The CNBC Bitcoin curse: why some traders are nervous again

Crypto Twitter is no fan of Brian Kelly, a self-proclaimed “Bitcoin Televangelist” to whom CNBC calls whenever Bitcoin is doing well.

The “CNBC curse,” they call it, because at the time Kelly was preaching on Bitcoin it’s too late – Bitcoin is too popular, the whales will fall while the masses raise the price, and then the price will collapse soon after.

It’s not that Kelly or CNBC are crushing the price of Bitcoin, but that her presence on CNBC shows that Bitcoin hit the big time again. By the end of 2017, Bitcoin was everywhere, being part of the 24-hour news cycle and the investment of the year. Then the price collapsed in early 2018 and Bitcoin news stopped circulating among the masses.

“I think there is an underlying meaning inside cryptocurrency communities that mainstream media do not understand very much crypto and by the time they learn something, it is too late ”, the pseudonymous operator of Million Fiat homepage, “Mathew,” Told Decrypt.

Mathew, like others, thinks the curse is more of an internal joke than a trading signal. “A lot of crypto-twitter just find it funny that the mainstream media is going into crypto and making statements like they know what’s going on because those of us closer to it see how it’s seldom possible to have an idea of ​​what’s going to happen next, “they said.

But others take the “curse” more literally. Wilco van Boxtel, a crypto trader, said Decrypt that the “curse” is a “fact well known to traders”. When asked for evidence, Boxtel said, “Part of untold trade secrets. Look at previous bitcoin and market highs and what has been communicated in the news. And see the same effect.

Given the lack of research on the subject, the theory is difficult to refute. Asked about the theory, Simon Peters, market analyst at the eToro trading site, said Decrypt that there is “an element of truth, I suppose. Some savvy investors would be looking to sell. »Then Peters city Warren Buffett: “Be afraid when others are greedy and greedy when others are afraid.”

Nic Carter, a venture capitalist at Castle Island Ventures, said Decrypt that he doesn’t think Kelly’s appearance on CNBC suggests Bitcoin-mania. He has yet to “see the excitement spread into truly euphoric territory, so I feel good about this rally.” Carter added, “Retail is less interested in the asset class this time around.”

Charles Bovaird, crypto analyst at Quantum Economics, said paranoia could come from bad experiences during the 2017-18 bull run, which was in part boosted by all the media coverage. “If someone bought at the top or near the top and then prices dropped sharply, I could see why that would be aggravating.”

While the CNBC curse may seem mystical and otherworldly, what unites these lost souls is an undying belief in Bitcoin.

“Speculating on the price of BTC is really a little ridiculous, everyone should just stack as many sats as possible and wait for the rest of the world to wake up to what BTC is,” Homepage’s Mathew said.