- May 23, 2020
- Posted by: Tradingshot Articles
- Category: Cryptocurrency
“Bitcoin is ponzi scheme”, “Can’t you see it is parabolic and dangerous?”, “The bubble will soon burst”.
These are only a few of the common phrases that Bitcoin (and crypto in general) skeptics use to add value to their claims that BTCUSD will not last. Especially its parabolic nature. Well what if I tell you that the world’s most popular financial asset (EURUSD) in the world’s biggest market (Forex) has also been parabolic for decades?
I will not go into much detail on this short (and different than usual) study as the charts are quite self-explanatory. It is a simple illustrative comparison between BTCUSD’s 10 year parabola and EURUSD’s 50 year parabola. I believe that the similarities on the basic structure are obvious. Naturally EURUSD’s is on the 1M chart as its is a pair (with ECU used before 1999 and a basket of major European currencies for calculations) long established in the market while BTCUSD’s had to be on the 1W chart as it is a much ‘younger’ pair but its digital nature allowed it to grow on a much faster pace.
So in conclusion I will ask you this: Do you still think BTCUSD parabolic structure makes it a Ponzi Scheme and a Bubble? Let me know in the comments section!
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