Legendary trader John Bollinger shared his thoughts about Bitcoin and urged the community to be careful what they wish for.
When Bitcoin was created 13 years ago, its purpose was born as a currency free of state and corporate control. One of the community’s desires was for the Bitcoin market to grow, reach the mainstream, and finally mass adoption. The entry of institutions was a necessary step for the BTC mass adoption which happened in 2021.
“Bitcoin community must be careful what it wants; a lot has changed,” says John Bollinger. Bollinger is a legendary trader who created a technical indicator that bears his name, the famous “Bollinger Bands.” Therefore, he generally restricts himself to commenting more on technical aspects of the markets, such as price movements, among others.
This Tuesday, he shared with his Twitter followers some Bitcoin reflections, asking people to be careful what they want. According to Bollinger, many Bitcoin lovers would like to see more BTC-related products. This happened with force in the year 2021 in the shape of Bitcoin’s first-ever ETFs in Canada and the USA, futures, options trading, and much more. As more BTC products are launching, more market regulations are also coming.
“Some thoughts on Bitcoin. You have to be careful what you wish for: Everyone wanted wide adoption, listed futures, options, ETFs, etc. Well, you got all that and more, including burgeoning regulation. The rub is that these things have totally changed the character of trading.”
Some thoughts on #bitcoin. You have to be careful what you wish for: Everyone wanted wide adoption, listed futures, options, ETFs, etc. Well, you got all that and more including burgeoning regulation. The rub is that these things have totally changed the character of trading.
— John Bollinger (@bbands) January 4, 2022
Despite not having much more clarification, Bollinger’s contentious oration shows that he is alert to the growing arrival of companies and governments in the sector and does not believe that this could be so good for the price of Bitcoin, which is the focus of analysts. On the other hand, he also says that Futures, options, and ETF trading have changed the character of crypto trading.
A recent report found that 10% of Bitcoins are already owned by governments and large companies, which draws even more attention to BTC becoming centralized. Also, BTC mining from a few top companies is another debate of BTC becoming centralized.
It is still not entirely clear what the long-term effect for Bitcoin will be after the institution’s arrival on the market. Still, the fundamentals of the currency certainly need to be mature to get through this phase, even though the technology has just entered adolescence.