- Bitcoin recaptures $50,000 and looks set to continue higher.
- Critics have come out in force to dismiss BTC.
- Samson Mow says the window to buy BTC is closing.
As Bitcoin edges closer to its $69,000 all-time high price, bullish calls are growing louder in anticipation of record new highs. However, in response to the renewed crypto optimism flooding markets, naysayers have come out in force to pour cold water over the mounting excitement for the bull run.
No to Another Bitcoin “Hype Cycle”
Pouring cold water on another Bitcoin “hype cycle,” technology website Gizmodo published a piece stating that we are on the cusp of yet another boom and bust cycle that will inevitably leave many investors high and dry, holding bags of worthless Bitcoin.
Author Matt Novak took the opportunity to highlight the numerous recent scams that have plagued the industry while also ridiculing the glut of celebrity endorsements that suckered the unsuspecting masses into parting ways with their money. Not content with that, Novak also opted to rehash old arguments around Bitcoin’s inefficiencies as a medium of exchange, the criminality side of digital assets, and its unsustainable energy usage.
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Other critics joined in with the panning, including Jim Angel of Georgetown’s Psaros Center for Financial Markets and Policy, who told the Financial Times that the latest uptick in Bitcoin price is speculation-fueled with no reference to “fundamental value.”
Similarly, renowned BTC critic Paul Krugman dealt a sly blow by referencing Matt Damon’s infamous Crypto.com advert, in which he proudly declared that “fortune favors the brave.”
While the naysayers dismiss Bitcoin’s relevance as markets gear up for an expected bull run, proponents of the leading cryptocurrency argue that BTC’s foray into the mainstream is inevitable.
Bitcoiners Have Heard It All Before
As naysayers brushed aside the surge in Bitcoin price, Jan3 CEO Samson Mow waded in, warning that the window of opportunity to buy Bitcoin is closing as the halving event fast approaches.
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Similarly, X influencer Chad Steingraber questioned why anyone would be bearish on Bitcoin when BlackRock’s IBIT ETF alone took one month to reach a net asset valuation of over $5 billion. For comparison, Steingraber stated that the SPDR Gold Shares ETF took two years to achieve the same milestone net asset valuation figure.
Without addressing any specific points on Bitcoin’s irrelevance, “Dr Bitcoin MD” simply stated that after a few cycles, the FUD “just bounces off you,” like Neo fighting Mr. Anderson in the Matrix movie.
On the Flipside
- Despite rebounding, retail interest in BTC is currently lagging, suggesting that the average investor is cautious about joining another “hype train.”
- Throughout the bear market, the growth in critical on-chain metrics, such as the total number of addresses and hash rate, indicates more entities are joining the BTC network.
Why This Matters
As crypto inches back into the limelight, the divide on its future relevance couldn’t be more stark. With BTC on track to revisit new highs, conflicting ideologies are again headed for collision as the crypto community and skeptics draw battle lines for the next bout in their long-running rivalry.
Read about Bitcoin breaking $51,000 as derivative markets heat up:
Bitcoin Smashes Through $51K Amid Massive Open Interest Hike
Find out more about VeChain’s return to crypto relevance here:
What’s Behind VeChain’s Sudden 11% Price Pump?
