Cryptocurrency Critics (Wrongly) Predict The Death Of Bitcoin Where BTC Development Is Flourishing
Critics (Wrongly) Predict The Death Of Bitcoin
If there is anything that fuels the bitcoin market, it’s speculation which comes from all ends. There are the extreme crypto enthusiasts who predict that bitcoin will rise back to its record high of $20,000. There are also those who claim that it will one day reach a million dollars in value.
The biggest speculation, in some cases, comes not from enthusiastic themselves but from the Bitcoin critics who have, since its inception, predicted its ultimate downfall being around the corner.
A History In Headlines
Like a twitter user @scarfacetrader pointed out, Forbes has a history of falsely predicting the end of Bitcoin. In 2011, they published a story titled ‘So, that’s the end of bitcoin then?’ When the price of a single Bitcoin was $15.15.
“They’re not liquid, nor a store of value & the price collapse shows they’ll not be a great medium of exchange either as who would want to accept them? Bitcoin has nothing going for it,” the story said.
In 2013, when the price had risen to $110.68, they published yet another story titled, ‘Game Over, Bitcoin’
“The bubble has burst & now all that's left is to watch its steady & inexorable decline. So what now? It will crash & disappear like http://Pets.com & Lehman Brothers, existing only in the memories of Economists,” they proudly proclaimed, even as bitcoin’s rise continued, unphased.
Even when people aren’t predicting the so-inevitable end of Bitcoin, they are constantly underestimating just how much potential it has to rise.
Case in point, Blocktower chief investment officer Ari Paul has said that he was previously over-optimistic about how quickly institutional investment would find its way to the crypto industry.
“I’ve been too optimistic about the pace of institutional adoption in the past. It’s coming, but I can’t estimate which quarter (Whether that’s this year or 2022) that we’ll see a big spike. As a humble guess, something like Q3 2019,” Paul said.
However, within two weeks of his making this statement, JP Morgan made he announce that they would be launching the JPM coin, their very own Cryptocurrency. Morgan Creek also made history by being the first pension fund to make an investment in Cryptocurrency.
On top of this, Nasdaq launched both bitcoin and Ethereum indices.
Contrary to Paul and other people’s predictions, institutional investment found its way to the crypto industry sooner rather than later and the market continues to rise despite the odds.