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Carlos Maslatón’s forecasts in the midst of the crypto “massacre”: scare theory, how long the fall lasts and the future of Bitcoin

Carlos Maslaton, liberal reference and enthusiast of cryptocurrencies
Carlos Maslaton, liberal reference and enthusiast of cryptocurrencies

The sharp drop in Bitcoin and cryptocurrencies in general, which caused the crisis in Terra/Luna, another of the digital currencies, generated a global tremor and many doubts about the future of these new investments.

The largest crypto fell below $30,000, its lowest in 11 months, and is trading less than half its all-time high last year: today alone it fell as much as 8 percent. In between, the unrestrained destruction of value that attacked the stablecoinswith devastating effect for LUNA, spread to cryptocurrencies.

For many, what is coming is catastrophic. “Bitcoin is about to crash,” he said. peter schiffan “evangelist” against digital currencies, which he believes will drop below $10,000.

In these parts, the liberal reference and one of the most controversial crypto and financial evangelists in the country, assures that there is no need to worry at all. “What happens in the bitcoin and Ethereum world is normal and usual in the financial markets: after strong increases, they correct the excess of financial leverage”he told Infobae, Charles Maslatonin the middle of a flight between Tel Aviv and Paris.

“Manchesterian capitalism liberal. National anticommunist right wing. UBA Lawyer. Elliott Wave Technician. Bitcoiner. I support Milei Presidente 2023 ″, this is how Maslatón introduces himself on Twitter, where he has 177,000 followers.

– Why do you say that what is happening is “normal”?

– Because it is, this usually happens in financial assets: after strong rises they correct the excess of financial leverage. As prices are not sustained, the number of buyers who entered taking debt from the market have to disarm positions with a falling market. And that makes the market go even lower. It is something regular and every time it happens, there is no need to look for a special foundation: this same tendency to disarm positions occurs in the main stock markets in the world. This downward movement of the crypto world does not have a specific foundation.

Maslatón against UST and in favor of Tether, the correct stablecoin according to your preferences
Maslatón against UST and in favor of Tether, the correct stablecoin according to your preferences

– And how will this trend end?

– The drop is in an advanced state of development and close to completion. Bitcoin peaked in November 2021, when it hit $69,000, and is developing a typically corrective and countertrend movement, with a drop, a recovery in the middle, between March and April, and now we are seeing the final leg of the decline. It may be that this Thursday we see the bottom but I do not see an additional bearish deepening, 2008 style. This fall is small, it is a scare.

– What happened to the Terra protocol?

– Terra, Luna and UST are separate cases. It is a poorly armed crypto project from financial theory, with non-enduring principles. They issued two crypto exchangeable with each other, one of them pegged to the dollar. They are very difficult parities to maintain, it only worked with a rising Moon. And it didn’t happen. At the beginning of April, Luna peaked. Then she went down and brought the whole system down. It is a project with macro flaws: they wanted to be a central bank of a crypto universe, with a poorly armed currency board: they remunerated deposits. It is a universe comparable to the Central Bank of the Macri Government: Federico Sturzenegger issued and in order for that money to be demanded, he resumed it paying an interest rate. For an Argentine speculator it was obvious that this was going to happen: the result is a system that collapses. It’s a good thing that this ultra-speculative craze with flimsy foundations has fallen, it just goes to show how strong bitcoin is.

– How does all this context affect Argentines who invested in cryptocurrencies?

Argentine investors will be affected only if they were leveraged in crypto. There the market shot them and forced them to reduce positions due to the impossibility of maintaining something with debt. Generationally, this adjusts for new entrants: hundreds of thousands who took this as a game: bought one crypto, leveraged another, and bought a third. This is not a game of chance, it is serious: every generation of debutants goes through liquidations of these characteristics. It is a global phenomenon, it does not only happen here and with crypto.

“For an Argentine speculator it was obvious that this was going to happen: the result is a system that collapses”

– Can this crisis spread to other stable currencies, linked to the price of the dollar, such as USDT, widely used in Argentina?

– Terra’s UST is not a stablecoin, is a financial mess. A stablecoin it is to store fiduciary currency, dollars or euros, in a currency board, and against that issue a crypto with a parity that cannot be broken. There are many, but the best one is USDT/Tether, which is somewhat maligned and criticized, but I do not share the criticism. USDT is truly a currency board. It has a minimal gap in the market but it is as part of this noise and the distrust that Terra generated.

– What would you recommend to someone who wants to start investing in crypto right now?

– The market is not a tug-of-war or a game of chance. You always have to study before choosing a product. If it is about crypto, I recommend looking at the price history, analyzing technique and fundamentals and discarding delusional offers that invite crazy profits. Be very careful with pyramid and ponzi schemes. And you don’t have to do what the majority does because that’s a ceiling signal.

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