• Bitcoin (BTC) enters into a heavy consolidation zone but altcoins look weak.
• Peter Schiff shares a scenario wherein the Bitcoin price could thrive.

The world’s largest cryptocurrency Bitcoin (BTC) has entered severe consolidation and is currently trading at around $39,000. As of press time, the Bitcoin price movement on the daily and the weekly chart is less than 0.5 percent.

Earlier today, Bitcoin saw a brief short squeeze in an attempt to break past $40,000. Popular crypto analyst Lex Mozkovski calls it the mother of all consolidations. Citing data from Glassnode, he explains that a “Record 775k BTC changed hands at around $38.7”.

The mother of all consolidations.

On-chain volume at $39k is the largest in the entire history of #Bitcoin.

Record 775k BTC changed hands at around $38.7. pic.twitter.com/G8C8EBcuD1

— Lex Moskovski (@mskvsk) March 15, 2022

Earlier on Monday, Bitcoin came under some pressure after reports that the EU was going to ban all Proof-of-Work (PoW) cryptocurrencies. But the EU parliamentarians voted against the proposal giving a sigh of relief to investors.

But the broader market perspective doesn’t look to be quite good at this point. Crypto analyst Michaël van de Poppe explains:

Altcoins are again showing a lot of weakness in the BTC pair, as they are dropping. Bitcoin still consolidating. Not the best signs for the markets, to be honest.

On the other hand, Bitcoin long-term holders are filling up their bags on an annualized basis. Glassnode data shows that “Long-Term Holders are adding to their balance at an annualised rate of 7.6x issuance. With ~900 $BTC in mined issuance per day, this means around 6,840 $BTC moving into LTH storage daily”.

#Bitcoin Long-Term Holders are adding to their balance at an annualised rate of 7.6x issuance.

With ~900 $BTC in mined issuance per day, this means around 6,840 $BTC moving into LTH storage daily.

Check out this metric in the Week Onchain newsletter.https://t.co/vWm8DS5P9u pic.twitter.com/Dh6XuJkFSP

— _Checkmate 🔑⚡🦬🌋 (@_Checkmatey_) March 14, 2022

Peter Schiff explains when Bitcoin can go up

In an unusual stand, Bitcoin critic and Gold buff, Peter Schiff, has explained the best-case scenario for the Bitcoin price to go up. Although that seems to be unusual as of now. In one of his latest tweets, Schiff writes:

For Bitcoin to go up the NASDAQ must go up and #gold must go down. For that to happen the #Fed must succeed in bringing #inflation down to 2% without harming the economy, which requires minimal rate hikes and big cuts to government spending. But in that scenario why own Bitcoin?

This seems to be a distant dream for now as the U.S. inflation numbers are already soaring close to 8 percent hitting a four-decade high. The market is currently in a very critical position. On one hand, the Fed has no option but to increase the interest rate to control inflation.

The crypto market has been largely following the broader equity market. Many analysts are stating that we are heading into a recession kind of condition. So if that happens, the crypto market could follow the correction in the global equity markets.

Although designed as an inflation hedge, the crypto has yet to prove its mettle. Extreme volatility has prevented Bitcoin so far from becoming a true alternative.

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Cryptocurrency and Its Potential

Cryptocurrency fever has gripped the world. People all over are jumping on the bandwagon. However, there are still people who fear using or dealing with it despite the success achieved by so many.

Like Satoshi, the enigmatic founder of Bitcoin, said, “If you don’t believe it or don’t get it, I don’t have the time to try to convince you, sorry.”

However, the Bitcoin Motion App tries to allay those fears by providing a secure and reliable platform to trade easily. They offer not only Bitcoin but also Ethereum, Binance Coin, Tether, and Cardano. You can check out Bitcoin Motion.

More people are convinced that it’s safe. Success stories must mean that it’s working. There is an element of luck and other external factors besides skill.

Doing it on your own can be fun, but it’s always wise to research everything well. You need to understand the basics first before you gamble. However, you won’t need to be an expert if you’re using Bitcoin Motion.

How Does it Work?

Bitcoin Motion is backed by a group of professionals who believe in decentralizing finance and blockchain technologies. The promoters believe that banks should not control how we do business or transfer funds.

The people behind Bitcoin Motion created the platform to make cryptocurrency trading easy. You can even access it from a phone in the comfort of your home.

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The benefits can help you stabilize your finances, but like all investments, cryptocurrency is not devoid of risks. Markets can be volatile and unpredictable at times. Make sure to be updated and informed so you don’t gamble it all away.

Final Words

However, as Mellody Hobson said, “The biggest risk of all is not taking one.” It might be scary at first, but once you get the hang of it, you’ll be able to understand how it works and what you need to do. Cryptocurrency has come a long way, and it will keep growing as digitalization becomes more integrated into our lives.

