Bitcoin Bashers Celebrate Collapse Of Shitcoins And Ponzi Schemes

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The long-term Bitcoin bashers are celebrating now that the world’s biggest digital currency sank back below it’s 2017 top over the weekend, a feat the so-called ‘moon-boys’ (those that believed Bitcoin would be at $100k in no time) never though would happen again.

Credit where credit’s due has always been the motto of this writer, so although we are glad to see Bitcoin trading above $20k at the time of writing in a relief rally, we also have to pay our respects to the bashers and see what they are forecasting for the moment.

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

— Nouriel Roubini (@Nouriel) June 18, 2022

First up is Economics professor and long-time Bitcoin basher Nouriel Roubini, who stated this weekend that:

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

Secondly there is Nobel Prize winner Paul Krugman, whose been known to once have said that the dollar would never go bust because ‘people with guns’ were there to back it. In a long and well-founded opinion piece in the New York Times this weekend, Krugman argued that the Ponzi scheme known as cryptocurrencies had come tumbling down because:

America isn’t Venezuela or the Weimar Republic, a nation that prints money to pay the government’s bills. Our money supply is a policy tool used by the Federal Reserve to help keep prices fairly stable.

Long term trendline

In essence, Krugman argued that because the Federal Reserve is doing it’s job trying to keep inflation down, interest rates go up and crypto is seen as risky in response.

With Bitcoin’s morning low near $18.7k, the hope that the 2017 peak of $20K would act as support is gone. Objectively, looking at the chart, there really is no viable support left. Most likely #Bitcoin will find some short-term support along the long-term trend line around $6K.

— Peter Schiff (@PeterSchiff) June 18, 2022

Lastly there is eternally bearish Bitcoin basher Peter Schiff of course, the man who prefers gold over anything else. Schiff claims to have found the new Bitcoin bottom, which would be an epic trendline indeed if true. He stated:

With Bitcoin’s morning low near $18.7k, the hope that the 2017 peak of $20K would act as support is gone. Objectively, looking at the chart, there really is no viable support left. Most likely #Bitcoin will find some short-term support along the long-term trend line around $6K.