Brock Pierce warned investors against going all-in with the first cryptocurrency and urged them to diversify risks

Bitcoin Foundation Chairman: bitcoin to fall to zero or reach $1 million

09.05.2022 - 09:40

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2 min

What’s new? Crypto billionaire and chairman of the Bitcoin Foundation Brock Pierce believes that bitcoin can fall to zero or reach $1 million. He warned investors against going all-in on the first cryptocurrency and urged them to diversify risks. Pierce recalled that he recently invested a nine-figure sum in the EOS blockchain, converting all of his Block.one shares into it. In addition, the crypto billionaire was involved in the purchase and launch of the NFT.com marketplace. Pierce revealed this in an interview with Fox Business.

Fox Business’s interview

What else did Pierce say? According to the entrepreneur, the cryptocurrency landscape is now reminiscent of the 1999 tech bubble, when internet startups were culled. He explained that after the dot-com crash, companies such as eBay and Amazon formed, and even more businesses went bust. In Pierce’s view, this could happen in the crypto market as well. However, he noted that this does not mean that cryptocurrencies are unrealistic. Pierce added that they could play an important role in the collective future. As of May 9, the bitcoin exchange rate is $33 450 (Binance data).

Analysts’ opinions and predictions. In late April, crypto analyst Benjamin Cowen said that the price of bitcoin could reach a lower low. In this regard, he stated the high risk of investing in altcoins. Cowen stressed that bitcoin dominance (the ratio between the market value of the first cryptocurrency and the rest of the cryptocurrency markets) was now at the same level as it was in 2018 when there was a massive collapse of the crypto market.

On May 5, crypto analyst Cowen predicted a “choppy” movement of bitcoin. He believes that bitcoin will trade without a clear direction in the coming months. The asset will experience “fairly choppy months ahead” as the US Federal Reserve System (Fed) intensifies its efforts to fight inflation, including rising interest rates.

On May 7, trader and crypto analyst Tone Vays said that bitcoin would continue to fall over the next few months and could hit the $23 000 mark. Referring to the charts, Vays says BTC looks “absolutely terrible” as it is giving a lot of bear market signals.

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