Alex Krüger, an economist who has been investing in Bitcoin since 2013, caught the attention of his followers this Thursday (30) by stating that “Never again will anyone get rich investing in Bitcoin.”
Still, Krüger claims he still has “a lot of faith” in Bitcoin. While the largest cryptocurrency on the market trades at $28,400, the economist believes its price could multiply by 5 times over the next 3 to 5 years, but that 10 times is “a lot”.
In comparison, those who bought Bitcoin in 2013 had returns between 2,437% and 222,194%, depending on the month of entry. That is, for every dollar invested, it was possible to earn up to $2,221.
Now to replicate that profit, Bitcoin would have to reach $63 million, a figure that even Balaji Srinivasan, an executive who bet Bitcoin will reach $1 million, would not dream of.
Economist is causing controversy by claiming that no one will get rich with Bitcoin
With 350,000 views, Alex Krüger’s recent tweet about Bitcoin no longer in the nascent phase caused quite a bit of controversy. In the comments, some argue that the economist was out for war.
“Never again will anyone get rich investing in bitcoin.”
‘It’s not early. That boat has already sailedKruger continued. “The only people who will get rich with bitcoin are those who sell bitcoin services.”
No one will ever get rich investing in bitcoin again.
It’s not early. That boat has sailed.
The only people who will get rich with bitcoin are those who sell bitcoin services.
— Alex Kruger (@krugermacro) March 30, 2023
When asked which services would bring in money, Krüger points to wallets, custodians, brokers and payment services, which benefit from administrative and/or trading costs.
As a counterpoint, one of his followers points out that Bitcoin only has 1% adoption. “Why isn’t it early?”he wondered.
Trader reveals that tweet was a social experiment
Hours later, Alex Krüger revealed that his tweet was just an experiment to analyze how much negative and polarized messages increased a message’s reach.
“I have to say this tweet was a social experiment. I wanted to observe engagement in response to a polarizing absolute statement.”said the economist. “Interesting how well it worked. The comment/like ratio (50%) is off the charts.”
In the embedded tweet, the economist claims he was reading a book on maximizing tweet engagement.
“It is recommended to focus on negativity and speak absolutely to steer polarization. To manipulate the plebs.”
Despite being a social experiment, Krüger maintained his stance regarding his statement that no one else will get rich with Bitcoin.
“What I wrote is still valid. People should stop buying bitcoin to get rich. That boat has already sailedconcluded the economist. “Bitcoin is now about asset preservation, attractive risk-adjusted returns, trading and hedging against the fiat system.”
What I wrote still applies. People should stop buying bitcoin to get rich. That boat has sailed. Bitcoin is now for wealth preservation, attractive risk-adjusted returns, trading and hedging against the fiat system.
— Alex Kruger (@krugermacro) March 31, 2023
Finally, it is worth remembering that Bitcoin is up 72% in the past three months. That is, even if it is hard to believe in a 2000 times increase in value, its profit still makes other investments jealous.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
