There have been countless red Fridays over the past few years and bitcoin has died countless times according to mainstream media. Today is looking pretty grim with a $10 billion slump in total crypto market capitalization and BTC plunging through support … but we’ve seen it all before.
Another Bitcoin Obituary
Every year since the inception of bitcoin it has died if the mainstream media is to be believed. A sharp decline in price sends out waves of irrational panic as day traders and those looking for a quick buck scrap their satoshis en masse.
Investors on twitter such as Stephen Cole were quick to point out that there is no real need to panic as this has all happened before … more than once.
So that’s the end of Bitcoin then
-Forbes 2011, $15
Bitcoin headed to the ash heap
-USA Today 2015, $208
RIP Bitcoin, time to move on
-WaPo 2016, $382
Stay away from Bitcoin. It’s garbage
-MarketWatch 2017, $2345
Is Bitcoin going to zero?
-Forbes 2018, $3432
Today, $7500: https://t.co/Dse1RbZLYP
— Stephen Cole (@sthenc) November 21, 2019
Each time bitcoin has died, its price has been higher with today’s ‘death’ holding at $7,500. In 2018 Forbes, which often gets things completely misconstrued regarding crypto, said that it was going to zero when priced at $3,400.
What actually happened over the next six months was an epic 300% bitcoin surge to just under $14k. Today it is down by half and the death calls are being heard again. The fact that people are hodling is enough to prevent the asset from dying at all as Cole observed;