Investment legend John Bollinger talked about what he thought about cryptocurrencies and whether they could function as digital gold. He thinks it’s possible. All it takes is the faith and abilities of a sufficient number of people. Meanwhile, the price of cryptocurrency monitors the $ 8,000 level.
John A. Bollinger (born 1950) is an American author, financial analyst, contributor to the field of technical analysis and the developer of Bollinger Bands. His book Bollinger on Bollinger Bands (2001), has been translated into eleven languages. Since 1987, he has published the ’’Capital Growth Letter,’’ a newsletter which provides technical analysis of the financial markets.
John Bollinger: Bitcoin can be digital gold, just take it that way
Price of the cryptocurrency over this week experienced a difficult period when it dropped from $ 9100 to $ 7500. As the equally unpleasant slump came to commodity and stock markets, many people wonder if the king of digital money Bitcoin can really work like digital gold.
John Bollinger shared his insight into the future of the BTC cryptocurrency on Twitter.
Per the many comments to my note on the safe-haven status, or lack there of, of Bitcoin. Safe-haven-ness is a matter of perception, not fact. If an asset is thought to be a safe haven, it is. The matter is entirely psychological.— John Bollinger (@bbands) March 10, 2020
Bollinger thus described a phenomenon known as “Self Fulfilling Prophecy”. That is, prophecy that can only turn itself into reality by human faith. This is often seen in technical analysis.