The price of bitcoin and other cryptocurrencies as measured in dollars has fallen sharply in recent days and weeks. Despite this, crypto in general has still seen a steady rise of epic proportion over the long term. Every single times this happens, doom and gloom abounds. Many people seem to have incredibly short memory spans. Bitcoin makes banks obsolete. Big banks have been responsible for the very crimes that many accuse bitcoin of enabling.
Memory span blackout
As a species, we have incredibly short memory spans. We tend to only look at what has happened in the most recent past.
For example, each and every time there is a temporary decline in the price of bitcoin or the cryptocurrency markets in general, the doomers cry out. The end is nigh, the bubble has gone bust, it’s all over.
Such naysayers never seem to consider the long-term trends.
Bitcoin has fallen almost 50% from its all-time record high near $20,000. And yet, even if it were to fall to $10,000, that still represents a 1,000% increase year-over-year. But you will not hear a single soul talking about that. All you will hear are those spreading FUD (fear, uncertatiny, doubt). Somehow, these voices have been elevated above all the rest. And this is no coincidence.
Banks no longer necessary
Crypto poses a grave threat to the traditional banking system. With cryptocurrency, users become their own bank. There is no need for a third-party financial system any longer.
That means that corrupt, fraudulent, insolvent, and criminal institutions like HSBC will no longer exist. HSBC was convicted of laundering hundreds of millions of dollars for the Sinaloa drug cartel in 2012. And yet, many people fear that bitcoin has the potential to assist money launderers and criminals. How can this be? Has everyone forgotten about the criminal acts of the international banks?
From rigging financial markets, as Deutchebank and others have been convicted of, to outright defrauding customers, as Wells Fargo was convicted of in 2017, there is no end to the criminality of such institutions. They have no moral capacity. There are little to no consequences for their actions. They simply receive a slap on the wrist in the form of a small fine and continue business as usual.
The end is not nigh
All in all, many doomsayers have begun to change their tone, as they can no longer afford to lose credibility. Jamie Dimon and Mark Cuban are two recent examples. Cuban has even gone so far as to allow his NFL team, the Dallas Mavericks, to accept Bitcoin and Ether.