Chain architect and entrepreneur Oleg Andreev has said that in spite of “FUD,” markets have accepted Bitcoin is “not going away.”
In a series of tweets outlining the short-term prospects for the BTC chain, Andreev demonstrated recent price action was to an extent due to various industry actors’ decisions.
“At this point (2016-2017) it's pretty much settled that Bitcoin is not going away and must be owned, a lot,” he wrote.
“[...] To buy more, you need to spend less. Hence all these idiotic PR attacks on Bitcoin. China bans BTC 99th time" ain't good enough anymore.”
Optimism from throughout the cryptocurrency industry and beyond over BTC’s long-term price has come despite concerns that two hard forks will damage its reputation.
The advent of Bitcoin Cash (BCH) did little to affect BTC’s price despite its continued volatility, but tensions are already rising over SegWit2x’s fork in November.
Considering these alternate ‘versions’ of Bitcoin, Andreev dismissed them as nothing more than “FUD” which would eventually subside, allowing BTC’s price to “go up like crazy.”
“[The] last round of FUD before it's game over is [the] 2x hardfork part of [the] SegWit2x "agreement." So we'll have some price depression till November,” he continued.
“Eventually when all big buyers have spent all their money and ran (sic) out of dramatic FUD projects, [the] price will go up like crazy.”