Bitcoin Price Prediction: As Charlie Munger Frets About BTC's Recent Surge, This Bitcoin Derivative May 20X

Bitcoin Price Prediction: As Charlie Munger Frets About BTC’s Recent Surge, This Bitcoin Derivative May 20X

Updated: 06 November 2023

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The Bitcoin price is up by 1.43% in the past seven days, which led it up to $35,097 as of 6 AM ET, after seeing strong fluctuations during the first week of the month, as ETF speculation pumped the price.

So far, it remains unknown whether the SEC will finally give a nod to any spot Bitcoin ETF (exchange-traded fund) applications, but the Bitcoin community remains highly optimistic.

Seven days ago, on October 30, Bitcoin’s price struggled to break a resistance at $34.5k, which finally happened on November 1. Before that, the coin fluctuated between $34k and the mentioned resistance at $34.5k.

However, late on November 1, BTC managed to skyrocket to a resistance at $35.5k and even hit $35,778 in early November 2.

After reaching this monthly high, the coin’s price corrected firmly over the next few days. By mid-November 3, BTC was back at $34,165, from where it recovered again over the weekend.

On late Saturday, November 4, BTC returned to $35,000 per coin, moving even higher on Sunday to surpass the resistance at $35.2k.

However, while it did manage to briefly reach $35,340 several hours earlier, at the time of writing, its price is at $35,097. The coin also saw a 28% increase in daily volume, currently at $12.56 billion.

Charlie Munger is concerned about Bitcoin’s recent price surge

While many in the crypto industry have welcomed Bitcoin’s current price increase, Berkshire Hathaway’s Vice Chairman, Charlie Munger, expressed concern regarding recent developments.

In a recent interview with the Wall Street Journal, he said that Bitcoin’s rapidly rising price was a cause for concern, potentially underming the critical role that currencies play in facilitating exchange and advancing civilization.

“As far as we know, the only way to go from hunter-gatherer to civilization that has ever worked is to have a strong currency,” he noted.

He explained that currency can take many forms, from seashells and corn kernels to gold coins, banking system pledges, and more. However, he sees Bitcoin as an artificial currency, saying it is like throwing a “stinky marble” at a long-standing recipe that works well for many people.

Munger is not the first famous investor to speak against cryptocurrencies, which, through low fees, decentralization, and other benefits, stand to serve regular people more than businessmen.

Berkshire Hathaway’s CEO, Warren Buffett, famously compared Bitcoin to “rat poison squared,” and his stance has not changed much since.

Bitcoin Minetrix presale about to hit $3.5 million raised

While Bitcoin struggles to stay above the $35k mark, another project carrying its name has stolen the spotlight with a highly successful presale.

Bitcoin Minetrix (BTCMTX), a Bitcoin mining project that allows users to stake BTCMTX and receive credits used to mine BTC, has raised a total of $3.45 million over the last several weeks.

#CryptoCommunity you have asked and we have answered…

‘In what ways is #Bitcoin mining better than just buying #Bitcoin?’🤔

💪 Offers an opportunity to actively contribute to the network.
🔒 Provides more control over the acquisition process.
📚 Aids technology comprehension. pic.twitter.com/k8cm6hgGyC

— Bitcoinminetrix (@bitcoinminetrix) November 5, 2023

The presale is still ongoing, and the token is currently being sold for $0.0114. BTCMTX can be obtained in exchange for ETH, BNB, or USDT, as well as purchased directly via credit or debit card.

https://www.youtube.com/watch?v=rdBV_oTEt8o

More importantly, the project offers an opportunity for regular people to mine BTC without spending thousands of dollars on mining equipment and electricity bills.

Its mining platform is fully decentralized and transparent, and its goal is to bring people back to cloud mining. By being fully decentralized, Bitcoin Minetrix aims to improve cloud mining’s flawed reputation.

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