Ethereum (CRYPTO: ETH) creator Vitalik Buterin joined a host of critics in mocking the Bitcoin (CRYPTO: BTC) Stock-to-Flow (S2F) model.
What Happened: In a tweet on Monday, Buterin criticized S2F for being one of the financial models that give people a false sense of certainty the price will go up.
Remember who supported S2F and who mocked it even back when it looked like it was accurately describing the trendline.
— vitalik.eth (@VitalikButerin) June 21, 2022
S2F is a widely popular quantitative price prediction model put forward by pseudonymous institutional investor Plan B. According to the model’s hypothesis, the price of Bitcoin would continue on an upward trajectory delivering investors approximately tenfold returns every four years.
The model also predicted the price of Bitcoin would hit $100,000 by the end of 2021 and would be well on its way to the $1 million mark by the year 2026.
Last week, Bitcoin hit a two-year low of $17,708 and a majority of market participants slammed Plan B’s model for “selling hopium” to the masses of retail investors.
See Also: IS BITCOIN DEAD?
Plan B himself responded to Buterin’s criticism by saying that crypto industry newbies and “leaders” were looking to find a scapegoat after a major crash.
After a crash some people are looking for scapegoats for their failed projects or wrong investment decisions. Not only newbies but als "leaders" fall victim to blaming others and playing the victim. Remember those who blame others and those who stand strong after a crash. https://t.co/4nJdHq84pm
— PlanB (@100trillionUSD) June 21, 2022
BTC Price Action: According to data from Benzinga Pro, Bitcoin was trading at $20,795.74 at press time, gaining 2.07% over the last 24 hours.
Photo: Philip McMaster, www.RepublicOfConscience.com via Flickr Creative Commons
