CEO of US Global Investors told what will happen to mining if BTC falls to $12,000
According to CEO of US Global Investors Frank Holmes, $12,000 is the threshold price. It will make the mining of cryptocurrencies unprofitable and will force miners to think about stopping their work.
Earlier, Holmes suggested that because of the presence of a large number of millennials in the industry, BTC may well become a competitor to gold and become a full-fledged means of savings. All of this is based on a high level of trust in new technologies. However, against the backdrop of the situation in the crypto market, he noted:
At a BTC price of $12,000, the implication is that the average user will turn off their hardware.
As of this writing, the bitcoin price is $19180.1 per coin.
Despite the active battle for momentum between the bulls and the bears, miners have remained unconcerned with these processes. It confirms the level of sophistication that occurred in October. However, if the $12k forecast becomes a reality, it will turn into a disaster for miners. It will be especially critical in light of the EU's recent proposals to halt cryptocurrency mining.