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    It is always important to recognize your friends as well as foes in life.
    Likewise, bitcoin too has its friends and enemies. However, in this case, 비트코인 recognizing who a friend is and who a foe is, is quite difficult. For transparency, let's dig in more and find out what works in the best interest of the spearheaded cryptocurrency and 비트코인 what does not.

    Meet the Friends & Foes of Bitcoin HODLers HODLers are the people who hold on to their cryptocurrency investment for a long time irrespective of the price graph going down. There are some who hang on until the value of the cryptocurrency they invested in reaches their target price and then they opt to sell out.

    On the other hand, the rest hang on no matter what. Hence, this class forms a very important part of the crypto community. This bunch of people drives stability in the price of cryptocurrencies. If you want to know how they do this, then let me clarify that they usually focus on buying cryptocurrency when there is a price drop.

    However, when there is a price spike by a great extent, they sell off their assets to prevent the market from getting overheated. Thus, 비트코인 HODLers keep the market in control. When we reached out to a renowned cryptocurrency influencer hailing from India, he added that the task of HODLers does not end here.

    They also contribute to maintaining the supply of bitcoin. Therefore, HODLers are undoubtedly the friends of bitcoin. Speculators Speculators are the controversial participants in the crypto space.
    They can either influence the market positively or negatively. The credits for the volatility of the crypto market go to speculators. Whenever there is a bull run, it is mostly fueled by these people. Again, when the market goes bearish, it is mostly because of the speculators who initiate the sell-offs.

    Speculators are the people who trigger uncertainty in the market by screaming out 'bubble' when the bitcoin price goes up at a rapid rate and are also the ones shouting out 'bitcoin is dead' when the price goes down quickly. Therefore, speculators are the people who can be termed as frenemies of bitcoin. They do cause harm to the market.

    Conversely, they bring in liquidity in the crypto market and create the much-needed hype and buzz required in the market. Banks Bitcoin is a digital asset that does not require any intermediary to trade it even across the borders unlike fiat money.

    Fiat money necessitates the need for banking services for transactions. When it comes to the stance of banks on bitcoin, there are three different categories. Some banks are least affected by the existence of cryptocurrency or do not acknowledge the existence at all. Some are actively hostile towards cryptocurrency and go beyond their way to term bitcoin as bubble or 비트코인 scam in a move to mislead people.

    The third category includes the banks that are crypto loving. They are ready to extend their services to the crypto industry and openly claim that they support crypto. Considering the fact that bitcoin has the potential to disrupt the entire financial system globally, it is quite obvious that banks would remain anxious or worried.

    Thus, banks are bitcoin's foes. Governments The fiat currency in circulation in every country is issued by the respective government. These currencies compete against one another while seeking dominance and relevance.
    Bitcoin can also be considered as one of the currencies that has been seeking relevance but it is not backed by any government or its designated bank. Although different governments have different stance on bitcoin yet most of the governments would prefer that their citizens use bank issued notes.

    Despite exceptions, governments are bitcoin's foes in general. Every crypto enthusiast needs to have a clear picture of the friends and foes of bitcoin to have a broader insight into the arena. Hemant Jadhav is a with an expertise in technological content.

    Besides being a and an avid learner, he is an excellent content marketer. He wrote this article to educate his readers about the Friends & Enemies of Bitcoin.

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