With Bitcoin [BTC] hitting the rock-bottom at $3200 in November ’18, a panic selling phase ran through the cryptoverse. Traders sold, investors turned into pessimists while speculators claimed that the bubble had burst.
During Bitcoin’s lows, CNBC declared Bitcoin and 800 other cryptocurrencies to be a dead asset. MarketWatch stated that Bitcoin was nearing to being a worthless asset and many other publications said that Bitcoin was now in a death spiral.
Kevin O’Leary the popular show Shark Tank’s Judge and Chairman of O’Shares ETF called Bitcoin “garbage”. He further stated that “It [crypto] is a useless currency,”.
When the bears took over the bulls, the institutional investors played the dice. Most started accumulating Bitcoin’s slowly and steadily, while others kept supporting the idea of its death.
Now that Bitcoin has proved them otherwise by touching 13000 USD it’s obvious we are going to rub this on everyone’s nose. And why not? Even if it took 143 days for BTC to go from $3.2k to $6k.
It took 4 days to go from $6k to $7k, 2 days to go from $7k to $8k, 17 days to go from $8k to $9k, 22 days to go from $9k to $10k, 1 day to go from $10k to $11k, 4 days to go from $11k to $12k, but, but just an hour to go from $12k to $13k. [Source]
Bitcoin has been declared dead 364 times by various influencers all over the world. Irrespective of all the declarations, today, the virtual currency stands still with a market cap of $223 billion!
Conglomerates such as Microsoft, Shopify, CheapAir, Expedia, Overstock allow their customer base to pay with BTC now. Besides this, the amount of merchants using BTC has increased over 100k. This just indicates that there’s a global currency out there, that needs no middle man, takes no days, and has minimum fees for all your transactions, right from buying groceries to booking airplane tickets, its all at the tip of our fingers now.
Every investor who bought BTC in November [8 months ago] has a 400% return today. Isn’t that enough for us to separate the wheat from the chaff?
The sentiment around the cryptoverse right now is extremely bullish, traders are back in action, the trust of investors have been restored and pessimist speculators have taken a step behind.
To celebrate Bitcoin’s prices climbing the 5-digit ladder, many Twitteratis and influencers have expressed their bullish views.
Ran NeuNer, host at CNBC [ironic] and founder of OnChain Capital said:
I would imagine that within 5 years Bitcoin will be one of the most valuable brands in the world. In the league of Coke, Apple and the like. No marketing budget, no marketing team, no brand manager… pic.twitter.com/8evXyzyTun— Ran NeuNer (@cryptomanran) June 25, 2019
Pompliano, Co-founder of Morgan Creek Digital said:
Fiat currencies rely on human intuition and decision making.
Bitcoin relies on math and software.
Choose wisely.— Pomp 🌪 (@APompliano) June 25, 2019