Pseudonymous Twitter user “Mr. Whale,” also known as “CryptoWhale,” has amassed both massive fanfare and controversy on the social media platform. He describes himself as a “contrarian investor” and his views are widely followed by those that are typically bullish on the cryptocurrency space but, at the same time, he has been accused of being a scammer and worse by the so-called Bitcoin BTC/USD maximalists.
Mr. Whale in an exclusive conversation with Benzinga offered clarity on his views surrounding different aspects of the cryptocurrency space, including on how the communities backing the apex coin and Dogecoin DOGE/USD differ.
About Mr. Whale: Mr. Whale is an anonymous source of cryptocurrency insights who also runs a notable blog on Medium. He has amassed more than 420,000 followers on Twitter.
“The main purpose of my Twitter page is to provide the crypto community with a realistic, honest, and contrarian voice that goes against the moon boys and maximalists,” said Mr. Whale in an exchange with Benzinga.
See Also: How To Buy Bitcoin (BTC)
“My account has grown substantially over the last several months, ranking me as one of the largest crypto accounts in the world.”
A factor that helped Mr. Whale’s popularity on Twitter was Tesla Inc TSLA CEO Elon Musk, who posted “indeed” as a reply to one of his tweets last year. In that tweet, Mr. Whale posted a stinging critique of Bitcoiners venting their frustration at Musk after the latter said the apex cryptocurrency was not environmentally friendly.
Is Mr. Whale Sour On Bitcoin: Mr. Whale was no different from the current breed of Bitcoin believers when he first entered this space in 2013, but his current bearish outlook was locked into place when he apparently discovered the "true nature" of Bitcoin.
“I believe Bitcoin’s fad will eventually die down, alt coins will take over, and regulations will bring a huge hurdle for Bitcoin investors. El Salvador’s Bitcoin bid has already backfired, and most of the world is beginning to question Bitcoin’s true utility, which it’s evidently lacking.”
That’s not the only reason why Mr. Whale is skeptical about Bitcoin. He says the stablecoin Tether (USDT) poses a threat to the cryptocurrency markets.
“Many aren’t aware that 60-80% of all crypto volume is in USDT, which is essentially run by a mafia. [Tether's] fate is inevitable in my opinion, and that will further destroy Bitcoin’s prospects.”
Mr. Whale also noted what he believes are other underlying faults in Bitcoin — particularly its network, such as the Proof of Work (POW) algorithm, which purportedly causes environmental destruction for “little or no benefit.”
Gung-ho On Altcoins And DOGE: Mr. Whale is of the firm opinion that Bitcoin’s reign as the “king” of cryptocurrencies is soon going to end.
“Once something better surpasses it, the crypto markets will begin to act independently of Bitcoin, which is great!”
Among the altcoins, one coin whose community the Twitter celebrity likes is Dogecoin, "which he describes as much more open-minded, respectful, and fun to talk to. I have a huge DOGE following, and have always gotten along with them without any problems! Great people!”
See Also: Is It Getting More Profitable To Short Dogecoin Than Going Long Based On Elon Musk's Tweets?
Ax To Grind: Mr. Whale is engaged in a "war of tweets" with whom he describe as "Bitcoin maxis."
Mr. Whale credits the maximalists for the festering dispute between himself and the Bitcoin crowd.
“My dispute with Maxi’s started with their constant attacks, and FUD [fear, uncertainty, and doubt] campaigns they started against me after I began speaking out against Tether, and other fraudulent or suspicious projects in this space,” Mr. Whale told Benzinga.
Accusing the maximalists of hatred, ignorance and hypocrisy along with deception, he said he has witnessed them weave fake narratives “in an effort to lure in greedy retail investors so they can pump their bags and get rich from these suckers.”
Anonymous Crusader Or Scam Artist: Mr. Whale has been accused of using a “complex web” of more than a dozen accounts and over 34 usernames to earn money on Crypto Twitter by a self-described digital nomad and “freedom maximalist” Cryptonator1337.
The same blogger said that Mr. Whale ran dozens of fake giveaway scams. Additionally, he wrote that Mr. Whale groomed “clients” by luring them with offers of “professional” and “private mentoring” through the use of one-on-one chats through Telegram and Discord.
“In regards to the accusations by a few Bitcoin maximalists against me, it’s all phony and created in an attempt to slander and ruin my reputation,” said Mr. Whale.
“With zero evidence, and zero victims, they are nothing but manipulative lies. But regardless, unlike many of these so-called 'crypto influencers' on here, I’ve never once asked for anyone's trust, nor have I ever shilled any schemes to my followers. I simply share my thoughts.”
On anonymity, Mr. Whale said he is a proponent of it and tries to stay anonymous himself but he can't deny its disadvantages.
“I will admit there are many downsides to it,” said Mr. Whale. “In the current state of the market, I strongly believe the disadvantages outweigh the advantages, just take a look at the volume of funds lost due to exit scams involving DeFi or anonymous players.”
Mr. Whale On Wider Crypto Space: While Mr. Whale’s opinion on Bitcoin is well known, he described cryptocurrencies as the “beginning of a monumental shift in finance.”
“Whether it's long-term adoption mirrors mega booms like the invention of the internet, or tumbles into oblivion like Beanie Babies is inevitably up to the efforts each of us make each day to remain ethical, honest, and rational.”
In the near term though he expects the markets to “contract significantly" throughout 2022 and 2023.
“The real winners of this will be those who can maintain patience, and aren’t tricked into some of the many bull traps we will witness, just like in 2018.”
Read Next: EXCLUSIVE: Dogecoin Co-Creator Billy Markus On The Negatives Of Cryptocurrency, NFTs And Elon Musk
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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