After Bitcoin went through two months without major price movements, investors were surprised with a drop of more than 10%. Perhaps faster than the crash itself, news calling Bitcoin a bubble began to surface on the internet.
Market veteran Changpeng Zhao laughed at the situation. “Here we go again”commented Binance’s CEO, showing that he has seen “this movie” other times and imagines what will happen next.
That’s because even though there’s news of Bitcoin’s fall every year, the quoted prices are almost always higher than the old ones.
Bitcoin died
Critics are quieter this year. According to the 99bitcoins website, Bitcoin was “reported dead” only 7 times by famous people and newspapers in 2023. By comparison, this number reached 124 in 2017 and 93 in 2018.
“Why Bitcoin Cannot Be a Currency”, points to an article from 2010, when BTC was worth $0.23. Ironically, The Underground Economist website died, unlike Bitcoin.
The last to sentence Bitcoin to death was Chamath Palihapitiya. In April, the executive behind Facebook’s success claimed that “cryptocurrencies are dead in the US”. At the time, Bitcoin was trading at $27,817, not far from $26,133 at the time of writing.
Binance CEO Responds to FUD on Bitcoin
Four months later and no other giant dared to say that Bitcoin is dead. However, some sites took advantage of the recent cryptocurrency crash to panic the market.
“Is the Bitcoin bubble about to burst? Bloomberg Analyst Opinion on the Approaching Recession”points to the title of an article by CryptoGlobe.
“Here we go again”Binance CEO Changpeng Zhao said with a laughing emoji. “Have you seen this before?”
Here we go again. 😂
Have you seen this before? pic.twitter.com/BGQPTsCjqu
— CZ 🔶 Binance (@cz_binance) August 19, 2023
After being mentioned by Zhao, the site in question changed the title of the story to
“Bloomberg Analysts Opinion on the Approaching Recession and How It May Affect Bitcoin”sounds a little less alarming now.
In another tweet, Binance’s CEO recalled that Bitcoin returned to $10,000 in 2019, but many remained skeptical about the future of the cryptocurrency following a further decline.
“Four years ago, we were thrilled to see BTC finally rise to $10,000 again. And then he fell a little. I have some “comments” on the tweet below for a while…Zoom out.
“Beat yourself if you sold BTC below $10,000”commented Binance’s CEO in 2019, who was criticized when BTC fell again.
4 … years ago we were very happy to see #BTC finally climb back up to $10,000. And then it fell short. I got a few “comments” for the tweet below 👇, for a while… 🤷♂️
Zoom out. https://t.co/3q1iVy2rdp pic.twitter.com/6M3XFsP5Ji
— CZ 🔶 Binance (@cz_binance) August 18, 2023
In the end, Bitcoin turns out to be the currency that “falls” upwards. Each year, news of its decline points to higher and higher values, as shown in the video below.
Bitcoin, the coin that just went down. pic.twitter.com/yMeB0qvHnJ
— Livecoins (@livecoinsBR) September 27, 2021
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
