Every year, dozens of influential people in the world, declare the imminent explosion of the alleged bubble Bitcoin.
It has been ten years since Bitcoin was born and after all this time the cryptocurrency has not died. On the contrary, ever since its birth, Bitcoin’s value increased every year.
You can see here, how many times Bitcoin has been declared dead officially by big players: Bitcoin died 235 times
By the time you read the first five headlines you will have understood what kind of accusations are being made. The other 230 statements are all kind of the same.
Since I have read all 235 statements and got very bored because they are all the same, poorly written, without meaningful arguments supporting the thesis, I want to give you a quick overview of the most popular claims:
Since 2008 bitcoin has been vulnerable only once, at the beginning of its birth, which is understandable.
The banking system however has been manipulated an enormous amount of times.
Think about all the news about fake bills, pickpocketed banks, inflation, banks that went bankrupt and consequently money that disappears.
It’s been ten years and we’re still talking about it now, aren’t we? This is only the beginning.
This statement is absolutely correct, Bitcoin has indeed moments of fluctuations as mostly seen in the past ten years, but there also have been moments of decline, which is normal, too. This however, has nothing to do with bubbles.
I can only add that whoever has bought Bitcoin at its peak in 2013 has seen its value increase 100 times in the past 4 years.
These four examples, which are very similar, are the exact copy of another 231 statements.
But let’s do a more detailed analysis.
Since they have all been made by people who have a great impact on the world, we can be sure that they originate from much more complex reasonings.
But how logic were these statements?
Today we know for sure that they were all patently false. But let’s all focus on the concepts and let’s act like all these statements have been made today.
No one of these statements is the result of an in-depth study, as the speech is interrupted right in the most useful part.
Doesn’t have a statement that deserves attention has to contain a sense, that has to be explained by offering as much as objective evidence as possible?
If someone makes a statement, don’t they have to be able to answer to the question ‘why?’ If there is an answer to that question and that answer makes sense, I can seriously consider the statement. Otherwise it’s just a statement based on somebody’s feeling which is very questionable. Bitcoin has been attacked with statements without any sense.
When they say Bitcoin is too high, it has to be justified. Too high compared to what? Its real value is lower? Why?
When they claim that a movement that has been bullish over the past years is a bubble, can we say that all movements with this conformation are a bubble? Why?
Because if that’s the case then we also have the American stocks, the European stocks, German, Italian, thousands of companies quoted on the stock exchange.
First time Bitcoin got stabbed
‘The only thing Bitcoin managed to maintain is its novelty. Either it remains a novelty forever or it will be dead before you know it!’
Statement from December 15th 2010
Bitcoin was worth $ 0.23
Obviously nothing can be a novelty forever. What the author was trying to say is that Bitcoin would be dead shortly.
This statement has not considered the true motive Bitcoin has been created in the first place.
Bitcoin has smashed all the doors of our current monetary system, uncovering the problems we are going to have to face if we do not come up with solutions.
The solution won’t be Bitcoin, but its principles, which can prevent all the current monetary problems.
Virtual currencies have been created with the goal of becoming the normality for every citizen of the world. Bitcoin is the spokesman of this innovative exchange system.
What will Bitcoin be like in the future and what is its goal?
The model Bitcoin is the future, as it is the only system able to eliminate the monetary problems the world is currently facing. Which is why it will be the symbol of a new monetary system but probably won’t be the currency for the daily use as there are already many new currencies based on the same principles as Bitcoin but with significantly higher performances.
If you think about it, it’s pretty much the same as with gold. The undisputed king is the gold bar but the medium of exchange is the dollar, euro, etc..
The same thing is going to happen within the new currency system.
Bitcoin will remain the undisputed king, useable but very impractical in the daily life. Instead, there will be other currencies based on the same principle but much more adaptable to everyday use, with reduced fluctuations, high transaction speed from everywhere in the world and, most importantly, inflationable.
While the worth of the Euro decreases annually because of the inflation, crypto currencies increase in value due to their inflationablity.
How many times will Bitcoin be stabbed before it dies?
Until cryptocurrencies won’t be part of the daily life for most part of the population, Bitcoin will likely continuing to be stabbed by those, who have no interest in the success of this huge project. It can’t die because of poor statements, because this is simply the safest evolution in regard of the problems created by the current monetary system.
Bitcoin will die only when its principles can no longer keep up with what is needed and it will be necessary to evolve even more and to create a new system.
But before that happens, how many years are going to have to go by? Thousands!
The only scenario I can see Bitcoin dying within the next couple of years is, if every single country in the world decides to ban this evolution.
In this case though, the fall of Bitcoin wouldn’t be the biggest loss. The worst part would be the evident declaration that nations have no interest in the evolution of humanity.
The system of cryptocurrencies is going to solve a lot of problems that the current monetary system is having, as for example the decline of the value of the Euro, Dollar, etc. (called fiat), and the inflation that has ruined entire nations.
To name only a few of many more. I will dedicate another article regarding this matter.
Not accepting a currency able to solve the problems the world is facing means to stand in the way of the natural evolution.
I know, it may seem like a statement made by yet another conspiracist, but believe me, it’s not. I profoundly believe in the intelligence of the human being and am sure that everyone wants to contribute to the progress of the world.