Bitcoin had a big 2021 as the index raised itself to new heights and yet suffered quite a few setbacks throughout. The largest digital currency by market capitalization has a very dedicated fanbase and it has stood with it through thick and thin, especially when the chips were down. However, just like Bitcoin has a consistent support base, its detractors and skeptics are also plentiful in number. So much so that even though the digital currency got above the coveted $1 trillion valuation earlier, it was declared dead more than 45 times in big media platforms.
Bitcoin has been a major annoyance for conventional economists, investors and other ideologically different professions. Since the cryptocurrency breaks barriers and ruffles feathers along its way, it is often the target of many legacy elements of these sectors. There is also a phenomenon that is repeated all the time; declare Bitcoin dead when the market takes a hit. As soon as the market makes a big correction, you can start seeing news pieces from Bloomberg, CNN, Yahoo, Fox News and others in which the rapid price decrease is dramatized and as a result, the impending crypto doom is prophesized.
This creates panic in the markets and causes amateur traders to liquidate their holdings and drive it further down. We saw this many times this year alone including the infamous May crash in which the crypto dropped from around $50k to as low as $32k in a matter of hours. If you remember from that time around, the social media was full of misleading and outright lying articles about how the crypto is dead as a dodo. Well, it did recover in a matter of weeks and in months had posted a new high above $65k (the then all time high). This tactic worked very well in the past but now the market has matured well and the price decrease has been subdued percentage-wise.
There is an online portal called Bitcoin Obituaries that details every time someone famous or important declares that the crypto sector is dead. According to it, such figures have claimed the end of the digital currency more than 400 times already during the last 12 years or so. Just last year alone, Bitcoin was declared dead more than 45 times alone by a wide range of such figures. Ofcourse they were all proven wrong, like the people before them. Bitcoin didn’t die and instead climbed to new heights and got to more than $1 trillion in valuation and moved beyond that. Ofcourse it is still volatile but it is a great buy for investors who can pick it up at the right price.
Image Source: pixabay.com
Don’t worry, we hate spam too
one weekly digest, just the important stuff.
