Expert savages Bitcoin amid plunging crypto values

Bitcoin is Dead

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Categories: Cryptocurrency

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Expert savages bitcoin and claims it is basically dead

Bitcoin users are beginning to wonder if the blockchain is officially dead after its ninth consecutive month of languishing. In a scathing opinion piece on Tuesday, Bloomberg writer Jake Lloyd-Smith brutally tore down the digital token.

Calling BTC a “train wreck” and “absolutely dire”, the author pointed out it was  possible the coin could plunge so low as four digits in the near future. Bitcoin is currently worth five figures, at US$19,566 (A$29,000) at time of writing.

That’s a significant decline when you consider that the crypto hit an all time high in November last year of US$69,000 (A$99,000) per coin. Overall, that means the digital asset has plunged more than 70 per cent since then. So far this year, it is down 60 per cent in terms of its return on investment. In fact, all bitcoin’s gains over the last two years of the pandemic have pretty much been wiped.

Cryptocurrency is closely aligned with the traditional stock market and it has not been a great year for stocks as the Ukraine-Russian war, inflation and fears of a global recession markets like Dow Jones have tanked and entered a bear run.

‘With delicious irony, the same week it (bitcoin) registered a record, the Fed warned of perilous plunges for risky assets should the economy take a turn for the worse. As the US central bank responded belatedly to inflation, Bitcoin tanked.”

On Tuesday morning, a Kenyan economist, Patrick Njoroge, said through a now-viral tweet that he should be put in a mental asylum if he ever poured his cash into bitcoin. “I can assure you that I have a lot of people who have been pushing me to put our reserves in bitcoin. If I do that, please put me in Kamiti (jail) and throw away the key because I’ll be out of my mind”.

Bitcoin , blockchain ,Train wreck ,absolutely dire ,Cryptocurrency, coin crypto, crypto news, bitcoin price, BTC dead, US Dollar, Digital Assets, Stock market


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