Wednesday (June 22) Max RaskinAn associate professor of law at the University of New York, said Bitcoin “will not disappear because the ideology behind it is not disappearing.”
In an op-ed piece Raskin told the Wall Street Journal (WSJ) that the recent collapse in Bitcoin’s price below the psychologically important $ 20,000 level is “just one of the many deaths of bitcoin.”
Raskin says that while some people who bought Bitcoin near an all-time high (reached 10/11/2021) may be shocked and upset to see Bitcoin currently going around $ 20,000 and ask how the price of Bitcoin could have dropped so much, the better . the question is this: “Why is this money created by the internet, launched by an unknown programmer on an obscure online forum, being traded so high?“
He then said, “Bitcoin won’t go away because the underlying ideology won’t go away,” and why Bitcoin’s latest price crash isn’t going to mean much to early-stage investors:
“It may seem paradoxical to invest in “predictable” money that loses 70% of its value, but early investors believe that in the long run, predictability of supply is more important than upturns and declines caused by demand. Ownership of Bitcoin is highly concentrated in the hands of individuals who rarely transfer their coins. If you endured the 2011 crash of $ 30 to $ 2 or the 2018 crash of $ 19,000 to $ 5,000, this latest crash will not break your faith in this project.“
Binance founder and CEO Changpeng Zhao (aka “CZ”) tweeted on June 19 that while he didn’t offer any financial advice – buying a BTC dollar every time there is another “Bitcoin is dead” headline may not be bad for Bitcoin. investment strategy.
h/t – CryptoGlobe