Mainstream Media Seems to Have Waved the White Flag on Bitcoin…Does This Signal the Bottom?
The mainstream media has once again declared the crypto industry to be dead for the upteenth time.
In regards to the matter, Kevin Dowd, Professor of Finance at Durham University, was recently quoted as saying:
“I believe bitcoin will eventually go to zero and so too will many bitcoin look-alikes. So the question is, what will survive? Ripple looks dodgy, so I don’t think that will last either.”
Dowd was part of a three-member panel that was selected by the Korean Times to talk about the future of the crypto sector (as well as the current state of the traditional financial market).
Sarin: “The important question is ‘When will Bitcoin hit zero?”
During the aforementioned event, Atulya Satin of Santa Clara University spoke at length about how similar BTC was similar to “Tulips and Beanie Babies during their heydays”. In his opinion, Bitcoin is bound to implode in the coming future and that it was only a matter of time till the premier crypto asset bottomed out financially.
However, former chairman of the Hong Kong Securities and Futures Commission, Andrew Sheng, was of a different opinion since he believed that the falling prices of BTC indicated that the currency still had some market worth. On the subject, he went on to add:
“Cryptocurrencies operate on the belief that the currency can be created through technology, such as blockchain that is uncrackable, and therefore the currency is limited in production, has value and its value is determined by the belief that using the currency would avoid third-party knowledge of the transaction, especially taxation, foreign exchange controls and anti-money laundering.”
More on the Matter
Over the past couple of weeks, many mainstream media outlets such as Bloomberg have once again been going on the offensive against crypto, claiming the domain to be “dead for good” this time around.
This assertion is backed by the fact that a majority of altcoins have lost a whopping 90% of their value over the past 12-14 months. Not only that, even Bitcoin has been trading sideways for the better half of the past two months— with the currency showcasing very little real monetary movement.
In closing out this article, it is worth pointing out that while many “so called experts” go on claiming that the crypto sector is done with, the US government currently faces a debt that is estimated to be worth trillions of dollars.