Civic CEO Still Bearish On Bitcoin (BTC)
There are various figures in the financial world who have changed their opinion on Bitcoin and its price, and the cryptocurrency markets in general. For example, Mark Yusko recently admitted that he was overly optimistic regarding Bitcoin this year, even though he remains a long-term bull. Tom Lee, widely considered to be a permabull, has stuck to his prediction of Bitcoin price hitting $15,000 before the year’s end, despite the fact that the price currently sits at just below $4200, as of press time.
There are some in the cryptocurrency community that feel as though these predictions do not bring “smart money” in whatsoever, but simply appeal to greed rather than deal with logic. This is why many respect Vinny Lingham, who is famous for being able to predict Bitcoin’s adjustments in price over the years to a remarkably specific degree. As a result, he has gained the nickname “the Oracle of Bitcoin”.
While many are still offering optimistic and bullish predictions about Bitcoin price, Lingham offered a different opinion on CNBC’s Fast Money. The Civic CEO said that Bitcoin would be “range bound” between three thousand and five thousand for “at least three to six months”. He did emphasize that he believed that despite the bear market cycle, he didn’t believe that Bitcoin, at least in the short-term, would break the $3,000 support level.
— CNBC’s Fast Money (@CNBCFastMoney) November 26, 2018
Vinny Lingham is the CEO and co-founder of Civic, a blockchain startup that seeks to utilize the security and transparency of blockchain technology to help with identity protection. The company already boasts an impressive list of “partners and users” – most notably, Anheuser-Busch, the world’s largest beer producer.
Often times, those who are not permanently bullish get a large amount of criticism from cryptocurrency investors. This could be evidenced by the fact that the CNBC interview actually has 94 dislikes and 93 likes, which is a much higher dislike ratio than its other videos. CNBC also apparently even disabled the comments on the video, as well.
Lingham addresses this “checkered past” with the cryptocurrency community, crediting it to a February 2017 blog post where he warned about Bitcoin price action, and the fact that it could decline significantly. He stood by his belief that Bitcoin was extremely volatile, and that it limits institutional interest.
Vinny Lingham is also well-known for being a regular on Shark Tank Africa, where aspiring entrepreneurs attempt to pitch their businesses as potential investments to various South African “shark” investors.
Mr. Lingham actually seemed to suggest that “it’s too risky at its current point” to buy, suggesting that he believes that “there will be better opportunities later on” to purchase Bitcoin.