Bitcoin Or Bust

Bitcoin Or Bust

Bitcoin or bust, the words (probably) uttered by many a Bitcoin investor over the past few years. As Roubini, a world renowned economist once said, Bitcoin is the mother of all bubbles, or is it?

Is Bitcoin a worthy investment when so many people rattle on about it being a bubble, an economic instance that blows up and up and up until it reaches critical mass and pops? It’s hard to tell and actually, we’re not in a position to tell you if you should buy Bitcoin or not, we can however aid you with a little bit of research! At the moment and as it has been for over a year now, Bitcoin is not a get rich quick investment. You won’t buy one Bitcoin one day and end up $20,000.00 better off a week later, not any more at least, but this doesn’t mean Bitcoin is a bad investment, nor does it mean it’s a bubble.

Many people forget that Bitcoin is a new product built upon a growing technology, it needs time to adapt and stabilise and therefore, what we believe we have seen over the past few years is Bitcoin doing just that. Yes, to some it does look a bit like a bubble, but to others, the more optimistic, it looks like an opportunity to be a part of something far bigger. Unless you’re Roubini, obviously.

So, what did Roubini have to say? According to The Guardian:

“Nouriel Roubini, professor of economics at New York University, said bitcoin was ‘the mother of all bubbles’ favoured by ‘charlatans and swindlers’ as it fell below $8,000 early on Friday, marking a 30% drop since the beginning of the week as investors became increasingly twitchy about a clampdown on cryptocurrencies by regulators. Later it rallied, climbing back over $8,600 by 3pm (GMT). Bitcoin has lost more than half its value since hitting a peak of near $20,000 in the week before Christmas. Dubbed ‘Dr Doom’, Roubini said the sharp fall was the beginning of a crash that would see the value of the digital currency plummet ‘all the way down to zero’.”

This was written back in February 2018, when Bitcoin dropped from an all time high just a few months earlier, exceeding $20,000.00. Now, over a year later, we can see that Roubini was wrong. Yes, Bitcoin did sink pretty low, but nothing popped and Bitcoin did not hit zero, despite his pessimistic warnings.

So, remember, next time somebody is feeling down about crypto, just remember not even the world leading economists can be right about this one - nobody knows what will happen next, the era of Bitcoin or bust is here to stay, so ride it out and let’s make some money in the process.

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