Bitcoin: The More You Criticise, The More I Rise

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As a seasoned crypto investor with memories of Bitcoin’s humble beginnings etched in my mind, I can confidently say that the recent surge past $100,000 is nothing short of breathtaking. The King Crypto has proven its worth, silencing the naysayers who once dismissed it as a joke or a scam.

The saying “actions speak louder than words,” is true and Bitcoin is proving it right. After smashing $100,000 mark, Bitcoin, popularly known as King Crypto, silenced many industry leaders and media houses who thought Bitcoin was a scam.

When its value was deemed insignificant due to its low cost, many dismissed it as a jest. However, by proving its worth, Bitcoin demonstrated that even small entities can make a big impact. Now, it’s the hot topic everywhere – governments and esteemed institutions like Blackrock are acknowledging and endorsing it.

Some classic #Bitcoin critiques from the past…

— Binance (@binance) December 5, 2024

In this instance, the cryptocurrency exchange Binance posted a collection of news articles that contained negative views about Bitcoin.

This appears to be quite a stinging rebuke for those critics who earlier criticized Bitcoin harshly. Notable figures like Peter Schiff, Christine Lagarde, Hillary Clinton, Jamie Dimon, Paul Krugman, among others, are part of this list.

Many detractors have expressed opinions such as “Bitcoin is defunct”, “Bitcoin has fallen short as a medium of exchange”, “Bitcoin is malevolent”, “Those investing in Bitcoin risk losing their funds”, and “Bitcoin is a sham.

I laughed the most at this one 😂

— Crypto 🔶 Ahmet 🔸₿🔸 (@AhmetCrypto42) December 5, 2024

Every time Bitcoin reaches a significant accomplishment, the cryptocurrency community is quick to offer pointed responses to its skeptics. Right now, Bitcoin enthusiasts are also poking fun at Peter Schiff who once predicted, “Bitcoin will never reach $100,000!

Besides numerous well-known media outlets, several influencers had criticized Bitcoin severely, aiming to tarnish its reputation. For instance, in August 2024, an opinion article by Megan McArdle published in The Washington Post (WaPo) deemed crypto as “valueless” after a market downturn. However, crypto supporters strongly opposed the piece, labeling it as “clickbait” and a “biased critique,” accusing it of stirring fear and disseminating incorrect information.

Bitcoin and the cryptocurrency sector are relatively young, having only been around for about a decade. In this short span of time, Bitcoin has already spawned numerous “from poverty to wealth” narratives, and it’s expected that even more such stories will emerge as we move forward in time.

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2024-12-05 16:55