395 Deaths

Quiz question: what has been declared dead at least 395 times, but is still going strong? My fellow crypto-heads already know the answer: it's bitcoin. The recent crash that saw bitcoin's price tumble down from almost 42,000 to slightly above 32,000 dollar caused a lot of panic among inexperienced newcomers to this space, and motivated another series of articles and interviews that declared bitcoin dead.

The latest in a long line of bitcoin eulogies is the article The Bitcoin Dream Is Dead by James Surowiecki. The subtitle reads as follows: "Bitcoin’s recent 25% plunge illustrates why it will never be a true currency." It's funny how the author uses the term "true currency" here as if fiat money is true currency. Also, we in the cryptosphere have long ago decided and recognized that bitcoin isn't a true currency; it's a store of value and will remain volatile for years to come, as does any asset that hasn't yet reached mainstream adaptation. If you want an overview of all 395 times bitcoin has been declared dead in media outlets with a global reach, visit Bitcoin Obituaries.

In this post I'd like to briefly discuss a potential new reason why bitcoin will face new opposition in the mainstream media. You've no doubt seen or heard the news that recently many big investors have taken the plunge into bitcoin and ethereum as well. The same voices that have vilified cryptocurrencies as ponzi-schemes are now investing their millions and billions in bitcoin, in part because they understand all too well that the printing of new fiat money has gone haywire with central banks charging interest fees of almost 0 percent, and that this money will soon be worth nothing. In December these big investors bought more bitcoins than were mined, driving its price up significantly. This continued in January as well, and the 25% dump occurred at the same time we saw the U.S. Dollar make a short come-back. These big investors are part of the upper class, the infamous 1%, who became filthy rich by understanding how markets work, and by being greedy. And I suspect that they are the ones who have been and will be responsible for much of spreading of the Fear, Uncertainty and Doubt that will cause many newcomers to sell their bitcoin; they now have an invested interest in seeing bitcoin's price drop so that they can buy another batch of cheap value-protection.

Like I said, this is just a short post; please watch the below linked video for more on this subject. This is not financial advice, but in my opinion now's not the time to sell; bitcoin will see many more plunges and will stay very volatile for some time to come, but in the end its fundamentals are strong, and after the banks succeed in their plot to eliminate all cash money, bitcoin and other cryptocurrencies will be the only real money we have left...

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