While Bitcoin has undoubtedly been the pioneer that layed the groundwork for the birth of the entire crypto industry, that doesn’t necessarily mean its long-term success is guaranteed.
First Isn’t Always Best. Do we still use the first phone, currency, or the first computer invented? No, it eventually gets replaced by technical advancements that are more efficient, realistic, and most importantly, more innovative.
While many Bitcoin investors claim that BTC will forever remain at the top, this speculation isn’t backed by logical thinking, but rather wishful thinking. Based on historical and fundamental trends, Bitcoin’s dethronement is not a matter of “if” but “when”.
With rapid changes and innovations happening daily in the crypto space, Bitcoin’s technology can be considered a piece of ancient history.
In the traditional sense, for a company to survive, it needs to be continuously improving in order to match consumers’ quickly-changing demands. With Bitcoin, it hasn’t changed, and remains as sluggish, and poorly utilized as when it was first invented in 2009.
Since then, there have been over 11,000+ new coins on the market.
While 99% of them are worthless, this still leaves a handful that enables greater anonymity for users, faster transaction processing, and more sophisticated technical features that facilitate the automatic processing of complex financial transactions.
And finally, we all know the insane amount of carbon emissions produced from BTC mining. Why would society opt for something that has disastrous environmental effects, when the technology to eliminate that feature has existed for years and is commonly used in many other tokens.
Cult-Like Behavior and Ignorance
To be clear, I have full respect for the Bitcoin community. The majority of them are just innocent investors trying to protect their wealth from the debasement of fiat currencies, a result of excessive quantitative easing.
When I first got involved with Bitcoin, the majority of the community valued facts and were open to discussing a range of topics regarding its benefits, and flaws. Nowadays, we have a new generation of Bitcoin maximalists (Pomp, Saylor, Dan Held, Max Keiser, and others) who tame their sheep with lies.
Out of every investment on earth, Bitcoin may easily have grown into the largest and most ignorant cult community ever. Anyone with any outside thoughts is automatically shunned, and branded as a “scam artist” or “enemy” — even if they’re just trying to provide a simple opinion or ask a question.
Bitcoin is in a dangerously overvalued bubble. Say that to a Bitcoin maximalist, and watch them cry about “FUD”, then make up fake rumors about how you’re being paid by the banks or some weird conspiracy.
Fueled by Fraud, Deception, and Lies
If Bitcoin’s growth over these past few years was anything natural, I would be overwhelmingly bullish, and euphoric for its future. It would symbol a large demand shift towards Bitcoin.
Unfortunately, nothing about this bull run was authentic. For BTC to hit $64,000, Tether had to print billions of unbacked USDT each day to manipulate the prices upwards. This key fact is often overlooked by crypto investors, but its effects will be hard to ignore once they implode.
Tether hasn’t printed anything in over 2 months as regulators issue dozens of warnings about their fraudulent company and mysterious executives.
The ticking time bomb is closer than ever to exploding.
Bitcoin Maximalists Peddling Fake Rumors
Since Bitcoin topped out in April, we’ve seen a substantial correction with heightened levels of fear and panic. To counter this, Bitcoin maximalists have started a campaign of spreading fake and misleading news to their sheep.
These fake headlines such as “Amazon is adopting Bitcoin!” are aimed at luring in retail suckers, so the moon boys and maxi’s can dump on them at higher prices. They know we’re in a bear market, and after not getting out on the top, they want a second chance.
This will result in large losses for investors who are easily manipulated by these deceptive individuals. Remember: Don’t trust, verify!