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…
FREE CRYPTO COIN JUNKY HANDBOOK - 147 page guide covering Crypto Fundamentals, Beginners/Advanced Crypto Trading Strategies, Crypto Mining Techniques, ICO Investment strategies, and so much more.
CRYPTO TRADING STRATEGY GUIDES - Whether You're Day Trading, Swing Trading, Or Just Investing...Our Extensive Guides Will Get You To Where You Want To Be.
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.
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.
Italian Authorities Seize Bitcoin From BitGrail Bitgrail, the Italian cryptocurrency exchange announced today that Bitcoin’s stored on the firm’s wallet were seized by Italian authorities according to this official announcement on June 15. The authorities
CryptoZombies Creator Launches Kickstarter Campaign for Blockchain Trading Card Game The development team behind CryptoZombies, the website that teaches people how to code Ethereum DApps, is launching its first collectible card game on blockchain. The
World’s First Cryptocurrency E-Bike: Generates Crypto While You Ride A cycling merchant located in the UK confirmed today that he would deliver the world’s first e-bike, which apparently generates cryptocurrency as you ride, reported by
First Ever Crypto Themed Blockbuster Movie Set To Release This Year Hollywood Reporter released a news statement today, June 15, that Hollywood plans to shoot and release its first movie centered around cryptocurrency this year.
Walmart Wins Patent for Electrical Grid Powered by Bitcoin The US retail giant Walmart, recently won a patent to develop an electrical grid that will be powered by Bitcoin or other cryptocurrencies according to the
Oxford Plans World’s First Decentralized Blockchain Based University Professors at Oxford are looking to open the world’s first blockchain University according to sources at CoinTelegraph. The professors are seeking full degree granting powers in Europe
Coinbase Index Fund Opens Investments between $250k and $20 Million As per Coinbase’s official blog entry yesterday, June 13, the U.S. based crypto wallet and trade exchange opened their index fund to large scale speculators.
Beginners Guide to Crypto Airdrops If you’ve been wandering around the crypto sphere for some time, it’s highly likely you’ve heard about these free and “potentially lucrative” airdrops. If not, we’ll you’re in for a
Potential Ban U-Turn for India’s Government India’s government panel reported today that their cryptocurrency policy is in in favor of a blanket ban. India had recently enforced a banking blockade by the country’s central bank.
SEC Director Announces Ether as Not a Security The Director of the SEC’s corporate finance division, William Hinman announced today at a Yahoo Finance All Markets Summit for Crypto, stated that ether is currently not
Blockchain App, Adblock Plus Used to Detect Fake News The developer for Adblock Plus claimed that they’ll be utilizing blockchain technology for their Trusted News browser extension as reported by Techcrunch on June 13. Trusted
Why Did Coinbase Add ETC? Coinbase, the leading US cryptocurrency exchange, included Ethereum Classic yesterday (June 12), which is far stretch from other more prominent cryptocurrencies like EOS and Ripple. The company’s sudden decision of
BitTorrent Acquired by Tron Cryptocurrency Founder BitTorrent has been sold to the blockchain entrepreneur, Justin Sun, the developer of TRON cryptocurrency, as reported by Variety on June 11. The acquisition was closed last week with
First Crypto Mining Blockchain Company to be Listed on London Stock Exchange Argo Blockchain, will soon become the first blockchain company to be listed on the London Stock Exchange as reported by Business Insider on
Wells Fargo Bans Customers From Purchasing Cryptocurrency With Credit Cards Wells Fargo, the third largest US bank, will begin declining transactions made at known cryptocurrency exchanges and platforms with bank issued credit cards starting today
Sign Up Below! Airdroppin the Latest Crypto News, Trading Strategies, Tools, & Reviews