highs (despite a Binance bomb).
Now, an independent bitcoin and crypto researcher has warned of a looming bitcoin price crash that could follow ethereum’s “merger” transition to the energy-efficient proof-of-stake – on top of a potential “black swan” event in September.
Want to stay ahead of the market and understand the latest crypto news? Sign up for free now CryptoCodex—A daily newsletter for traders, investors and the crypto-curious
Bitcoin price has fallen sharply in recent weeks as a rally ahead of ethereum’s big … [+]
“Ethereum [upgrade] is not just about ethereum,” said Kyle McDonald Coindesk. “I think after the merger, investors and regulators will realize that [bitcoin’s] proof-of-work was never really needed and we’re slowly going to see a big crash in the bitcoin price.”
The price of bitcoin rose to a record high of nearly $70,000 late last year, but has crashed back along with tech stocks that had soared through the Covid-19 era of record low interest rates and monetary stimulus.
“Bitcoin will never reach $69,000 again; now is a great time to sell all bitcoin,” McDonald added, pointing to the “climate crisis” potentially exacerbated by bitcoin’s huge energy needs. “Bitcoin doesn’t have the coordination like ethereum to abandon proof-of-work.”
Ethereum’s move to proof-of-stake could reduce the blockchain network’s carbon emissions by 99%, according to the Ethereum Foundation. The switch, which is due to start this week before being completed between September 10 and September 20, will mean the ethereum network is secured and transactions confirmed by ethereum holders who “stake” their coins instead of relying on so-called miners.
Register now for CryptoCodex—A free, daily newsletter for the crypto-curious
Bitcoin price has crashed this year, pulling down ethereum price even ahead of ethereum … [+]
McDonald predicts that “bitcoin will probably be the first to be regulated away” as a result of its reliance on the proof-of-work consensus mechanism. Others have previously suggested that regulators may target proof-of-work blockchains like bitcoin because of their energy needs.
Last year, Sweden’s financial and environmental regulators urged the EU to ban proof-of-work bitcoin and crypto mining because of the environmental impacts.
“[Bitcoin] is not a reasonable use of our renewable energy,” wrote the directors of Sweden’s top financial and environmental regulators in an open letter.
