Media Hype Falsely Claims Bitcoin Bubble…Again

Media-Hype-Falsely-Claims-Bitcoin-bubble-again

Media continues to allege that Bitcoin is one of the biggest bubbles to burst since Dutch tulips and gold. These inaccurate claims continue to “burst” amongst the growing support for Bitcoin and blockchain technology.

Amongst some of the culprits were…

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Bank of America – they claim that Bitcoin’s bubble will be one of the “greatest asset price bubbles in history” alongside tulips , the Mississippi company , gold, the 1929 Wall Street crash, and the South Sea Company.

Bloomberg  – according to this April 9 report it makes claims that are both untrue in terms of history of bubbles, as well as the history of Bitcoin.

inaccurate-bitcoin-bubble-by-bloomberg

Bitcoin has fallen more than 65% since its all-time high back in December of $20k. Other historical bubbles have actually seen over an 80% drop, for example back in 2002 with the dot com bubble. The Dutch tulip bubble mentioned above experienced a 99 % loss.

As you can see from the comparison chart above, these figures are wildly inaccurate.

In terms of Bitcoin drops…

The cryptocurrency has also experienced a 65% drop back in mid June to November back in 2011. The price dipped from $32 to as low as $2 which is a 94% drop in April 2014. Bitcoin also experienced an 83% drop back in November 2013.

The comparison to the alleged “Bitcoin bubble” to previous bubbles isn’t even a fair comparison due to the difference in the way the cryptocurrency market capitalization works. Also note, Bitcoin is seen as a digital asset to replace all fiat currencies. Bubbles have always been referred to as physical commodities and traditional financial marketplaces.

278 Bitcoin Deaths?

The media has always reported Bitcoin’s looming “death” on 278 different occasions. According to reports by 99Bitcoin within their “Bitcoin Obituaries”, BTC has died 278 times regarding coverage from other news outlets. It’s died 46 times just since this last new year.

In December 2017 Bitcoin futures was allowed to enter the cryptocurrency market. CBOE and CME Group have both led to Bitcoin’s falling prices. This article shows that the solution to preventing these “bubble like instances” is to allow more futures trading that let pessimists publicly register their pessimistic beliefs.

Blockchainlife, an advocate for Bitcoin and Blockchain, tweeted earlier this week the philosophical question of whether Bitcoin is a bubble or the pin that finally bursts the financial bubble. This is also a philosophy echoed by Bitcoin foundation director Jon Matonic earlier this month.

We here at Crypto Coin Junky tend to align with these more “logical” beliefs.

bitcoin-bursts-the-financial-bubble

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