Those who oppose everything about cryptocurrency are on the increase. From Warren Buffet to Nouriel Roubini to Peter Schiff, there are no doubt that some individuals already have preconceived notions about Bitcoin.
Yesterday, the price of Bitcoin dropped notoriously to $8,500 after staying above $10,000 for a short while.
The sudden price fall caught the attention of some anti-cryptocurrency observers. One noble name who is very quick at pocking fun at Bitcoin users is Nouriel Roubini, an economist and a Professor at New York University’s Stern Business School.
The economist, branded as Dr Doom, for his prominence in predicting economic doom, jumped to castigate Bitcoin and its obsequious followers.
The American Professor upon seeing how the price of Bitcoin crashed “by 15% in 7 minutes on NO news” quickly result to his usual name-calling, the measure he used in castigating crypto users,
The agelong Bitcoin skeptic, submitting that BTC is a rigged and totally manipulated Ponzi scheme, noted that whales are the backbones of crypto who control the market and most of the transactions, clarifying that at least, 90 percent are controlled by the them.
Nouriel argued that the 90 percent of the transaction volume recorded by Bitcoin exchanges are concocted to reflect that there are still people banking on cryptocurrency.
He said most exchanges do not have the liquidity they claimed to possess, concluding that the cryptocurrency industry is marred by lots of wash trading, front running, spoofing and pump and dump tactics.
Nouriel’s usual understanding that Bitcoin is a “total scam” still reflected in his submission about crypto. This may be hard to drop, despite the lots of sensitizations directed towards him, considering that the United States-bond economist have gained wide recognition for talking Bitcoin down and it has earned him an “unjustifiable” accolade from CoinDesk after the crypto magazine place him among Crypto’s “Most Influential” Personalities.
Responses From the Crypto Space
As usual, cryptocurrency experts were quick to give Dr Doom the response he deserves. Jameson Lopp, co-founder and CTO of CasaHODL, reminded Nouriel of the time he condemned Bitcoin, during the Spring Collapse of 2013, after it crashed by 40% to $58, and how Bitcoin has been faring from that time till this moment.
Dan McArdle, co-founder of MessariCrypto and creator of Onchainfx, shared the screenshot of the statement made by Nouriel that time.
That day, April 16, 2013, Bitcoin closed the day at $78. However, from that time till today, Bitcoin has had a Return on Investment (ROI) of 11,449 percent.
A Day to Bitcoin Halving
It is almost a day to Bitcoin Halving, a much-expected event that will see Bitcoin becomes very scarce in the space and make mining reward halved.
The Bitcoin Halving or Halvening is usually succeeded by a great Bitcoin price increase, this is based on historical correlation, however, it is not clear may be the same will happen this period with the present COVID-19 epidemy which has destroyed many businesses and rendered World economy obviously hapless.
The first Bitcoin halving happened in November 28, 2013. At that time, BTC was priced at $12.12. This indicate that Bitcoin has seen over 70,242% ROI since the first halving. A year after the halving, BTC had jumped above $719.
For the second halving, which happened on Jul 9, 2016, Bitcoin was trading around $657.56 . From then till now, BTC has seen over 1,197percent ROI.
A year after the second halving, Bitcoin reached its all-time high. On Dec 17, 2017, Bitcoin was changing hands at $19,180.
Price of Bitcoin (BTC)
Bitcoin had seen a surprising price fall. The digital asset dumped by 11% in a short time, falling to $8,600 range.
Although Bitcoin Dominance has reached 66 percent, at the time of writing, one BTC is price at $8,553.95. Bitcoin opened the last 24 hours with $9,775 and fell to $8,166 in a twinkle of an eye.
However, this does not determine the future outcome of Bitcoin’s price, as the cryptocurrency and the entire market is known for high volatility.