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Is Bitcoin doomed?! The bigger question would be whether or not people will ever quit repeating that Bitcoin is doomed. In the very grand scheme of things, of course it’s doomed! Almost everything, especially in the digital world, that has a finite supply is doomed.
There are currently, however, far too many people working to avoid that situation. Most of these people are investors. When you invest in something, it is in your best interest to see that your investment increases in value.
Who Is Asking?
Good question. For the most part, those who continually ask whether Bitcoin is doomed to eventual failure are sideliners. They either are loose investors, fantasy investors, or they know someone who is an investor.
If too many people say that Bitcoin is doomed, sideliners will save their investment dollars, pounds, yen, or whatever for something they know will not fail, like the dairy industry.
On the other hand are investors who love a challenge. If Bitcoin is doomed by naysayers, these strategists will throw hardcore faith into it, hoping against hope to hit a golden landslide.
There are haters who ask, sometimes repeatedly, even with feigned concern, because they want to sow doubt and discord into something they disdain. These are the same as doomsayers everywhere – the ones who ask if you really believe in God or marriage or that recycling is beneficial. It’s best to avoid people who ask anything with hopes to wreak harm.
Who Has Answers?
About half of the people who have heard about Bitcoin know enough to hazard a possibility. Maybe half of those are researched enough to merit an ear. Only God has the solid truth.
Bitcoin is doomed! It’s fake. It’s a Ponzi scam. It has no value. It’s nothing and it’s based on nothing and since it is only digital and the government doesn’t back it, it is doomed! Even when it goes up, it’s bound to fall. When it falls, if it goes back up, that’s only so it can fall again!
Heard that? Yeah, ever since it first came out. As soon as people learned there is such a thing as Bitcoin, some of the people looked at it and decided it was bound to fail.
At its peak of over $17,000, people were standing by, waiting for investors to lose everything when the inevitable crash hit. Well, the crash never came; the value steadily went down further and further, then up, then down. Whether it’s here or there, people want us to believe it’s doomed any time now.
The SMH about it all is that any so-called expert can write an article on how Bitcoin is ready to crash, and the followers will read and quote it. The crash doesn’t happen, so another article is written with the same message and gets the same results.
Bitcoin is here to stay! Long live Bitcoin! Invest when it’s high, invest when it’s low. It will eventually replace the USD. It’ll hit over six digits before too long. Buy it before the halving. More miners than ever. Governments fear it. Crypto is destined to replace fiat and Bitcoin is leading the way!
I don’t think so. Bitcoin is limited in scope, and that’s not a bad thing; it just means there is a finite amount that will ever be made. When the last BTC is mined there will be no replacing any that has been lost to the ether. Hoarders may hold on to their stash, but that is just something to get taxed on for no reason.
Anything in limited amounts can’t replace something that is unlimited, such as fiat currency. The worlds’ various governments can always have more of their own currency minted. This replaces what has been lost down the cracks and keeps the market fluid.
Too many people invest in Bitcoin for it to make a sudden and irreversible crash. This double-sided sword will also keep it from becoming a universal force.
The greater the number of people doing a thing, the more a government will notice the thing. The more attention that a thing gets from a government, the more that thing will be taxed and regulated. The more a thing is taxed and regulated, the less freedom it has. The less freedom a thing has, the less it can do.
Still, although most governments do not like Bitcoin, they can’t stop it. If a government knows it can’t stop something, it will regulate it as much as possible.
The great number of people into Bitcoin isn’t going to let it disappear in the foreseeable future. Governments are already beginning to accept it as an inevitability.
Hatred and distrust still abound to the point that Bitcoin isn’t going to dominate the world’s economy. Cryptocurrency, in general, is here to stay, but it’s not taking over. Hold on to your fiat bank accounts.
At this moment, Bitcoin’s value is at $7578.43. It will be different when I hit the Save button. It had been declining steadily until it was well under $7000, but even then the trend had most people buying with not many selling.
Bitcoin is of extreme and primary importance in the crypto world. That’s why everyone keeps an eye on it. However, it is not the only cryptocurrency and it actually does not pull the tide of all other cryptos – many, but not all.
Finally, dear readers, like it or not BITCOIN IS NOT DOOMED!! At least not in our lifetimes.
What do you believe? Is Bitcoin doomed in the near or distant future? Is it going to dominate the world’s economy? Is it Bitcoin or die? Give us your thoughts and concerns in the comments below! Thank you for reading!