The Necessary Role of Bitcoin Critics
With the bull market hyping up crypto sentiments, it is high time to keep our confirmation bias in check and stay grounded.
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I am optimistic about Bitcoin.
As the year closes to an end, price projection for bitcoin has ranged anywhere between an outrageous $500K by 2025 to a more muted $40K at the end of 2021. These forecasts are hard to ignore because they are made by increasingly established figures such as Catherine Wood, the Founder and CEO of Ark Invest, and Tom Fitzpatrick, Citibank’s global head of CitiFX Technicals.
Self-professed pundits littered social medias with emotions-stoking blog posts and video content, all of which contained some sort of disclaimer and absolution of responsibility.
“Investing is and always will be one’s responsibility.”
While it is entertaining to indulge in these feel-good forecasts, I have a nagging thought that I might become biased over time. The danger of soaring crypto-sentiments and prices is in the confirmation of this bias, which may encourage false optimism and lead one to make irrational behaviors and…
