According to media reports, today, as the price of Bitcoin dropped to $ 30,000, mainstream media began reporting a market crash, announcing that the main cryptocurrency was dead. As it turned out, this is not the first time the main cryptocurrency has “died”.
Since Bitcoin was presented to the general public in January 2009, it has been declared dead more than 400 times. This happened for the first time in December 2010, the last time – after yesterday’s price drop to $ 30,000. Negative stories about bitcoins appear mainly during the fall in prices.
Obituaries for Bitcoin
According to the 99bitcoins portal, most often Bitcoin died in 2017. In the same 2017, China began to ban BTC trading, which many analysts saw as the beginning of the end for cryptocurrency.
Despite this, that year the price of the leading digital asset rose from $ 998 to more than $ 19,000. On January 1, 2018, the rate was already $ 13,400.
Criticism cannot ignore points such as Bitcoin’s price volatility, the mystery of its creator Satoshi Nakamoto, and its decentralized structure that makes it easier to use Bitcoin in illegal transactions. All this makes Bitcoin the most “scandalous” cryptocurrency. In publications, cryptocurrency even called “money from the game” Monopoly””. Not to mention the massive drop in prices. The digital currency market has lost billions in value over the past week, and the price of altcoins has dropped 30-60% throughout the day. However, all of the above does not prevent bitcoin from entering the trends of search engine queries.
Note that the market is already stabilizing and we see that Bitcoin is not going to disappear anywhere – like Ethereum, XRP and other cryptocurrencies, for which there was a significant drop in rates.
The latest market decline was nothing new for Bitcoin and other cryptocurrencies. Seeing how many times Bitcoin has been declared dead, it becomes clear that it will “die” more and more. However, this doesn’t mean that such statements will be true. Bitcoin continues to live and prepares for the third halving, or, as this event has already been dubbed in the community, “quantitative tightening”.
Bitcoin’s original concept was to bring financial freedom to the world. Even now, it can also bring prosperity to people in economically underdeveloped regions. We can only say that people use it more as a speculative tool. The stock market is risky, and investing must be careful.
However, experienced traders know that the current market decline is normal. Since with each peak in any financial market, there is inevitably a fall in value. And despite the market crash, experts still believe that the stock market will recover.
Earlier this week, billionaire Mike Novogratz said the Bitcoin rally was just beginning and urged investors to watch out for opportunities ahead of another price spike.