The cryptocurrency market has dropped billions of dollars in value over the past week and during the market carnage. And now, people with a negative attitude towards Bitcoin have appeared in herds. Moreover, according to them, Bitcoin has officially died 21 times this year and this week’s downturn will surely make them cry yet another eulogy.
Bitcoin haters are trying to troll crypto supporters
On April 14, 2021, Bitcoin price hit an all-time high at $64,895 and then dropped to as low as $30,066 just a month later on May 19. 53%.
BTC has recovered a bit at the time of writing but is still down quite a bit from yesterday’s high. Market trauma like this gives many people who have a negative attitude towards Bitcoin the opportunity to criticize it. Quite a few argue that cryptocurrency is nothing more than a speculative tulip bubble.
One of the famous Bitcoin haters, Nouriel Roubini tweeted about BTC after the price dropped to a new 2021 low as follows:
“Bitcoin falls more than 40% from its peak in less than one month. Which institutional investors are reckless enough to invest in such a risky and volatile pseudo-asset with no intrinsic value? They should be fired on the spot if undertaking such a reckless speculative gamble.”
Meanwhile, renowned economist and gold man, Peter Schiff believe that the BTC bear market has officially begun.
Schiff said:
“The most bearish aspect of the Bitcoin bear market is that it’s been slow and steady, at least by Bitcoin standards. So far there hasn’t been a crash that would indicate capitulation. Instead, Bitcoin bulls remain steadfast, their faith unshaken as they confidently buy every dip..”
Meanwhile, it seems that a lot of BTC supporters are still undeterred and many believe that the bad times will end soon.
BTC has died 21 times in 2021
2021 saw an all-time high as BTC spiked 2x from the previous ATH in 2017. However, 2021 has seen some “Bitcoin Obituary” data. , as about 21 ill-fated cases were recorded on the 99bitcoins.com portal.
Source: 99bitcoins
BTC had a recent obituary published on May 18, 2021, written by The Independent author Tim Mullaney. The death sentence is known as the “Hard Truth About Crypto,” which explains why Mullaney really believes BTC is essentially nothing.
The author of The Independent adds:
“And that’s why the world’s most-traded cryptocurrency is worth basically nothing… Don’t even start on the notion that bitcoin is a currency or a store of value, or a hedge against inflation. The unstable price chart belies all of those notions, as does exposure to bitcoin advocates, none of whom will be running the Federal Reserve soon.”
Mullaney’s comments emphasize that BTC is not revolutionary unless someone can tell him about revolutionary technologies in the real world. In addition to Mullaney’s opinion piece, 20 other obituaries are highlighting that Bitcoin is in a coffin. At press time, BTC is trading around $37,670, down more than 13% over the past 24 hours.
Read more:
- CEO Of Microstrategy, Michael Saylor Is Confident Of The Company’s BTC Strategy Adding The Phrase ‘Bitcoin Forever’ On Twitter
- Major Cryptocurrency Exchanges Look To Be Struggling Under Heavy Traffic, Coinbase, Gemini, And Kraken Are All Reporting Technical Issues
- Cryptocurrency-Related Stocks Led By Tesla And Coinbase Fell As Bitcoin Price Dropped To New Session Lows