Bitcoin influencer Joshua Henslee has had a massive 2022, watching his YouTube channel grow to over 2.7k subscribers. He started this year with a 2023 predictions video explaining what he thinks will happen in the year ahead.
The market is delusional, and there’s no reason for optimism
Henslee begins by saying he can’t believe digital currency prices are still as high as they are. He says the industry has its head buried in the sand, and people are living in “delusional, fairy-dust land.” He says there’s no reason for prices to be this high, and there’s little reason to be optimistic.
Adding to the woes associated with the market, interest rates are going higher. While they’re historically quite low, they’re relatively high, so nobody will want to stake Shiba Inu and other silly coins in an earn program in which the rug might get pulled at any moment. Prices of goods and services are rising, and so there will be less cash available to speculate on digital currencies.
It’s clear that many of the key industry players are insolvent, and yet BTC, which Henslee calls a “digital pet rock,” is still trading at $16,000 per coin. He shakes his head in disbelief and says he believes BTC will drop much further in price.
Henslee reiterates his position that utility and real use cases are the only way forward. There’s no way the scams can continue – they don’t generate any real value.
Henslee’s 2023 predictions
Henslee predicts that 2023 will be dire for the industry. He notes that most digital currencies are illegal securities, and he expects to see more action from regulators in the coming year.
What about the ongoing saga with Sam Bankman-Fried? Henslee notes that he intends to enter a plea deal and suspects that will cause panic in the industry. A lot of the big players, including Tether, could be in trouble as a result.
Henslee expects this general negative trend to continue throughout 2023. As he says several times throughout the video, there’s just no reason for optimism.
Key takeaways from this video
- Despite many influencers calling the bottom of the digital currency bear market, Henslee says there could be much more pain to come. He views the market’s attitude as delusional.
- In Henslee’s view, there’s no room for any optimism or hope of a recovery anytime soon. He sees a potentially much larger crash on the horizon.
- Henslee sees trouble on the horizon for some of the biggest players in the digital currency market. He thinks Tether could be one of the dominos to fall as regulators close in on the industry.
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