Elon Musk, Saylor, and Winklevoss, Bitcoin Evangelists, React to the Crypto CRASH
Bitcoin’s recent price crash has caused many crypto evangelists to lose faith in the market. Despite this, some remain committed to their investment and continue to believe in the future of digital currencies.
Bitcoin evangelists such as Elon Musk, Michael Saylor, and the Winklevoss twins have been strong proponents of the cryptocurrency in recent months. However, the market for Bitcoin and other digital currencies has collapsed by nearly $2.7 trillion since November, weakening the position of these evangelists.
All three men have been vocal supporters of cryptocurrency during its recent boom period. However, with prices now crashing back down to earth, it remains to be seen how long their faith in Bitcoin will last.
The crash of crypto, and more specifically Bitcoin, has given voice to critics of digital currencies. Besides the main argument that cryptocurrencies are a scam, detractors and skeptics are going after coin and token evangelists. Some say that these proponents are using FOMO (fear of missing out) to drive up prices and then cash out before investors realize they’ve been had. Others argue that crypto is simply too volatile to be a viable investment and that the underlying technology is still unproven.
Still, there remain some who believe in the potential of digital currency, even in the face of this recent market crash. They point to the fact that many traditional investments have also taken hits recently, including stocks, real estate, and even fiat currencies like the US dollar. They argue that crypto is here to stay and that its volatility will lessen as it becomes more widely adopted. Only time will tell if these optimists are right or if crypto really is a passing fad.
Since November, Bitcoin has lost more than 70% of its value.
The fall of Bitcoin has been hard to watch for those who believed in the cryptocurrency’s potential. Just a few months ago, it seemed like Bitcoin was on the verge of becoming mainstream, with its value soaring to new heights. But now, the Bitcoin bubble has finally burst, and the digital currency is worth less than half of what it was just a few months ago.
What caused Bitcoin’s value to plummet so dramatically? There are a number of factors that could be responsible. One possibility is that investors simply got too caught up in the hype surrounding Bitcoin and other cryptocurrencies, and they overvalued them as a result. Another possibility is that governments around the world are cracking down on cryptocurrencies, which has made investors nervous. Whatever the reason, it’s clear that Bitcoin is in a slump right now, and it doesn’t seem like things will be getting better anytime soon.
For those who have invested in Bitcoin, this downturn is sure to be disappointing. But for those who were skeptical of Cryptocurrency’s potential from the beginning, this slump merely confirms their original suspicions. Only time will tell whether Bitcoin will recover from this crash or if it will fade into obscurity like so many other failed investment schemes.
Barry Pene is a stern blockchain research/copywriter. Barry has been trading cryptos since 2017 and has been invested in issues that would put the blockchain industry on the right pedestal. Barry's research expertise cuts across blockchain as a disruptive technology, DeFis, NFTs, Web3, and reduction of energy consumption levels of cryptocurrency mining.
