People Discover Adopt and HODL Bitcoin (BTC) Despite Criticism and FUD

Nouriel Roubini on November 21, 2018, expressed:  With BTC down almost 80% from peak (from 20K to ~4K) & all other cryptocurrencies down 80% to 99% I rest my case that this crypto bubble went bust for good. I feel vindicated. So, I will take a break for a few days from this toxic Crypto Twitter. Waste of time to convince zealots.

Nouriel Roubini on June 18, 2022, expressed:  Bitcoin now below 19k, a 72% crash from its all-time high in November 2021. 1000s of other shitcoins have lost 99% of their value and disappeared. And even the other Top 10 “cryptocurrencies” have lost 80-90% of their value from their ATH. This Ponzi house of cards is collapsing.

In response to Roubini Community were like:

Didn’t you say the same thing in 2018 and ended up being spectacularly wrong?

You are repeating your 2018 mistake. Come on man, evolve.

Every other year during a bear market you come out saying the exact same thing over and over again. However, price volatility does not invalidate the case for Bitcoin, nor does it prove that it is a “Ponzi”. This is what hard money does when fake fiat blows up.

Speculation has a tendency to whipsaw both extremes.

Peter Schiff:  Don’t get excited about Bitcoin being back above $20K. 20 is the new 30. This is just another bull trap. Nothing drops in a straight line. In fact, this slow motion crash has been extremely orderly. No sign yet of any capitulation that typically forms a bear market bottom.

What should really be a wakeup call for Bitcoin maximalists is that Bitcoin isn’t even acting as a safe-haven in crypto. Over the past week as all cryptos collapsed, Bitcoin’s market dominance actually declined. So Bitcoin went down more than altcoins. That’s an epic fail.

In the past On November 25, 2018, Peter Schiff stated:  Don’t make the mistake of thinking that buying Bitcoin below $3,800 is a bargain just because the current price is better than 80% below its record high. Bitcoin’s price could easily drop another 80% from here, and at $750 it would still be expensive.

On Feb 6, 2018, Peter Schiff:  Bitcoin just traded down to $6,000. That is 70% below its record high set in Dec. 2017. How much lower will the price have to fall before the HODLers FODL? My guess is most will hang on until the price is well below $1,000. Then the big problem will be finding buyers!

Community Response:  No one denies the fact that we are in a bear market a very serious one. But it’s not all about BTC alone.  It’s about the global economy.  A lot of countries in the world are facing inflation, getting into recession low productivity etc Why will BTC be an exception? Don’t exaggerate.

The bounce back to $20k is most probably just the short sellers buying back to cover their position.

It’s a losing battle for BTC critics.  No matter how hard he tries to put the final nail in the Bitcoin coffin, more people discover, adopt and HODL it. The next attempt from him will be in a few years at a sad floor of ~ $60k BTC.