Digital currency markets have shed billions in value over the past week and during the market carnage, bitcoin haters have come out in flocks. Moreover, according to numerous crypto skeptics, bitcoin has officially died 21 times this year and this weekâ€™s downturn is sure to provide another eulogy.
Bitcoin Haters Step Out to Troll Crypto Proponents
On April 14, 2021, the price of bitcoin (BTC) tapped an all-time price high at $64,895 per unit, and then slid to a low of $30,066 a touch over a month later on May 19. Thatâ€™s a percentage loss of 53% down from the high.
BTC has regained some of the losses it has taken on Wednesday morning, but is still down quite a bit from yesterdayâ€™s price highs. Market trauma like this causes numerous bitcoin haters to come out of the woodwork, as many feel the need to explain to the public that crypto is nothing more than speculative â€˜tulip mania.â€™
On Wednesday, the bitcoin hater Nouriel Roubini tweeted about BTC after the prices plunged to new 2021 lows.
â€œBitcoin falls more than 40% from its peak in less than one month. Which institutional investors are reckless enough to invest in such a risky and volatile pseudo-asset with no intrinsic value? Roubini asked. â€œThey should be fired on the spot if undertaking such a reckless speculative gamble,â€ the skeptic further added.
The gold bug and economist Peter Schiff believes that this is a full-fledged â€œbitcoin bear market.â€
â€œThe most bearish aspect of the Bitcoin bear market is that itâ€™s been slow and steady, at least by Bitcoin standards,â€ Schiffâ€™s tweet noted on Wednesday. â€œSo far there hasnâ€™t been a crash that would indicate capitulation. Instead, Bitcoin bulls remain steadfast, their faith unshaken as they confidently buy every dip.â€
Meanwhile, droves of BTC supporters are unshaken it seems, and many believe the bad times will soon be over. â€œFor those new to crypto, please let me introduce our old friend honey badger. Honey badger donâ€™t care,â€ Watchdog Capitalâ€™s Bruce Fenton said on Wednesday.
â€œNot concerned,â€ the host of the Youtube show â€˜Colin Talks Cryptoâ€™ stressed. â€œBull run is still on. I sold a small bit of BTC and ETH yesterday. Going to re-buy lower,â€ the Youtuber added on Wednesday.
2021 Has Seen Approximately 21 Bitcoin Obituaries
2021 has seen all-time highs (ATH) as far as a number of crypto assets are concerned and BTC spiked 2x higher than 2017â€™s previous ATH. However, 2021 has seen a number of â€œBitcoin Obituary Stats,â€ as approximately 21 deaths have been recorded on the web portal 99bitcoins.com.
BTC had a recent obituary published on May 18, 2021, which was written by The Independent author Tim Mullaney. The death sentence called â€œThe Harsh Truth About Cryptoâ€ explains why Mullaney truly believes BTC is â€œbasically nothing.â€ The Independent author adds:
Mullaneyâ€™s opinion highlights that bitcoin isnâ€™t much of a â€˜revolutionâ€™ unless someone can tell him what the â€œrevolutionary technology does in the real world.â€ The author concludes that â€œAmusing Elon doesnâ€™t count. For crypto, tâ€™aint much.â€
In addition to Mullaneyâ€™s opinion editorial, thereâ€™s 20 more obituaries that stress bitcoin is sitting in a casket while this article is written. At the time of publication, at 11:30 a.m. (EST) on Wednesday, bitcoin (BTC) is exchanging hands for $36,979 per unit.
What do you think about the recent hate toward bitcoinâ€™s market downturn and the 21 bitcoin obituaries published on 99bitcoins? Let us know what you think about this subject in the comments section below.
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