This is the third time that BTC has experienced a bear run since its launch. Looking at past bear runs, this one happens to be one of the most prolonged runs ever. BTC critics have come out to state that it is only a matter of time before the cryptocurrency eventually hits the zero mark.
The Bear Run
The cryptocurrency market has been on a prolonged bear run in the past few weeks which has led to many skeptics coming out to voice their opinions. According to a report published by the Korean Times, many crypto experts are claiming that it is not a matter of whether BTC will hit zero, but rather when this will occur.
Many crypto experts who spoke with the publication are claiming that cryptocurrencies have a very bleak future ahead. They are also expecting that a majority, if not all of them will experience a price drop as the bear run continues. According to Atulya Sarin, a professor of finance at US-based Santa Clara University, Bitcoin cannot be equated to new technologies.
This is because the cryptocurrency has been around for more than ten years. The professor goes on to state that despite being around for the longest time, no one has been able to come up with a viable use case scenario for it. Atulya is convinced that all individuals do with bitcoin is transact with it.
When you look at it this way, it means that the crypto is not very different from Beanie and Tulips when they were at the top of the world—and everyone knows what later on became of the two. This means that it is only a matter of time before bitcoin starts to depreciate and its prices hit rock bottom.
Kevin Dowd, a renowned finance and economics professor at the UK-based Durham University shares a similar line of thought. The Business School professor starts by saying that many cryptocurrencies are scam ventures and that many of them have already passed on. He holds the opinion that bitcoin, together with all its look-alike will at some point in the near future hit the zero mark. According to him, the only thing left is to try and determine which crypto will weather the storm.
Cryptocurrencies Are Likely Going to Fall Back To More Stable Prices
Andrew Sheng who works with a global think tank based in Hong Kong is a distinguished fellow attached to the Fung Global Institute. Andrew is also the previous chairperson of the Hong Kong Securities and Futures Command. He was also quick to share his views on the cryptocurrencies and their prices.
According to Andrew, cryptocurrencies have always operated on a belief that the tokens can easily be generated using technology, e.g., the blockchain, which many people assume cannot be cracked. This means that the production of the currency tends to be limited. However, he is not convinced that there is a single system in the world that cannot be cracked.