By eToro

Bitcoin is DEAD! Now that we got your attention, here’s why it’s not

Bitcoin is one of the most extraordinary phenomena in the financial world today. Whether you’re a supporter of the cryptocurrency or one of the naysayers – you can’t ignore the fact that it, and its fellow cryptocurrencies, have become a major part of the global financial conversation. From its humble beginnings almost a decade ago, to its superstar/infamous status today, Bitcoin has made itself into a financial asset worth recognizing.

And yet, throughout the years, the world’s largest cryptocurrency has been proclaimed ‘dead’ literally hundreds of times. Whenever the crypto hit a rough patch, registering double digit percentage losses, there were those who were quick to say its time has come and deemed the Bitcoin era over. And so far, they’ve always been wrong.

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It is no secret that Bitcoin has gone through some hard times. Most recently, the crypto crash that saw its market cap shrink by more than half in January, 2018. Naturally, there were once again those who were quick to write Bitcoin’s obituary, somehow forgetting that even after the crash, at its lowest point in 2018, it was still worth more than six times its value just one year before.

There’s a term in the cryptocurrency community called FUD, which stands for ‘Fear, Uncertainty and Doubt’ (you can read more about crypto lingo here). This term refers to those who always try to undermine other investors, by sharing stories and writing posts such as ‘Bitcoin is dead.’ However, this term often describes those who do it on purpose in order to make the value of the crypto go down and then buy it at a cheaper price themselves. While not necessarily the case with all those scary headlines – it does make you think.

Of course, there’s no certainty Bitcoin will continue to grow and expand. The top analysts and financial experts in the world are divided as to the future of the world’s largest cryptocurrency. However, one thing is for certain: Until today, all those who said that Bitcoin is dead when it hit a slump have been proven wrong.

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