Crypto bears and crypto bulls – we know ’em, we love ’em, well, some of them at least. Shots have been fired in both directions, and the battle lines have been drawn. Who will come out on top? This is crypto bears vs. crypto bulls.
Crypto Bears and Crypto Bulls
First, what is a crypto bear or a crypto bull? These are some of cryptocurrencies’ base terms that you’ve no doubt seen getting thrown around on the market.
At their simplest, a crypto bear is a downer on cryptocurrencies, and a crypto bull is a lover of the cause. If you ever get confused between the two, you can think of it in these terms: bears swipe down with their paws to fight, while bulls rear up with their horns.
When applied to market trends, a bear market, or bearish market, would, therefore, be a market that is trending downwards. That means a bull market (or bullish market) is trending upwards.
People can make bear comments and bull comments. Making one or the other doesn’t make them forever a bear or a bull. They could swap sides, and there are people in the crypto sphere that formulate sentiments from both angles, depending on what’s happening. Then there are the crypto bear and crypto bull lifers.
There are some big names in crypto that everyone should know, both crypto bears and crypto bulls.
Let’s start with the bears.
Probably one of the biggest crypto bears out there is Warren Buffett.
In particular, Warren Buffett is not a big fan of Bitcoin (BTC). Constantly telling investors to steer clear of Bitcoin, Buffett has equated the cryptocurrency to a mirage, a joke, and, my personal favourite, rat poison, saying that Bitcoin lacks intrinsic value.
Buffett has been a huge crypto bear since 2014, and he seems unlikely to be changing his tune any time soon.
Another big hater of Bitcoin is Bill Harris, the former CEO of Intuit and founding CEO of PayPal.
In April, Harris blew up the crypto waters by proclaiming Bitcoin the biggest scam ever. This isn’t the first time Bitcoin’s been called a scam (and it probably won’t be the last), and Harris grounds his argument on the fact that there are fraudulent coins out there.
Harris went further to call Bitcoin a “colossal pump-and-dump scheme.” He’s fed up with Bitcoin, and he’s done talking about it – but is he really?
Speaking of Bill, Bill Gates isn’t a huge fan of cryptocurrencies either.
Gates wants to short Bitcoin (bet against it), declaring it to be both crazy and speculative. Ironically, Gates actually started out on team bull for crypto, calling Bitcoin “better than currency” but he has since become more pessimistic about the digital currency space.
Bill Gates is not a fan of the anonymity behind crypto and considers it a gateway into illegal activity.
The honourable mention bear comment goes to Charlie Munger, vice chairman of Berkshire Hathaway, who said Bitcoin is like “trading turds and you decide you can’t be left out.”
Most bears’ main argumentative point is that Bitcoin, and other cryptocurrencies, only have value because we give it to them. Cryptocurrencies swing around too much in price and so cannot ever be a true store of value or a viable payment method.
Many people are sick and tired of the FUD that crypto bear sentiments produce, but because these crypto bears are such big players, their comments often have a huge impact. Many times, crypto prices plummet after a big bear comment gets out.
Whether you like it or not, bears do, in part, influence the market. It’s good to be aware of them and their impact so you can best know how to look after yourself in the vast crypto sea. Remember, opinions are opinions, whichever direction they may be pointing in. You do you, so long as you do it safely.
Now, for the cheerier side of things, the crypto bulls. John McAfee is making a name for himself as a loud crypto bull.
Most recently, McAfee announced he would like to run for president of the United States to help crypto. He wants to provide a public stage for cryptocurrencies, giving crypto a stronger presence in the world.
McAfee has also been big on promoting crypto projects. Right now, he’s retweeting crypto memes that are using his face to promote their projects. However, he did earlier come under some flack for charging $105,000 per promotional tweet.
A recent crypto bull making herself known is Adena Friedman, the CEO of the Nasdaq exchange.
Friedman is certainly bullish on blockchain, calling it a “fascinating technology” that, in time, “could be a really interesting force in our business.”
For cryptocurrencies, she is cautiously optimistic. Nasdaq is reportedly taking a research-oriented approach to deciding when and if it wants to become involved with cryptocurrencies. While Friedman maintains that the space is still speculative right now, with time, it could become huge. She’s entered into a partnership with the Gemini crypto exchange, and Nasdaq has said it would back some cryptos, such as Litecoin, Stellar, and Bitcoin.
Another crypto bull is Jack Dorsey, the CEO of Twitter.
Dorsey hopes that Bitcoin is going to be the currency of the future, saying that “The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin.”
He believes that, at the moment, crypto doesn’t have the capacity to become this, but with time it will grow stronger and become a more viable option.
Many crypto bulls are in support of cryptocurrencies growing and becoming a bigger part of the future, which is where much of their arguments lie. Cryptocurrency is still developing; we just need a little patience.
Crypto Bears vs. Crypto Bulls
Crypto bears and crypto bulls may always be at odds with one another. Each side has their beliefs and their arguments.
Of the crypto bears and crypto bulls, whose side are you on?
Featured image: Freerangestock