BitTorrent token (BTT) has taken the crypto ‘establishment’ by surprise since its launch two weeks ago. Many of the so-called wiser heads of the space called the token a scam that would sink without a trace after the ICO, but the very opposite has happened. With further exchange listings imminent, and new events planned, will BTT be the gift that keeps on giving this month?
Reversing Expectations
The whole BitTorrent experience has, to date, summed up the crypto space almost in microcosm. We’ve had an overhyped ICO based on a hotly debated use case, demand for a token sale so huge that it crashed the platform, and calls for a price crash followed by a 6x gain. It was so reminiscent of 2017 it almost brought a tear to the eye.
The entire crypto space has been left scratching their heads, as Tron fanboys who bought the token at ICO made a killing, while paid group leaders who advised their members against entering the trade fumbled around for excuses. After its initial surge, the price naturally came back down again, where some predicted doom and gloom was imminent:
$BTT poised to follow in the steps of $GRIN. What is $BTT for again? AFAIK torrents work extremely well without any tokens. pic.twitter.com/7NN8eMZ0dr
— Alex Krüger (@Crypto_Macro) February 8, 2019
What these guys seem to forget, however is that we are dealing with Justin Sun, the hype man to end all hype men, and a man who knows exactly what to do to fire up his legion of followers and keep interest in a project going. Indeed, just as the coin was about to fulfill the above prophecy, the “largest and longest airdrop in the cryptocurrency history” got underway at the same time as a listing on the Huobi exchange was announced, twin events that halted the coin’s downward progress and caused it to rebound 20% – a sensational performance considering the state of the market.
What’s Next for BitTorrent?
With the airdrop complete and the coin now on Huobi, is there anything else to come from Justin Sun in order to keep the ship afloat while he and his team, according to some conspiracy theorists, sell their coins while the going is good? You can bet your suddenly expensive download there is. Sun has been busy tweeting away on a variety of topics to make sure that he, and his projects, are in the news. These have included a special Valentine’s Day Tron/BitTorrent promotion featuring “numerous celebrities”, his joy at overtaking Vitalik Buterin in terms of Twitter followers, his temporary custodianship of the Lightning Network torch (which he tried to pass on to Elon Musk and Kobe Bryant), and the imminent addition of new exchange listings. All of these have happened in the last week, which is no coincidence, and has led to prominent Crypto Twitterati suggesting that there may be much more to come from the BitTorrent token:
Where are those people that were calling for a full $BTT retrace
— Gat (@TheGemClub) February 12, 2019
I would not be surprised to see another wave of $btt hype coming
got myself a bag on retracement just in case pic.twitter.com/Qawm2Lts0k— CryptoBirb (@crypto_birb) February 11, 2019
In a space that still, two years after the first rumblings of the epic bull run began, responds more to rumor, hyperbole, and promises than technology, genuine partnerships, and diligent work. BitTorrent token and the Tron project has every chance of making investors very wealthy indeed, in spite of the premonitions, or wishes, of those who feel they are not deserving of such rewards.
