Joshua Henslee recently shared his thoughts on BSV hitting a three-year low. He explained why he believes it’s happening and what might happen price-wise in the future. Watch the video or read the summary below.
BSV token price hits a three-year low, but Joshua Henslee is unfazed
Henslee begins by recalling that he’s seen multiple digital currency price crashes, and he’s clearly unfazed by it. He briefly covers the market manipulation that characterizes the industry, noting how the pump in the price of tokens like BTC is directly correlated to the printing of Tether, but he isn’t interested in speculating on why small price movements occur.
This said, Henslee believes that most true application developers and builders don’t care about token price in the short term. In their minds, lower prices equal an opportunity to accumulate more coins at lower dollar prices, and if the tokens go up, that’s fine, too.
Henslee then points out how NFTs and other assets on BSV are rising even though the token price is depressed. This is contrary to what typically happens on other blockchains, which he finds interesting.
Why is the BSV token price depressed right now?
Henslee believes that a more hawkish Federal Reserve and an increase in interest rates are the main driver behind depressed token prices across the board. The prices of other assets such as equities are also going down as a result of this, and naturally, risk assets like digital coins will not escape the downturn. Even tokens like BSV, which have true utility, can’t escape a wider market downturn. However, Henslee doesn’t believe the Federal Reserve will raise rates as aggressively as they want to.
“I find it silly that crypto is supposed to be this decoupled thing, an alternative to cash, but cash is more valuable when interest rates are higher,” Henslee notes.
Henslee emphasizes how the main narratives in the digital currency industry are a joke. For example, while BTCers claim they are going to bring down central banks, the BTC token price is still completely dependent on the actions and policies of the very same central banks.
Why is the BSV price so low right now? Henslee believes that it has been suppressed and pushed down for too long but that at some point, the market will have to reconcile with the development occurring on the only truly scalable blockchain. Eventually, the market will get a reality check and realize that very few projects don’t deliver anything of value, and it will reallocate that capital.
Don’t miss out the first ever BSV Global Blockchain Convention taking place at the Grand Hyatt in Dubai on May 24 – 26. Book your ticket today!
New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.
