9 Oct, 2019

Tone Vays Does Not Think Crypto Winter is Over

Tone Vays, an eminent derivatives trader, analyst, YouTube personality opined recently that the crypto winter may not be over…just yet.

Vays, who is a former financial analyst at JP Morgan, told news portal CoinTelegraph 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.” He further added that the recent reverse of a bear market was supported by internal capital, stating that there was evidence that more people were holding on to their cryptocurrencies and not selling them. He opined that if the internal capital “got scared”, the prices would drop again.

He opined that while it was prudent to be safer than sorry, while investing in crypto, Vays stated that “everyone should have some bitcoin.”

While Vays is refraining from being overly optimistic and approaching a pragmatic approach, he has in the past butted heads with naysayers. Last year, Nouriel Roubini, who is an eminent economist, in the United States of America had gloated about bitcoin prices falling. At the time, Roubini had said, “I could gloat about Bitcoin collapsing 10% in a day to $5700. But that is still some way to ZERO where Bitcoin belongs. Actually since Bitcoin is The Mother of All Toxic Pollutions & Environmental Disasters its true fair value is highly NEGATIVE with the right externality tax.”

An irate Roubini had said, “How can you recommend to HODL since u assign a 35% prob to below 2K, a 55% to below 3K, a 70% prob to below 4K? Your HODLers should lose 80% to 90-95% from peak after they already lost 75%? Given your probabilities anyone who isn’t a total masochist will dump all its BTC now!”

Vays had said, “Same reason I HODLED my apartment during the housing crisis. For me #Bitcoin is NOT a stock, it is something tangible (yes we disagree). For those that only see $BTC as tradable asset to make more $, they might have a different plan. Too much Risk for ME to Exit short/mid term.”