Is Bitcoin Dead ? Here’s What Experts And Trends Suggest

Is Bitcoin Dead ? Here’s What Experts And Trends Suggest

2022-06-23 | Selina Mathew

Is Bitcoin Dead ? Here’s What Experts And Trends Suggest

Introduction

Bitcoin is dead. It’s over. It’s finished. The news has been filled with obituaries for the largest cryptocurrency by market cap, and some of them have predicted its early demise hundreds of times already.

But here’s something you may not know: If you listened to all those declarations that Bitcoin was dead, you would never have been able to cash in on the thousands of percent gains it experienced in the past decade.

The Bitcoin Obituaries list on 99bitcoins.com has listed the top cryptocurrency as dead 455 times, with experts and news media alike predicting its demise in the past. However, each time the asset has surprised naysayers to rise again.

The latest example of this phenomenon took place in February 2019 when bitcoin's price surpassed $4,000 for the first time since November 2018.

 In fact, during that same month, it even hit an all-time high of $5,200 before sliding back down again over a short period of time owing to economic uncertainty across several countries including Turkey and Venezuela (both countries were experiencing hyperinflation at that point).

Here’s what two crypto experts had to say about this, and what trends indicate about BTC’s future path:

You may have noticed that Bitcoin has taken a bit of a beating lately. It’s down over 50% since its peak in December 2017 and many experts are declaring it dead or dying.

But is it really?

Joining Peter Schiff on the “Bitcoin is dead” train are some big names in crypto: Anthony Pompliano, a partner at Morgan Creek Digital; George Soros and Bill Miller (the fund manager who was reportedly responsible for betting against Black Monday).

 They all believe that Bitcoin has no future as a currency and will ultimately go to zero.

Pompliano asserts that this isn't just bad news for crypto enthusiasts—it's also terrible news for anyone who owns BTC because if other people start selling their coins too fast, you'll miss out on any profits you could've made from holding onto your own coins until they're worth more money!

"The only way to play this right now is not to sell," he says in an interview with CNBC's Fast Money. "I don't mean buy more; I mean to hold what you have."

Peter Schiff’s recent declaration that “Bitcoin will not recover” is just another addition in a long list of obituaries for Bitcoin.

The Euro Pacific Capital CEO has been no secret about his lack of faith in cryptocurrencies.

Just this week, he declared Bitcoin “dead” more than 1400 times on Twitter after BTC broke the $4,000 level for the first time since September 2019.

Peter Schiff is a well-known economist who has written multiple books on the subject of economics and finance. He has also predicted several major crashes in the stock market, including the dot-com bubble in 2001 and the 2008 financial crisis.

Schiff has called Bitcoin “dead” more than 1400 times on Twitter after BTC broke $4K for the first time since September 2019.

In addition to his predictions about Bitcoin's price, Schiff also predicts that its value will plummet further until it reaches zero.

He believes this will happen because governments around the world will eventually shut down cryptocurrency exchanges or ban them altogether due to their perceived use for criminal activities such as money laundering and terrorism financing (which are indeed used by criminals).

BTC/USD 1 DAY PRICE CHART - SOURCE - COINMARKETCAP.COM

The death of bitcoin has now been declared over 3,000 times since it was created in 2009. Its demise has been predicted by everyone from Wall Street experts like Jim Cramer and major economists like Nouriel Roubini.  Even celebrities like LeVar Burton have criticized Bitcoin and called it useless.

The death of bitcoin has now been declared over 3,000 times since it was created in 2009. Its demise has been predicted by everyone from Wall Street experts like Jim Cramer and major economists like Nouriel Roubini. Even celebrities like LeVar Burton have criticized Bitcoin and called it useless.

Conclusion

But is this really the end for Bitcoin? What do you think? Will BTC recover? What do you believe will happen to the price of bitcoin now that it has fallen below $8,500. read more @ Top Cryptocurrency News

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