Since the downfall of Bitcoin which took place earlier in 2018, the cryptoverse has been constantly flooded with numerous speculations and statements explaining reasons behind BTC’s price drop. December 2017 saw the mind-blowing performance of the crypto market when BTC became a proven trailblazer by touching its all-time high of $20,000.
Some of the very early adopters of Bitcoin who made a fortune out of their investment in the cryptocurrency are still blooming in the industry. The list of early adopters included business giants from various sectors such as Digital Content companies, nonprofit organizations, the sin industry, e-commerce platforms and many more.
Winklevoss twins; venture capitalist, Tim Draper; the Founder of Digital Currency Group, Barry Silbert; the Chairman of Bitpay, Tony Gallipi; Satoshi Nakomoto etc are some of the well-known personalities on the list.
As the slow-moving market continues its sideways journey, various analyses prove that the early adopters are losing faith in the cryptocurrency. Mid 2018 saw more BTC withdrawals than deposits on major exchange platforms like Coinbase.
A San Francisco based banking platform, Chime conducted a study on 500,000 users of Coinbase. It states that the investors withdrew $1.37 for each dollar deposited on the platform in the month of April and $1.10 for each dollar deposited in the month of May. The analysis also suggests that some of the early adopters of Bitcoin have sold around $15 billion worth BTC, in the first four months of this year.
Oliver Janssens, the Founder of Freedom Investment Group, and an early investor in Bitcoin recently spoke about the same. In one of his recent tweets, he mentioned that most of the BTC community members have left after destroying the digital asset.
His tweet says:
“Bitcoin (BTC) has now been abandoned by almost everyone that was there at the start that helped make it great.