The Sky Is Not Falling: Why The Bitcoin Price Doesn’t Matter
— Simon DixonThe difference in between Bitcoin and whatever else is that the cost of bitcoin does not matter. Over the long term the rate of bitcoin has gone up, yes, however the value proposal of bitcoin as tough, really decentralized and non-confiscatable money is truly what matters. If we compare todays bitcoin price to the January 2020 rate, we still see a gain of 331% for bitcoin, outdoing the S&P 500s return by a large margin and beating the overall retail trading revenue of absolutely nothing by a margin of infinity. Might 9, 2022, BTC cost: $30,943 Yes, bitcoin is down from its all-time high by half, however factoring in the amazing market distortions triggered by extraordinary cash printing, memestock manipulations and post-COVID-19 interest rates given that early 2020, bitcoin still blows anything else out of the water. The gains triggered by hype, stimulus and cultural madness were short lived, but the gains in Bitcoin energy and adoption have actually been real all along.Detractors have actually been slamming Bitcoin for needing meme-stock speculators to make it work, however now that the meme-stock speculators are gone, the critics are criticizing Bitcoin for the speculators not being there.
If we compare todays bitcoin rate to the January 2020 cost, we still see a gain of 331% for bitcoin, outdoing the S&P 500s return by a big margin and beating the total retail trading profit of absolutely nothing by a margin of infinity. Might 9, 2022, BTC cost: $30,943 Yes, bitcoin is down from its all-time high by half, however factoring in the incredible market distortions triggered by extraordinary money printing, memestock manipulations and post-COVID-19 interest rates because early 2020, bitcoin still blows anything else out of the water. The gains triggered by hype, stimulus and cultural madness were short lived, however the gains in Bitcoin utility and adoption have been real all along.Detractors have actually been slamming Bitcoin for needing meme-stock speculators to make it work, but now that the meme-stock speculators are gone, the detractors are criticizing Bitcoin for the speculators not being there.