Blockchain consultant Tone Vays said that the bull market is not based on external money.
Former Wall Street executive and current blockchain researcher Tone Vays has expressed skepticism about the fact that crypto winter is over. Vays made his comments in an interview with Cointelegraph on June 10.
Vays, a former financial analyst at United States’ banking giant JPMorgan, revealed that he does not trust the recent rally in the crypto markets, claiming that he has not observed “too much external money coming into the space.”
The blockchain consultant argued that the recent reverse of a long-lasting bear market was supported by internal capital, stating that there is evidence of enough accumulation by those who preferred to hold their crypto instead of selling it out. According to Vays, if that internal capital “gets scared again,” crypto prices would drop as fast as they rose.
While claiming that he would rather be safe than sorry in terms of investing in crypto, Vays still argued that “everyone should have some bitcoin.”
In the interview, Vays has also commented on his March $250,000 bet on Twitter that bitcoin (BTC) will fall below the $2,000 price point before the 2024 bitcoin halving.
Occurring every 210,000 blocks, the bitcoin halving is a process of dividing the number of generated rewards per block in order to maintain the total supply of the biggest cryptocurrency, which is capped at 21 million. This process is expected to end between March and June 2024 at block 840,000.
In regards to his bet, Vays said in the interview that it has become unlikely that bitcoin can dip below $2,000 “at this point,” although he added that it is still possible.
Meanwhile, bitcoin has been seeing a major bullish move since April 2019, when its price surged from around $4,000 to almost $9,000 in end of May. At press time, the oldest cryptocurrency is trading at $7,834, down around 1.7% over the past 24 hours, according to data from CoinMarketCap.
Recently, a co-founder of Hong Kong-based blockchain investment firm Kenetic predicted that bitcoin will hit $30,000 by the end of 2019.
