By now, most of you know that Bitcoin is trading at its lowest price since October last year. The sharp decline was sudden and brought the whole market down with it, some cryptos more than others. However, different people received the information differently. Some were confident that this was just a stumble on the path to adoption, to others it signified the beginning of an intense bull run. To the skeptics, this is all they needed to stamp their long-held belief that cryptos are a scam.
A Pending Bull Run Or An Apocalypse?
With Bitcoin shedding $700 today, it came as no surprise that one of the first people to take to social media about it was Nouriel Roubini. Dr. Doom, as he is popularly known, is a well-known figure in the crypto industry, being one of the fiercest critics of the industry. Roubini took to Twitter to celebrate his ‘victory’:
As 1000s of shitcoiners were hurling insults at me today Bitcoin lost another 7% to below $5400; & bigger bloodbath in all other shitcoins. These zealots HODLing suckers/BagHolders still sinking deeper in their stinking cesspool while savvy Whales/Con Men dump that Crap on them.
— Nouriel Roubini (@Nouriel) November 14, 2018
Roubini was joined in bashing cryptos by Peter Schiff, a renowned entrepreneur and the CEO of Euro Pacific Capital.
People are comparing the Cryptocurrency bubble to the Dotcom bubble. But the Dotcoms were real companies that at least had the potential to generate profits. Cryptos are nothing but pipe dreams. So while some of the Dotcoms recovered and made new highs, none of the Cryptos will.
— Peter Schiff (@PeterSchiff) November 14, 2018
However, for many, the question that lingered is whether they should sell their cryptos before the market dips even further, or hodl and wait for the recovery. While none can definitively answer this question given the very-well-demonstrated volatility in the industry, many experts have advised against selling. This is especially crucial for those who got into the market when Bitcoin was still trading above $7,000.
And yet for some, the crash was something they anticipated and were well prepared for. One of these is Tone Vayes, a renowned crypto trader and analyst. Vayes, recently had his BitMEX account terminated after he criticized its support for the upcoming Roger Ver-led Bitcoin ABC over the Craig Wright-led Bitcoin SV chain. He tweeted:
It's 7am in Sydney, just woke up from a 4hr night of sleep & see #Bitcoin Down $500 & I have 3k notifications. $BTCUSD charts had ONLY warned u for 6 months this was coming. Normally I get up & start my work day, but my work day was preparing people for this day! So back to bed! pic.twitter.com/2mhkrNpyZI
— Tone Vays [@Bitcoin] (@ToneVays) November 14, 2018
For the majority of investors and enthusiasts alike, genuine concern for the future of the industry was expressed. While many reiterated their belief in the long-term prospects of cryptos, recent developments such as the Bitcoin Cash hard fork and the feud between Ver and Wright have cast a dark shadow over the future.