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Bubblicious: Current Altcoin Run ‘Going to End Badly,’ Says Vinny Lingham
Wilma Woo | Mar 14, 2017 | 08:00
Bitcoin entrepreneur Vinny Lingham has continued warnings about high prices causing “bubbles” throughout cryptocurrency.
Lingham: Altcoin Bubble ‘Going To Burst’
Having previously indicated a Bitcoin price above $3,000 too soon would mean “another bubble,” Lingham turned his attention to altcoins Monday, many of which have seen new all-time high prices this month.
Dash has surged almost 250% in two weeks, while Ether and Monero both set higher prices per asset than have ever been reached before.
Ether currently trades at around $28, also representing a near 250% breakout, on the back of renewed optimism and the highly-publicized Enterprise Ethereum Alliance launched earlier this month.
“It’s going to burst, make no mistake,” he wrote on Twitter.
To be absolutely clear about this tweet: I'm referring to the current Alt Coin bubble. It's going to burst, make no mistake. Bitcoin=HODL https://t.co/Or52mQ9ifi
— Vinny Lingham (@VinnyLingham) March 13, 2017
Earlier, the Civic CEO described the world of cryptocurrency as being “in crisis right now” and warned that “it’s all going to end badly.”
This was initially met with skepticism, given Bitcoin’s latest show of resilience following the defeat of the Winklevoss ETF Friday, prices bouncing back to pre-loss levels within a matter of days.
“Regulators are going to step in. I’m on the sidelines. Good luck,” Lingham wrote, explaining thereafter that his comments were more about altcoins than Bitcoin itself.
@CaptSpectacular not for BTC, unless HF happens.
— Vinny Lingham (@VinnyLingham) March 13, 2017
Responses to Lingham elsewhere were more hostile, a Reddit user dismissing another tweet about the detrimental effect of a hard fork on Bitcoin’s price growth as “wrong and hysterical.”
Dash Devs ‘Back On Their Heels’
Lingham’s feared altcoin markets have meanwhile slowed down Tuesday after the ETF decision resulted in sweeping gains.
The top five alts gained a maximum of 5.5%, with both Dash and Monero reaching a plateau and moving within a 2% margin. Bitcoin also remained broadly steady.
Nonetheless, Dash’s meteoric rise has taken even its development team by surprise, the latest statements suggesting price and market cap are dictating their own moves.
“At this point, I’m stretching myself,” Bitcoinist quoted Ryan Taylor, Dash’s Director of Finance, on Friday.
“We had a strategic plan that was really meant to take us up to around $100-200 million dollars (market cap) and, at this point, we have obviously quickly moved past that so fast that we’re a little back on our heels again and having to do the next planning that gets us to $1 Billion.”
What do you think about Vinny Lingham’s perspective on altcoin markets? Let us know in the comments below!
Images courtesy of Shutterstock, Dash.org, twitter, coinmarketcap.com
