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 in epic proportion over the long term. Every single time this happens, doom and gloom abound. Many people seem to have incredibly short attention spans. Bitcoin makes Banks obsolete. Big banks have been responsible for the very crimes that many accuse bitcoin of enabling. To date, bitcoin has died at least 235 times over the last nine years, according to the website Bitcoin Obituaries.

Bitcoin memory span blackout

As a species, we have incredibly short attention spans. We tend to only look at what is right in front of us and 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 below $10,000, that still represents a 1,000% increase year-over-year. Over the past nine years, the Dow Jones Industrial Average is up about 200%. Over the same period, bitcoin is up more than 50,000%, even after the recent declines.

But, you will not hear a single soul talking about that. All you will hear are those spreading FUD (fear, uncertainty, 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 banks 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. Banks 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.

Surely no one can forget the crisis of 2008. The crisis revolved around this international banking cabal and its crimes. And what happened as a result? They were handed trillions of dollars created out of thin air by central banks. Their crimes not only went unpunished, they were rewarded en masse. Instead of bailing out the debtors (those who lost their homes due to predatory lending practices), governments and central banks bailed out the creditors (the criminal banks).

The end is not nigh

All in all, many doomsayers have begun to change their tone on the topic of cryptocurrency, 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 NBA team, the Dallas Mavericks, to accept Bitcoin and Ether.
© ALL RIGHTS RESERVED