Peter Lim, Singaporean businessman and well-known entrepreneur, brags an estimated wealth of around $2 billion USD. With investing as one of his business ventures, it has been rumoured that the business mogul has invested in Bitcoin to add to his wealth. In this, we explore whether this is true as we investigate whether Peter Lim has used trading platforms and automated Bitcoin bots to trade cryptocurrencies.
Has Peter Lim traded Bitcoin using trading bots?
In 2019, Peter Lim filed a police report against media that used Lim’s identity in false reports of Bitcoin trading. According to a legal spokesperson, fake news sites had used the entrepreneur’s name and stolen pictures to impersonate him to entice people to use trading platforms he allegedly endorsed. However, the news and rumours of his advocacy for the trading platforms are false. Peter Lim has not used trading platforms such as Bitcoin Revolution, Wealth Loophole, and Bitcoin Trader to trade Bitcoin and increase his wealth. As according to Lim’s spokesperson in 2019:
Of late, we have been alerted to many online scams over social media – stealing the identity of and impersonating Mr Lim, trying to trick the public of their hard-earned money. We have reported the matter to our local police and hope that the public does not fall prey to such scams. There is no such thing as ‘get rich quick schemes’”
What is Peter Lim’s net worth?
Why is Peter Lim associated with Bitcoin trading bots?
It would seem that any rumours spread regarding Peter Lim and any Bitcoin trading systems or automated trading platforms are as a result of media and blogs enticing users to their site. This is to drive clicks and traffic to their sites with false clickbait news and fake reporting. Bitcoin systems are commonly associated with celebrity endorsements because of the influence that celebrities attract from their following.
Because of the nature of media and the ease of spreading fake news, it’s important to research anything before believing it to be true.
What is a Bitcoin trading platform?
The trading platforms falsely associated with Peter Lim are platforms through which users can transact and trade Bitcoin and other cryptocurrencies. The automated trading platform used to trade Bitcoin makes use of clever software which analyses data algorithmically and explores market movements to see what direction Bitcoin and other cryptocurrencies might take. Traders who use Bitcoin trading platforms need not actively watch the market because the trades happen on their behalf by the bots.
This means active trading is not necessary and passive income from the trades can be enjoyed. Often the trading bots are able to pick up on trends quickly before the market makes a turn in a particular direction and will trade Bitcoin accordingly for the user to generate maximum profit. This means that human error such as FOMO, concerns of market shifts, and inaccurately reading the market is reduced as the trading platform conducts your trades instead. Most platforms have the option of manual trading too, but the main feature is the ease of trading through the algorithmic software.
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