Digital currency markets have shed billions in value over the past week, and bitcoin haters have appeared in herds during the market carnage. According to numerous cryptoskeptics, Bitcoin officially died 21 times this year, and this week’s downturn is sure to deliver another eulogy.
Bitcoin haters step out to troll crypto advocates
Bitcoin (BTC) price hit an all-time high of $ 64,895 per unit on April 14, 2021, and fell to a low of $ 30,066 per touch a month later on May 19. This corresponds to a percentage loss of 53% off the height.
Tesla has 💎 🙌
– Elon Musk (@elonmusk) May 19, 2021
BTC has regained some of the losses it suffered on Wednesday morning but is still down well below yesterday’s price highs. Such a market trauma leads to the fact that numerous Bitcoin haters come out of the woodwork, as many feel the need to explain to the public that crypto is nothing more than speculative “tulip madness”.
On Wednesday, Bitcoin hater Nouriel Roubini tweeted about BTC after prices fell to new lows of 2021.
“Bitcoin drops more than 40% from its peak in less than a month. Which institutional investors are ruthless enough to invest in such a risky and volatile pseudo-asset with no intrinsic value? Asked Roubini. “You should be fired immediately if you play such a ruthless speculative game,” added the skeptic.
The gold bug and economist Peter Schiff believes this is a full-fledged “Bitcoin bear market”.
“The most bearish aspect of the Bitcoin bear market is that it has been slow and steady, at least by Bitcoin standards,” said Schiff’s tweet on Wednesday. “So far there has not been a crash that would indicate surrender. Instead, Bitcoin bulls stand firm and their beliefs unwavering as they confidently buy every dip.”
Meanwhile, throngs of BTC supporters seem steadfast, and many believe the bad times will soon be over. “For those of you who have no experience with crypto, I would like to introduce you to our old friend Honey Badger. I don’t care honey badger, ”said Bruce Fenton of Watchdog Capital on Wednesday.
“Not worried,” emphasized the host of the YouTube show “Colin Talks Crypto”. “The bull run is still going on. I sold a bit of BTC and ETH yesterday. I will buy back lower, ”added the Youtuber on Wednesday.
2021 saw roughly 21 bitcoin obituaries
2021 saw all-time highs (ATH) for a number of crypto assets, and BTC rose two times higher than the previous ATH from 2017. However, in 2021 there have been a number of “Bitcoin obituary statistics” since on the 99bitcoins.com web portal about 21 deaths were registered.
So, now that #Bitcoin is dead again, what are you all up to?
– Ben Kaufman (@_benkaufman) May 19, 2021
BTC recently published an obituary on May 18, 2021 written by independent writer Tim Mullaney. The death sentence, titled “The Hard Truth About Crypto,” explains why Mullaney truly believes that BTC is “basically nothing”. The independent author adds:
And that’s why the world’s most traded cryptocurrency is basically worthless. Don’t even start with the idea that Bitcoin is a currency or a store of value or a hedge against inflation. The unstable price chart belies all of these beliefs, as does commitment to Bitcoin proponents, none of whom will soon head the Federal Reserve.
Mullaney’s opinion highlights that Bitcoin is not a major “revolution” unless someone can tell it what the “revolutionary technology is doing in the real world”. The author concludes that “Amusing Elon doesn’t count. Not much for crypto.”
In addition to Mullaney’s opinion board, there are 20 other obituaries emphasizing that Bitcoin is in a coffin while this article is being written. At the time of writing, on Wednesday at 11:30 a.m. (EST), Bitcoin (BTC) is trading hands for $ 36,979 per unit.
What do you think of the recent hatred of the Bitcoin market downturn and the 21 bitcoin obituaries published on 99bitcoins? Let us know what you think on this matter in the comments section below.
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