I can't believe everyone forgot!
This month the infamous anti-Bitcoin sub called r/buttcoin turned 10.
An entire decade of amazing predictions about the downfall of Bitcoin.
Let's take a look back at all their past claims and where they are today:
-"Bitcoin will crash below $200 (what is being said every year since the past 4 years)" Very close guys, but it's bouncing around $39K right now.
-"Bitcoin will eventually be worth its real value- $0". Not looking like it will happen this year. And as long as you have a few people in the world still running Bitcoin and still exchanging it, it will never be 0.
-"No one will be accepting Bitcoin". More than 15,000 retailers accept direct Bitcoin transactions. And now with Paypal and crypto cards, that number is almost limitless. (1)
-"No one is using crypto for payments". While the number of transactions has increased, no one really knows how much is used for retail transactions. But according to a BitPay survey, 57% of crypto holders and former crypto holders, have used crypto for a retail purchase in the past year. (2)
-"Bitcoin has no intrinsic value". It has no physical intrinsic value, but it's the gold standard of an entire tech industry. It's backed by an entire industry of businesses, real world usage, institutions, and technology. Something bigger than a country. And it may not be backed by anything physical to make you trust it. But it's backed by something more solid than rocks: math.
-"Tether is the only reason the price of Bitcoin goes up, and it will destroy Bitcoin". While Tether is shady and obviously full of shit, it probably won't tank the price of Bitcoin if it ever gets delisted. There's now many stablecoin alternatives. And we've already seen what happens to the market when a top 5 coin gets delisted, when XRP got delisted from major exchanges. Also 2 Berkley professors have already proven that Tether isn't what causes the price of Bitcoin to go up. (3)
-"You will never get your 'institutional investors', that's a pipe dream". Welcome to 2021 and our pipe dream.
-"Bitcoin will be banned". It's been tried, it's been done. To no success. If it was gonna be banned successfully, it would have been done already. It's going to be harder now that there's more adoption, acceptance, more citizen holding it, and more importantly, an increasing number of powerful rich people, businesses, and institutions invested in it now. With an increasing number of powerful and influential people with a stake in it, it's just not likely to happen now.
-"Bitcoin is a ponzi". Just because you want to sell something for more than you paid, doesn't make it a Ponzi. By definition a Ponzi would need a company or person at the top. Bitcoin is a peer to peer network with no person or company in control. By definition it's also subversive scheme, selling a fake stock that they don't own, and not upfront about what it's doing, with no transparency. Bitcoin is one of the most transparent things.
-"No country is ever going to accept Bitcoin as its currency". Oops...El Salvador.
-"Bitcoin is just a fad and will die out". It's been 10 years. And it's going stronger than ever. Can't wait for another decade of r/Buttcoin giving us some brilliant predictions.
Maybe it's time to trade those bags of salt for bags of crypto.