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Vinny Lingham, CEO of Blockchain Identity Startup CivicKey, says that the current rise of altcoins is a bubble and it will burst.
Vinny Lingham, a South African Bitcoin entrepreneur and VC investor, says that the current rise of altcoins is a bubble and it will burst. He has, consequently, urged the community to make no mistake since he is cocksure.
"In a series of Twitter posts, the Bitcoin Price pundit stated that the crypto world is in a crisis right now and it is all going to end badly with regulators stepping in to control the industry."
Experts like Whale Panda countered that the rise might be a result of big players hedging in altcoins because of the ETF rejection, while in the past they hedged in fiat, so it might not necessarily be a bubble.
But Lingham responded asking why are they buying and what is the use case. On a surprising note, he has taken a wait and see attitude claiming he is on the sideline and wish the community good luck.
The Crypto community was gripped with fear, uncertainty and doubt when the Winklevoss Bitcoin ETF was rejected by the SEC on Friday. Many thought it will lead to prices falling and another Bitcoin price burst. On the contrary Bitcoin price resisted right after the decision and it is actually stable.
Strangely, altcoin prices are rallying with some coins like Dash and Ether almost doubling their prices and some upsurging as high as 150 percent. In fact, their Market Caps are nearing $25 bln and the top 10 for instance in the first two days after ETF outcome did not witness any depreciation.
When Cointelegraph asked Lingham whether the development will have any impact on Bitcoin whether positive or negative, his answer was: “Not fundamentally.” However, he thinks what can pose a serious quandary to Bitcoin is the argumentative impending hard fork and that if it happens, then the community should forget about seeing Bitcoin at $3000 by the end of 2017.
On this note, Tuur Demeester of Adamant Research agrees with Lingham and stated that a contentious hard fork would likely cause chaos in the market but yet still Bitcoin will close 2017 above $1000.
This comes in the wake of the biggest mining pool, Antpool giving indications that it is switching to Bitcoin Unlimited. Lingham called this a danger on the horizon and believes a hard fork should be left to the market to decide.
"But his recommendation is that even in an instance of a hard fork people should have two pots. "One is your long term BTC holdings, cold storage. Never sell those. Trade the other pot," Lingham wrote."
Earlier on, the Crypto entrepreneur intimated that Dash is primed for a dump but the only nagging question is when. Cointelegraph asked him to explain that and he said Dash price is going to crash.
March has been an exciting month for Dash with so many successes being chalked and their Market Cap increasing more that 50 percent. It has actually dislodged a couple of coins to be at number three on CoinMarketCap. As to whether it will crash or not, we are yet to see.
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