• President Nayib Bukele forced Bitcoin on his people, but they seem to have refused to heed his call in what is possibly the biggest BTC experiment gone wrong.
• The idea may have been noble (it probably wasn’t), but the execution greatly failed the leader who has been described as a dictator since he took power.

In June last year, one of the biggest announcements in Bitcoin’s history was made at the Bitcoin Miami mega-conference. A tiny Central American nation’s president revealed that he was going to make BTC legal tender in his country. The announcement was met with elation from the thousands who had congregated in Florida for the event (which is just as famous for “Fuck Elon” chants as for the announcement).

Swept by the jubilation, not many questioned how the move would work. Would Salvadorians be able to contend with $3 on average for each transaction? Would the 10 minute wait time for each transaction not pose a challenge for day-to-day transactions? Would Salvadorians be able to access the infrastructure to transact Bitcoin, namely smartphones and Internet connection? What about the businesses – would they be comfortable getting paid in a currency that can lose (or gain) 10 percent of its value overnight?

President Nayib Bukele was vague about how he would roll out BTC in his country, maybe deliberately so. Weeks later, it became obvious that he intended to force it on people, at least in part. He bulldozed legislation through parliament that required all businesses to accept BTC, whether or not they wanted to. He then incentivized citizens to download the state-sanctioned Chivo wallet by giving them a $30 sign-on bonus.

The Bitcoin Law draws criticism even from BTC maxis

The success of the Bitcoin experiment can be gauged by a number of diverse measures, from whether it has seen any adoption by the people, to whether it has made life better for Salvadorians to whether it has long-term viability as a currency. But first, a brief history of the Salvadorian monetary evolution.

The Central American country’s economy was based on the colón, its local currency from 1892 up until 2001. Around this time, Salvadorian leaders made the decision to switch to the U.S dollar at a time when other neighboring countries like Ecuador had made the move.

In the two decades since, El Salvador enjoyed economic prosperity, with the average inflation being at 2 percent, and mortgage rates at 7 percent. This was, of course, not down to just using the U.S dollar.

Then came Bukele who took office in May 2019. His goal was clear – he’d introduce his people to Bitcoin. After announcing in a BTC event in the U.S that he’d make the crypto legal tender, he passed the Bitcoin Law.

This was the first problem with Bukele’s Bitcoin experiment – forcing it on people. The law was draconian – so much so that even BTC maximalists called him out.

Vitalik Buterin was among those in the wider crypto community that criticized the move.

“…making it mandatory for businesses to accept a specific cryptocurrency is contrary to the ideals of freedom that are supposed to be so important to the crypto space,” Vitalik wrote on Reddit.

The Bitcoin lie

Moving on from the Bitcoin Law, Bukele made BTC legal tender. There were some hiccups with the wallet at launch, but those were quickly resolved. The president has been on Twitter since then touting the uptake of Bitcoin by the people and calling it proof that BTC can be used as legal tender.

But a closer look reveals that it’s not as rosy as advertised. Protests have broken out in the country over the Bitcoin Law, with the protesters saying they don’t want Bitcoin shoved down their throat.

If this wasn’t definitive enough, studies conducted in the country have revealed that a majority of Salvadorians are against BTC as legal tender. One such study found that 7 in 10 people disagree or strongly disagree with the move. A worrying 9 out of 10 did not have a clear understanding of BTC and 7 in 10 said that the Bitcoin Law should be repealed.

To appreciate the significance of the study, you have to keep in mind that Bukele is extremely popular in his country. Despite dictatorial tendencies, the people love him. So for 70 percent to disagree with him, it shows just how opposed to the move they are.

UCA University, which conducted the survey, summarized it,

What we can see in this survey, in addition to this broad rejection of the implementation of bitcoin as legal tender, is that for the first time we found a significant disagreement between the population and decisions being made by the Legislative Assembly and the president.

But even if the people wanted BTC, would it be feasible as currency?

As per BitInfoCharts, BTC fees have averaged $2.5 since July last year. In the five months before that, they averaged $10, even shooting up to over $40 around April and May. For a country that’s still struggling with poverty, such charges can’t work. And then there’s also the slow transactions.

But in comes the Lightning Network, ready to solve all these challenges. And while many claim this is what El Salvador relies upon, it’s not. The country’s “Bitcoin system” isn’t even on Bitcoin in the first place. The payment infrastructure is built on Algorand, a completely different blockchain.

CryptosRUS notes:

Little do people know that when El-Salvadorians buy a cup of coffee with Bitcoin via the Chivo app, that is being done via Algorand payment rails. There are different parties involved, but Algorand underpins the app.

El Salvador can no longer secure loans from the IMF, the World Bank has refused to cooperate on the BTC initiative, around 70 percent of the people are against BTC as legal tender – all this so that Bukele could have his way. Was it worth it?