According to the man himself, he intends to become the dealer of the October contract in order to shorten Bitcoin. He believes that the world’s most dominant digital currency does not have any substantial value and to him, Bitcoin is merely a bubble on its way to burst, fueled merely by hopes, which, obviously, will not take this phenomenon far.
From the moment Scott shorted BTC at the price of 6,370 USD, its value has grown by 2%, displaying stability in the middle of 6,500 USD area.
Owners of the so-called “short contracts” of BTC and various other digital currencies, such as ETH and XRP have experienced major losses over the course of the previous week, especially in the wake of Ripple’s 3x price growth and the positive dynamics recorded by Ethereum. The holders of such short contracts face difficulties betting against the cryptomarket at its current correction stage, due to the situation, which was explained by the billionaire financier Mike Novogratz, who claimed that the digital currency market is in the process of getting bottomed out and begins displaying the tiredness of the sellers.
Novogratz stressed that as soon as BTC currency deals with three major resistance levels, which, respectively, are 6,800, 8,800, and 10,000 US dollars, the cryptomarket might also begin experiencing interest on the part of institutional financiers, which have the potential to push BTC value upwards by at least 30% before the end of 2018.