Digital currency markets have shed billions in value over the past week and during the market carnage, bitcoin haters have come out in flocks. Moreover, according to numerous crypto skeptics, bitcoin has officially died 21 times this year and this week’s downturn is sure to provide another eulogy.
Bitcoin Haters Step Out to Troll Crypto Proponents
On April 14, 2021, the price of bitcoin (BTC) tapped an all-time price high at $64,895 per unit, and then slid to a low of $30,066 a touch over a month later on May 19. That’s a percentage loss of 53% down from the high.
BTC has regained some of the losses it has taken on Wednesday morning, but is still down quite a bit from yesterday’s price highs. Market trauma like this causes numerous bitcoin haters to come out of the woodwork, as many feel the need to explain to the public that crypto is nothing more than speculative ‘tulip mania.’
On Wednesday, the bitcoin hater Nouriel Roubini tweeted about BTC after the prices plunged to new 2021 lows.
“Bitcoin falls more than 40% from its peak in less than one month. Which institutional investors are reckless enough to invest in such a risky and volatile pseudo-asset with no intrinsic value? Roubini asked. “They should be fired on the spot if undertaking such a reckless speculative gamble,” the skeptic further added.
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