‘Bitcoin Is Dead’- Crypto Market Carnage Invokes Haters and BTC Obituaries
Digital currency markets have shed billions in value over the past week and during the market carnage, bitcoin haters have come out in flocks. Moreover, according to numerous crypto skeptics, bitcoin has officially died 21 times this year and this week’s downturn is sure to provide another eulogy.
Bitcoin Haters Step Out to Troll Crypto Proponents
On April 14, 2021, the price of bitcoin (BTC) tapped an all-time price high at $64,895 per unit, and then slid to a low of $30,066 a touch over a month later on May 19. That’s a percentage loss of 53% down from the high.
Tesla has 💎 🙌— Elon Musk (@elonmusk) May 19, 2021
BTC has regained some of the losses it has taken on Wednesday morning, but is still down quite a bit from yesterday’s price highs. Market trauma like this causes numerous bitcoin haters to come out of the woodwork, as many feel the need to explain to the public that crypto is nothing more than speculative ‘tulip mania.’
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!— Nouriel Roubini (@Nouriel) May 19, 2021
The gold bug and economist Peter Schiff believes that this is a full-fledged “bitcoin bear market.”
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.— Peter Schiff (@PeterSchiff) May 19, 2021
Meanwhile, droves of BTC supporters are unshaken it seems, and many believe the bad times will soon be over. “For those new to crypto, please let me introduce our old friend honey badger. Honey badger don’t care,” Watchdog Capital’s Bruce Fenton said on Wednesday.
“Not concerned,” the host of the Youtube show ‘Colin Talks Crypto’ stressed. “Bull run is still on. I sold a small bit of BTC and ETH yesterday. Going to re-buy lower,” the Youtuber added on Wednesday.
2021 Has Seen Approximately 21 Bitcoin Obituaries
2021 has seen all-time highs (ATH) as far as a number of crypto assets are concerned and BTC spiked 2x higher than 2017’s previous ATH. However, 2021 has seen a number of “Bitcoin Obituary Stats,” as approximately 21 deaths have been recorded on the web portal 99bitcoins.com.
So now that #Bitcoin is dead again what are you all up to?— Ben Kaufman (@_benkaufman) May 19, 2021
BTC had a recent obituary published on May 18, 2021, which was written by The Independent author Tim Mullaney. The death sentence called “The Harsh Truth About Crypto” explains why Mullaney truly believes BTC is “basically nothing.” The Independent author 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 opinion highlights that bitcoin isn’t much of a ‘revolution’ unless someone can tell him what the “revolutionary technology does in the real world.” The author concludes that “Amusing Elon doesn’t count. For crypto, t’aint much.”
In addition to Mullaney’s opinion editorial, there’s 20 more obituaries that stress bitcoin is sitting in a casket while this article is written. At the time of publication, at 11:30 a.m. (EST) on Wednesday, bitcoin (BTC) is exchanging hands for $36,979 per unit.