BTC has lost a lot of feathers in the last few weeks. Every year, month, week and day, such crashes are a good reason to declare BTC dead – at least for the more skeptical observers. Others see this as a fabulous opportunity to buy more, shouting “Buy the fucking dip!”.
“So this is the end of BTC”
We start our journey through the BTC dips in 2011. To be precise, on June 20th, when the BTC price fell from $17 (!) to smaller amounts of cents. The problem: MtGox, then the largest (and only) BTC exchange, had fallen victim to an attack and customer data had been stolen. Reason enough to use BTC in a Forbes article to declare dead.
Fun fact: If you had bought BTC for 1,000 US dollars at this point in time, before the first MtGox upheavals, they would be worth almost 1.2 million US dollars today. If you had bought the dip, you would have scratched the billion mark.
“BTC is dead”
Fast forward to February 26, 2014. MtGox had finally maneuvered itself out of business, and the mood in the crypto community could have been better. That’s the headline street insider: “BTC is dead”. In an interview with Citibank’s then Forex boss Steven Englander, the magazine identified the major dangers posed by BTC:
- People (and businesses) on the street are losing confidence in the security of transactions and the safety of their bitcoins
- Other cryptocurrencies with better features are coming and displacing BTC
- Traditional financial institutions use generic BTC technology and compete with cryptocurrency, but without decentralization and in a regulated framework.
Do these arguments sound familiar to you? U.S. as well. Oh yeah, if Steven Englander had put $1,000 into BTC at that point, it would be worth just under $40,000 today.
John McAfee reveals why BTC is a scam
Does anyone remember John McAfee, the paranoid internet millionaire, gun freak and inventor of the McAfee antivirus program? According to the less well-known in this country Natural News he “accidentally revealed” on September 17, 2017 that BTC is a scam. The reasoning? McAffee explained in an interview how Proof-of-Work consensus works and why it makes BTC valuable.
Conversely, the subtle editorial staff of Natural News made a somewhat dented shoe out of it: According to the magazine, if BTC had fallen below USD 1,000 at this point, it would no longer be worth mining:
The only thing keeping BTC mining profitable is the BTC bubble. And because all bubbles eventually burst, BTC mining will also reach the point where it’s no longer worth the investment in hardware, electricity, and time. There is also the 21 million coin limit that is getting closer, which will herald the end of BTC mining anyway.
Mike Adams, Natural News
Had one in May 2022 when Ross Clark in The Spectator “Crypto is Dead” titled, 1,000 US dollars invested in BTC, that would now be just under 600 US dollars. Gone stupid. Or? Not necessarily. In fact, the only way to get $600 would be to sell now. Otherwise you would have 0.000047 BTC, no matter what the current price is. And they can be worth $2,000, $1,000, or nothing in a year.
Anyone who becomes restless in such market phases should consider why they are investing in BTC and the crypto market. Is it pure speculation? Or the technology, a decentralized monetary system? Is it about an alternative system to the euro, US dollar and Co.?
Because fundamentally nothing has changed. The blockchain continues to run rock-solid, now for almost 12.5 years. The current price distortions will not change that.