Despite the success of the cryptocurrency sector and the decentralized finance (DeFi) ecosystem, critics have buried Bitcoin 471 times so far.
Data retrieved from the Finbold 99Bitcoins cryptocurrency platform according to despite BTC’s nearly 40% increase in the previous month, the industry’s less enthusiastic supporters have given eulogies four times this year and declared: bitcoin is devalued. Most recently, Robert Park of the Cincinnati Enquirer news site “the biggest Ponzi scheme of all time” declared BTC, while it spent its days at the $23,700 exchange rate level:
“Crypto is a Ponzi scheme. It’s the IT version of what Bernie Madoff did during his investment scam in New York in the 1980s and 90s, which was considered the biggest Ponzi scheme of all time – until now.”
But similar “hymns of praise” were uttered by Jamie Dimon, CEO of JPMorgan Chase, who said that the “bitcoin will go negative”. On January 6, former US Securities and Exchange Commission (SEC) attorney John Reed Stark also stated that “crypto is a scam”.
Despite the rise, many are skeptical
Incidentally, BTC was also declared dead in November 2021 despite changing hands for $67,000. At the time, Sam Leith of The Spectator shared his view that Bitcoin is a ticking time bomb:
“The value of crypto is determined solely by the expectation that there will always be someone else who will pay to take it off your hands. You’re basically betting that you’ll be the last one with the bomb before it goes off.”
Despite the negative reactions, bitcoin is thanking you very much, it is doing well, since it has made significant progress since the end of last year, thanks to which optimism has been somewhat restored in the market. In the last 30 days, it has produced an increase of almost 40%, and at the time of writing this article, its exchange rate stands at $23,806. According to Mike McGlone, chief commodities strategist at Bloomberg, BTC will hit $100,000 by 2025. His opinion is also shared by the cryptocurrency experts of TradingShot, who believe that the price of bitcoin may rise to $150,000 in two years.
Published on the BitcoinBázis page.