People are constantly claiming that Bitcoin is dead, but they are wrong.
The journey that Bitcoin has been taking has featured both ups and downs. And right now, the currency has been doing better than it ever has, hitting a new all-time high of roughly $57,000 per unit on February 21. This simply outdoes the $19,000+ it reached in December three years ago.
Bitcoin is now Stronger than Ever
It would be wrong however to say that the currency isn’t suffering until now, as the asset now trades around $50,000 which is rather simple when compared with where the currency was just a few weeks ago. Either way, bitcoin has been declared dead many times by the mainstream media over the past years, and every time, the asset comes back to declare them wrong.
The currency has now been active for over 12 years. The first bitcoin unit was mined in January of 2009, and it was initially designed to replace fiat currencies, credit cards, and all standard methods of payment.
But because of the volatility and price swings that have always been around, it didn’t happen yet. The volatility had been something of a two-sided coin granted that it could work either for or against traders in several ways. For instance, the currency can shoot up overnight and experience price booms that place it among the top-ranking assets.
With this, investors can really take advantage of the currency and add a lot to their wealth in a limited period. But for the most part, the volatility has led to heavy losses among the traders, and it is not long before they see all their wealth vanish overnight. This happened in 2018, mostly labeled as the bearish year for the world’s number one digital asset.
Now that the currency spikes to new highs, anyone who hadn’t sold their assets that year is feeling much confident and reaping nice rewards.
The reality is that bitcoin always seems to bounce back and show the media that doubt is why they should turn over and give in. Among the negative comments that have been made about bitcoin’s standing in the past was one offered by Nouriel Roubini “Dr. Doom” who simply stated in an interview:
“The Flintstones had a better monetary system.”
Kenneth Rogoff – a professor from Harvard – has stated that the currency would only have used in a “dystopian future,” while Kevin O’Leary – Shark Tank’s Mr. Wonderful – has stated that bitcoin was garbage, although he has recently walked back on this idea and claimed that he will allocate around 3% of his portfolio to bitcoin and crypto.
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