How Bitcoin’s Collapse Is Partly YOUR Fault

This week is a special week. Not only is it the last week of work for many of us but this week marks a year since Bitcoin hit its all-time high of $20,000. Specifically, yesterday, 17th December 2017 was the day when many people thought it was just the start of something great, but as we know, things didn’t turn out that way.

The specific total that was recorded was $20,078.40 but since this all-time high, the cryptocurrency has gone down quite significantly and has sunk into 2018s bear market grip leaving it to be currently priced at around the $3,500 region.

As written by David Morris for Breakermag who said: “the peak represented a 1,824 percent (or so) rise over the price of bitcoin on January 1 of 2017. As I also wrote that day, there was broad consensus among experienced market-watchers that the run-up was a speculation-driven bubble,” this was truly a sight to see. The mania has very set it and thanks to an uncritical hype flowing from many personalities on the popular website YouTube, CNBC hosts who “to this day can’t be bothered to distinguish an ICO from stock, and—let’s be real—an all-too-willing army of degenerate gamblers at retail.”

Near enough a year to the day, the still leading cryptocurrency has led the rest of the crypto market back into the sludge and the losses in the market stand at just over 80 percent. There were a few big firms such as Sirin Labs which raised money through ICOs at the height of the bubble which exposed them to some huge subsequent losses. But there are several more projects, from ConsenSys’ Joseph Lubin to EOS which raised crypto related funds before the crypto bubble expanded.

Morris takes a few digs at the readers who invested way back in the summer of 2017 when the price of Bitcoin was just over $1,700 and didn’t sell during the heights of the leading cryptocurrency. In a rather sarcastic fashion, Morris says “the voices that keep you awake are right—you were an idiot. You didn’t sell the ETH from your ICO because you thought the bull run would last forever. You let someone else tell you why blockchain would change the world. In a confused, smiling daze, you then filled your bags with Verge, because bitcoin was “too expensive.” You thought “things will be different this time.”

What are your thoughts? Let us know what you think down below in the comments