&l;p&g;&l;img class=&q;dam-image shutterstock size-large wp-image-1054859525&q; src=&q;https://specials-images.forbesimg.com/dam/imageserve/1054859525/960×0.jpg?fit=scale&q; data-height=&q;640&q; data-width=&q;960&q;&g; #Consensus2018 Fails To Prop Up Bitcoin (Shutterstock)
CoinDesk&s;s Consensus 2018 &l;a href=&q;https://www.coindesk.com/events/consensus-2018/&q; target=&q;_blank&q;&g;conference&l;/a&g;&a;nbsp;is over and it failed to pump up cryptocurrencies.
Despite this conference, which, if you believe in my &l;a href=&q;https://www.forbes.com/sites/petertchir/2017/09/13/three-rules-of-bitcoin/#1cf9242218e8&q;&g;3 Rules of Bitcoin&l;/a&g;, was an ideal opportunity to hype cryptocurrencies and pump them higher, cryptocurrencies mostly fell this week.
Bloomberg reports that &l;a href=&q;https://www.bloomberg.com/news/articles/2018-05-18/crypto-wealth-sinks-52-billion-in-week-of-lambos-yachts-snoop&q; target=&q;_blank&q;&g;Crypto Wealth&l;/a&g; declined&a;nbsp;$45 billion in one week.&a;nbsp; Bitcoin dropped.&a;nbsp; Ripple dropped.&a;nbsp; Ethereum dropped.&a;nbsp; Litecoin dropped.&a;nbsp; The inability for the enthusiasm of the conference participants (and their twitter accounts) failed to translate into any price gains.
I continue to believe that price of crypto is driven largely by the rate of new adoption (with periodic support from miners and extremely large holders who have the most incentive to prop up&a;nbsp;prices – again, see my 3 rules of Bitcoin).
The fact that this conference, where the hashtag #Consensus2018 dominated social media feeds on twitter could not get crypto prices to pop should send a disturbing message to current holders.
&l;strong&g;In theory, the hype surrounding this conference should have attracted a lot of new users and pushed prices higher&l;/strong&g; (nothing like the Thanksgiving/Futures rally, but some strong support).
&l;strong&g;Instead, the conference has a bit of the feel of a bunch of people patting themselves on the back, declaring victory, not realizing fewer people care.&l;/strong&g;
&l;!–nextpage–&g; While many of the biggest supporters are out there saying not to worry about the lack of a #Consensus2018 bump – I think you should be worried enough to sell at least some of your stake here (if you have any).
While Bill Gates might not be able to short bitcoin – you could take a shot – on small size, in the futures market.
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